Pope Francis appeared to continue his subtle indictment of President Donald Trump on Wednesday with another passionate appeal.

While never directly mentioning Trump or his ban on refugees, Francis renewed his calls for Christians to build bridges, not walls.

“In the social and civil context as well, I appeal not to create walls but to build bridges,” he said during a catechism lesson, according to The Associated Press. “To not respond to evil with evil. To defeat evil with good, the offense with forgiveness. A Christian would never say ‘you will pay for that.’ Never.

“That is not a Christian gesture. An offense you overcome with forgiveness. To live in peace with everyone.”

Francis has made statements like this before. After a papal trip to Mexico last year, a reporter asked Francis to comment on Trump’s plan to build a wall along the U.S.-Mexico border, and to make Mexico pay for it.

In response, Francis said, “A person who only thinks about building walls, wherever they may be, and not building bridges, is not Christian.”

The pope’s comments on Wednesday coincided with the feast day of St. Josephine Bakhita, a 19th-century Sudanese woman who was kidnapped, sold into slavery, and eventually traveled to Italy. There, she entered a convent and became a nun. She is the patron saint of Sudan, one of the seven Muslim-majority countries on Trump’s travel ban. 

Pope Francis hasn’t directly addressed Trump’s executive order, but a senior member of the Vatican hierarchy has expressed the Holy See’s disapproval. Many U.S. Catholic bishops have also spoken out against the order.

During his Wednesday address, Francis asked Catholics to pray for Myanmar’s Rohingya Muslims refugees, whom human rights groups believe are being persecuted by the country’s army and police. 

“These are good people, peaceful people,” Francis said. “They’re not Christians, but they’re good, our brothers and sisters. And they have been suffering for years. They’ve been tortured and killed, simply because they are continuing their traditions, their Muslim faith. Let us pray for them.”

-- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website. Reported by Huffington Post 13 hours ago.

QUITO, Ecuador (AP) Paolo Lorenzi of Italy reached the Ecuador Open quarterfinals for a third straight year by defeating Matthew Ebden of Australia 6-4, 6-4 on Thursday. Reported by FOX Sports 11 hours ago.

Bill Kristol, founder of the conservative magazine The Weekly Standard, seemingly caught a bad case of foot-in-mouth syndrome yesterday in speaking on a panel for the American Enterprise Institute.  Presumably Kristol was responding to a question regarding Trump's controversial immigration ban when he let loose with the following slow-motion train wreck of a response:



“Look, to be totally honest, *if things are so bad as you say with the white working class, don’t you want to get new Americans in?”*

 

*"Basically if you are in free society, a capitalist society, after two, three, four generations of hard work, everyone becomes kind of decadent, lazy, spoiled,* whatever."

 

*"Then, luckily, you have these waves of people coming in from Italy, Ireland, Russia, and now Mexico, who really want to work hard and really want to succeed*, and really want their kids to live better lives than them, and aren't sort of clipping coupons or hoping that they can hang on and, meanwhile, grew up as spoiled kids and so forth. In that respect, I don't know why this moment is that different from the early 20th century."



Unfortunately, Kristol's hope that he wasn't being recorded was not fulfilled...only time will tell if his subsequent prediction about his future will now come true...



"I hope this thing isn’t being videotaped or ever shown anywhere. *Whatever tiny, pathetic future I have is going to totally collapse."*

Reported by Zero Hedge 9 hours ago.

The Jeep Renegade has one of the most distinctive provenances of any vehicle currently on sale in the US. For starters, it's almost entirely made in Italy. Fiat Chrysler Automobiles has taken a platform it also uses for the Fiat 500X and made it into a Jeep. In terms of the math, 62% of the vehicle is bella figura Italian, while 22% is red, white, and blue — or just red and white as some parts hail from Canada.

Yes, it's a Jeep that would make President Donald Trump spit his Diet Coke across the Oval Office at Steve Bannon.

But in a white-hot compact SUV market, consumers don't seem to care where the Renegade was bolted together: FCA sold almost 61,000 units after it was introduced in 2015 and was within a single sales month of doubling that in 2016, when over 106,000 examples of the vehicle rolled off dealer lots.

It isn't hard to see why the Renegade has been a success for Fiat. What we have here is a very Jeepy "cute ute" crossover SUV that definitely feels like it wants to get dirtier than, say, a Mazda CX-3 or Honda HR-V.

Jeep was kind enough to let me borrow a 2016 Renegade Limited 4x4, stickering at $31,500 after the addition of quite a few appealing options. I drove it around the suburbs of New Jersey for a week. I didn't ford any streams, nor did I rock-hop. But I went shopping and I took my kids to school, which is test enough of a small SUV's capabilities in real American life.

The Renegade, of course, has that unmistakable Jeep look: the boxy shape, the slotted grille, the round headlights, the squared-off wheel arches — you know, that purposeful Jeep aesthetic that's intended to make Jeeps stand out as vehicles with a rugged heritage dating back to the 1940s and the Second World War, distinguishing them from latter-day copycats that wouldn't know how to dodge shell craters even if they got a few weeks of basic training.

Frankly, I hated it at first, as I do the look of all Jeeps that aren't the classic, no-frills Wrangler or the ancient Grand Wagoneer. But as is always the case with Jeeps, the design grew on me and after a few days, I was smiling when I gazed upon the Renegade in my driveway. It helped that my first-grader was immediately and encompassingly smitten by the car. I can't deny that there's something adorably childlike about Jeeps, and in the case of the smaller vehicles, a more rough-and-tumble type of cute than you get from a MINI Cooper.

My tester was a sober "Granite Crystal Metallic," which is Fiat for "charcoal gray." The interior featured black upholstery that was a synthetic-leather composite and looked as if it would be pretty durable. The layout combines a nice, high driving position with a pretty no-nonsense arrangement of features, plus a fairly roomy back seat and good amount of cargo space. For comparison, you might want to check out a Subaru Forester. Vehicles such as the Mazda CX-3 and the Honda HR-V are more car-like, plasticky, and compact. The bottom line is that the Renegade is successful downsized Jeep, rather than a Jeeped-up Fiat.

I found the ride to be, initially, horrendous: crude and bumpy. But then I reminded myself that this is a dang Jeep. The whole point is that ride is meant to prepare you to deviate from the beaten path and forge a new trail and explore the virgin wilderness ... Well, you get the idea. We are not striking out for Lexus country.

After I adapted to the looks and accommodated myself to the ride, the Renegade and I were automotive besties. The straightforward 2.4-liter four-banger motor serves up 180 horsepower and is plenty peppy, and I imagine that the brisk-shifting 9-speed automatic makes the EPA-rated 21 mpg city/29 highway/24 combined a reasonable estimate of fuel economy. That isn't great, but it isn't bad either, and given that the Renegade's all-wheel-drive system adds weight but makes up for it with genuine off-roading credibility, the compromise could be worth it.

Heated front seats and a heated steering wheel are wonderful — and standard on the base-priced $26,995 Renegade. The main extra costs are for the 6.5-inch center infotainment touchscreen and an unusual moonroof that has removable panels. There's also a windshield-wiper de-icing system that I imagine would be useful in the Northeast.

Otherwise, infotainment and navigation are up to par for the segment (FCA's Uconnect system is easy to use), with SiriusXM satellite radio, Bluetooth pairing, USB and AUX ports, and plenty of airbags all around. A few cheesy elements are present, such as the plastic plaque above the infotainment screen that reads "SINCE 1941" in the sort of old-school stenciled military lettering that evokes Sherman tanks and ammunition boxes. But they quickly fade into the overall package.

Driving the Renegade was never joyful, but it was ultimately a more stout, if less comfortable, experience than what I've encountered with other cute utes. This isn't a large vehicle, either, so you can zip and dart around in ways that are unlike what you might have used to go with bigger SUVs. The steering is responsive, and the acceleration is adequate. 

The bottom line is that the Renegade feels absolutely nothing like an Italian car. That dashing spirit of The Boot has been ruthlessly engineered out and replaced with steadfast Jeepy values. And if you think about, that means the Renegade is something of a work of genius.

*SEE ALSO: It's too early to start thinking of Tesla as something more than a car company*

Join the conversation about this story »

NOW WATCH: Here's why Fiat Chrysler recalled Anton Yelchin's 2015 Jeep Grand Cherokee Reported by Business Insider 9 hours ago.

Italian architect Stefano Boeri has a plan to steer the world away from glistening glass skyscrapers: Cover them with trees.

Boeri's Vertical Forests reimagine buildings as enormous air purifiers for smoggy cities. The trees, plants and shrubs also offer shade on sunny days and act as cozy blankets during winter, allowing tenants to reduce their electricity use. Also, they're really pretty.

SEE ALSO: China's big, beautiful, green 'vertical forests' will suck up toxic smog

Boeri's architecture firm unveiled plans this week for two Vertical Forests in Nanjing, China. The buildings will follow the prototype of two existing tree-covered towers in Boeri's home of Milan, Italy. Read more...

More about Milan Italy, Urban Planning, Biodiversity, Sustainable Design, and Sustainability Reported by Mashable 9 hours ago.

Colonel Medica grows 100kg of cannabis a year for Italy's army to provide for medical use. Reported by BBC News 25 minutes ago.

Via Disobedient Media

In November 2016, a number of NGO’s were revealed by independent European news source GEFIRA to be smuggling migrants from the northern coast of Africa across the Mediterranean into the EU using a ramshackle fleet of ships. Research by Disobedient Media shows that a number of the organizations sponsoring ships in the armada are funded in part by Hillary Clinton donors and organizations run by billionaire George Soros. The actions taken by sponsors of ships in the fleet may be illegal under EU law and possibly run the risk of aiding ISIS operatives hiding among the migrant population.

*I. A Fleet Of NGO Operated Ships In The Mediterranean Operate Around The Clock Delivering Migrants From North Africa To Italy*

On November 15, 2016 GEFIRA published evidence they had gathered that various NGOs were utilizing a fleet of more than a dozen boats in the Mediterranean to illegally transport migrants from the North African coast to Italy. GEFIRA used AIS Marine Traffic (Ship-tracking software) signals, Twitter and the live reports of a Dutch journalist on board of the ship Golfo Azzurro to document alleged collaboration between NGOs, the Italian Coast Guard and smugglers coordinate their actions. The ships were caught on radar moving between the Italian and Libyan coast moving migrants into the EU.

Source: GEFIRA

The Italian coast guard directed ships in the fleet to Libyan territorial waters, where they would engage in “rescue operations” and take migrants onboard before delivering them to the Sicilian coast of Italy. This would allow migrants to bypass Malta, which is used as a major processing center for immigrants and refugees entering the EU. GEFIRA speculated that the Dutch, Maltese and German based NGOs’ facilitation of human smuggling made them, in effect, operations of international criminal organizations.

Source: GEFIRA

The NGOs tied to boats involved in the operation were Migrant Offshore Aid Station* (*MOAS), Jugend Rettet, Stichting Bootvluchting, Médecins Sans Frontières, Save the Children, Proactiva Open Arms, Sea-Watch.org, Sea-Eye and Life Boat.

*II. Several Organizations Operating Ships In The Fleet Have Ties To George Soros, Hillary Clinton Donors*

Information uncovered in an investigation by Disobedient Media has revealed that several of the NGO groups involved with the migrant fleet have received funds from George Soros aligned organizations or financial backers of Hillary Clinton.

The Migrant Offshore Aid Station (MOAS) was founded in 2014 by entrepreneurs Christopher and Regina Catrambone. MOAS operates the ships the Topaz Responder and the Phoenix in the migrant fleet. Mr. Catrambone was listed as a major donor to Hillary Clinton, giving over $416,000 to her presidential campaign bid in 2016. Another major supporter of MOAS is avaaz.org, who donated €500,000 to MOAS’ “search and rescue operations.” Avaaz.org was founded by Moveon.org, an American organization owned by George Soros. Avaaz.org acts as the European branch for Moveon.org.

NGO group Save the Children operates the Astral in the migrant fleet. Save the Children is supported in part by George Soros’ Open Society Foundation.

Médicins Sans Frontiéres (MSF) also operates several ships in the migrant fleet – the Dignity 1, the Bourbon Argos and the  Aquarius. MSF has also received funding from the Open Society Foundation.

Other organizations running ships in the fleet, such as Sea Eye, have denied to news sources that they were delivering migrants to Italy, despite being caught by GEFIRA doing exactly that.

No matter what good intentions might be behind the decisions of these various NGO groups to operate ships in this fleet, they are likely illegal and are in effect subverting European law. The financial involvement of George Soros and other big name supporters raises questions about the true intentions of various sponsors operating ships within the fleet.

Many of the migrants seeking entry to the EU are not refugees and are attempting to enter for purely economic reasons. Even more concerning are recent reports that terror group ISIS has begun to dominate the trafficking networks in North Africa and is actively recruiting members from among the migrant population with promises of small amounts of cash and guaranteed safe passage into the EU. The involvement of ISIS in human trafficking and recruitment indicates that there is a very real possibility that the NGO groups operating ships within this fleet may be (intentionally or not) aiding and abetting terror by transporting undercover operatives into the EU. Reported by Zero Hedge 5 hours ago.

A new study on the relationship between people and the planet shows that climate change is only one of many inter-related threats to the Earth’s capacity to support human life.

An international team of distinguished scientists, including five members of the National Academies, argues that there are critical components missing from current climate models that inform environmental, climate, and economic policies.

The article, published in the National Science Review, describes how the recent growth in resource use, land-use change, emissions, and pollution has made humanity the dominant driver of change in most of the Earth’s natural systems, and how these changes, in turn, have important feedback effects on humans with costly and serious consequences.

The authors argue that current estimates of the impact of climate change do not connect human variables — such as demographics, inequality, economic growth, and migration — with planetary changes. This makes current models likely to miss important feedbacks in the real Earth-human system, especially those that may result in unexpected or counterintuitive outcomes.

Furthermore, the authors argue that some of the existing models are unreliable. The United Nations projections of a relatively stable population for the whole of the developed world depend, for instance, on dramatic, and highly unlikely, declines projected in a few key countries. Japan, for example, must decline by 34%, Germany by 31% and Russia by about 30% for the projected stability in total developed country population to be born out.12 In addition, countries often highlighted for their low birth rates, like Italy and Spain, are not projected to decline by even 1% for decades.

In this new research, the authors present extensive evidence of the need for a new type of model that incorporates the feedbacks that the Earth System has on humans, and propose a framework for future modeling that would serve as a more realistic guide for policymaking and sustainable development.

“Current models are likely to miss critical feedbacks in the combined Earth-Human system,” said co-author Eugenia Kalnay, professor of Atmospheric and Oceanic Science at University of Maryland. “It would be like trying to predict El Niño with a sophisticated atmospheric model but with the Sea Surface Temperatures taken from external, independent projections by, for example, the United Nations. Without including the real feedbacks, predictions for coupled systems cannot work; the model can get away from reality very quickly.” Reported by Eurasia Review 4 hours ago.

The prospect of Massimiliano Allegri following Chelsea manager Antonio Conte to the Premier League appear on the increase as Juventus travel to Cagliari on Sunday looking to tighten their grip on Serie A. Conte led the Turin giants to three consecutive league titles before Allegri took over the helm when former Juventus midfielder Conte took the helm of Italy for Euro 2016. Juventus hold a seven-point lead on title rivals Roma with Napoli in third at nine points adrift and Allegri is well on... Reported by S.China Morning Post 4 hours ago.

Montreal (UPI) Feb 9, 2017

Some 12,000 years ago, Paleolithic peoples living along the coast of what's now northwestern Italy carried pebbles from the beach to their seaside caves for use in burial rituals. The small, flat, oblong stones were used to scoop up and apply ochre to the deceased prior to burial. New analysis of these stones suggests they were systematically broken. In a paper on the ritualistic stones Reported by Terra Daily 25 minutes ago.

By Giancarlo Elia Valori

OPEC, which is the cartel of the 14 major oil producers, has recently adopted a policy that is bound to change all future political, strategic and economic equilibria.

With a view to contributing to support the oil barrel price, the Vienna-based organization of the major Middle East oil producers has agreed to accept a very considerable output reduction, together with the Russian Federation and other countries, which is worth at least fewer 1.8 million oil barrels per day.

Also all the non-OPEC oil producing countries, as well as Russia, shall follow suit and play along, otherwise the six-month agreement – which can be renewed indefinitely – will have no value.

Obviously Russia plans to reduce its oil output and it is worth recalling that, in 2014, it was exactly the excess of Russian and North American oil supply to bring down the cost of crude oil below $ 100.

Currently, after Russia’s victory in Syria, it is precisely geopolitics which is knocking on the door of those who manage oil prices.

Russia wants to resume its growth pathway and recover the costs of the war in Syria and of its future power projection onto the Middle East.

The Sunni and the Shiite world want either to grow and diversify or recover from the long season of international sanctions – as is the case for Iran.

It is worth noting that the non-OPEC producers or, better, oil extractors, are Canada, Mexico, the United States, Bahrain – where only 8% of its GDP is generated by oil and gas, although it is a great centre of Islamic finance and aluminium production – Oman and, in Asia, China, Kazakhstan and obviously the Russian Federation, as well as, in Europe, Norway.

Saudi Arabia will account for approximately 50% of the expected total reduction in oil production, that is 486,000 out of the 10 millions produced every day.

Iran, which is very tried by sanctions, accepts the reduction which is implicit in the agreement between Russia and Saudi Arabia, but drops from 3.975 million barrels per day to 3.797.

OPEC will cut production by 1.2 million barrels per day, thus reaching 32.5 at the end of January 2017.

If the cut had not been made, the oil price per barrel would have fallen below 30 dollars, but currently the most reliable analysts estimate that oil prices may grow from 50/65 US dollars up to 70.

The higher cost of crude oil is quickly reflected in all related prices, thus favouring the start of inflation that many people – again with some naivety – are waiting in Western economies.

Incidentally, Russia does not trust much of OPEC promises but, together with other countries such as Kuwait, Algeria and Venezuela (all OPEC members), Oman (non-OPEC member), and Russia, it manages the “Review Committee on the evaluation of production agreements”. As a result of the agreements, also Russia has cut production by 100,000 barrels per day.

In this regard, it is also worth recalling that the agreement between OPEC and non-OPEC countries would enable the US shale oil producers to stabilize production or even to increase it.

At strictly technical level, Iran participates in the operation only considering the strategic situation in the Greater Middle East, while it would even need to increase its oil supply by at least one million barrels per day so as to regain its position and recover from the long period of sanctions.

However, as also the Iranian authorities know all too well, the country’s oil production is even on the wane, from 3.85 to 3.60 barrels per day.

After the end of the embargo, the Iranian ayatollahs have succeeded in increasing production only from 2.8 to 3.8 million barrels per day, but the problem is that, in such a market, the increase in supply immediately depresses the oil barrel price.

In fact, operators naively expected an unlimited oil flow from Iran which, however, failed to increase production and, indeed, OPEC itself has recently recorded a drop in the oil extracted by Iran from 3.85 to 3.60 million barrels a day, a clear sign of damage to the extraction system and of technological obsolescence – problems which cannot certainly be solved in a day.

The booming prices, caused by a substantial oil barrel market manipulation, will also benefit the Iranian Shiites, without diminishing Saudi Arabia’s economic and military chances.

At qualitative level, which is not a secondary aspect in these situations, the production of light and sweet crude oil typical of US oil fields has not much favoured the recent excess of production, unlike the OPEC sulphurous and medium-quality oil.

In recent years, the OPEC increase in oil production has originated over 50% of its excess supply exactly from Saudi Arabia and Iraq, namely 1.5 million oil barrels a day, while shale oil – which is the main enemy of the Vienna-based cartel – has decreased by over 500,000 barrels a day, considering that it is more sensitive than other sectors to the profitability guaranteed by its high price.

It is equally true that currently the increase in the oil barrel price favours even the US and Canadian shale oil, which becomes economically viable only above 60 US dollars per barrel. Some analysts even maintain that currently 60% of the remaining world oil production is precisely in the US shale oil sector, whose companies should gain a competitive advantage over the next five years.

Furthermore, it is worth noting that in recent years the production cost of the US oil barrel has dropped by 30-40%, while it has declined by only 20% in the OPEC area.

Hence, paradoxically, a clearly anti-American geoeconomic choice becomes an asset for the new US economy – halfway between oil and domestic manufacturing companies – according to Donald J. Trump’s designs.

Moreover, currently Saudi Arabia has reached its maximum production level, but it may have technological capabilities to increase it by 25% for a short lapse of time.

Today, after the agreement between OPEC and non-OPEC countries, the Brent futures maturing in February 2017 have temporarily exceeded 57 US dollars – a rise by over 5% compared to the closing of last Friday.

According to Merrill Lynch, the agreement between the two groups of oil producers – an agreement that Russia has developed for years (and it is worth recalling Putin’s statements in favour of Russia’s becoming an OPEC member) – will make the oil barrel price rise to 70 dollars by mid-2017.

Hence speculative capital will come back on oil markets, thus temporarily abandoning the other alternatives: non-oil commodities, currencies, gold and precious metals, as well as many government bonds.

Behold, Italy shall recalibrate its supply of public debt securities. It will not be an easy task.

Nothing, however, is yet decided and stable.

In fact, you may recall the underground war against OPEC waged by Kuwait in 1985, when the OPEC countries reported much larger oil reserves than the real ones because this boosted their production quota.

In principle, the OPEC reserves are supposed to be only 0.8 billion barrels as against the 1.3 billion barrels reported by the Vienna-based cartel.

In general terms, all OPEC official oil reserves could be larger than the actual ones by over one third.

Not to mention the fact that the real data on Saudi oil and gas reserves is still a state secret in the country.

Therefore the current OPEC’s policy line is to attract in the cartel, at least indirectly, all the external oil production, by marginally favouring even the US and Canadian production, which had been the target of the long bearish fight of Middle East oil countries.

The geopolitical effects are before us to be seen: much of the Middle East is united in adhering to the Russian strategies, while the United States – not to mention the ludicrous EU – are left at the starting post.

Egypt will receive one million Iraqi oil barrels a day, at a much lower price than Saudi Arabia’s, which had been initially promised to Al Sisi in the framework agreement envisaging 23 billion US dollars of aid on a yearly-basis.

Saudi Arabia did not implement the agreement with Egypt so as to punish it for its participation in the Russian-Alawite system in Syria.

Al Sisi has even reopened the hidden channels with the Lebanese Hezb’ollah and will contribute to the construction of an oil pipeline from Iraq to Egypt through Jordan – not to mention the fact that Egypt is already training four Iraqi army units for anti-terrorist operations.

Moreover, Egypt is fighting actively against the “Islamic State” in Libya, and especially in the Sinai region, and Daesh can now hit Egypt from its bases in Southern Libya.

Hence Al Sisi has envisaged to strengthen his ties with Algeria, which has similar problems.

In fact, this is exactly where the new oil proceeds will be channelled. They will be used to defend the extreme lines against the jihad – hence Egypt, Jordan, Iraq and Syria.

They will also be used to stabilize the situation in Syria and the increase in crude oil price will also fund the modernization and diversification of the Russian economy.

Europeans will not jump on the bandwagon and, like the kids living in the outskirts, will remain in the railway stations to watch the trains leaving.
*
About the author:
*Professor Giancarlo Elia Valor*i is an eminent Italian economist and businessman. He holds prestigious academic distinctions and national orders. Mr Valori has lectured on international affairs and economics at the world’s leading universities such as Peking University, the Hebrew University of Jerusalem and the Yeshiva University in New York. He currently chairs “La Centrale Finanziaria Generale Spa”, he is also the honorary president of Huawei Italy, economic adviser to the Chinese giant HNA Group and member of the Ayan-Holding Board. In 1992 he was appointed Officier de la Légion d’Honneur de la République Francaise, with this motivation: “A man who can see across borders to understand the world” and in 2002 he received the title of “Honorable” of the Académie des Sciences de l’Institut de France.

*Source:*
This article was published at Modern Diplomacy Reported by Eurasia Review 3 hours ago.

The woman that she intends to build a huge Saibaba temple in Italy. Reported by Zee News 2 hours ago.

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Results for 2016 and Q4 2016

Strong net inflows (+€62bn) and significant growth of earnings (+7.7% at €568m)

*Business activity* *€1,083bn in assets under management* ^[1] *at end-2016, +10% from end-2015*

* Strong net inflows ^1 : +€62bn, i.e. more than 6% of AUM (o/w €23bn in Q4) *

*Medium/long-term net inflows* ^[2] *: €45bn (o/w €20bn in Q4)*
*Results* *Net revenue up +1.2% to €1,677m in 2016*

Q4: €443m, +2.7% vs. Q4 2015

*Cost-to-income ratio nearly stable at 52.3% in 2016*

Q4: 53.2%

*Rise in net income Group share by +7.7% (vs. adjusted 2015 figures* ^[3] *) to €568m in 2016*

Q4: €153m, +16.5% vs Q4 2015 ^3

* 2016 earnings per share: €3.40, i.e. +7.3% vs adjusted 2015 figures ^3*
*Financial structure* *Net tangible assets* ^[4] *: €3.4bn*

*Free capital* ^[5] *: €1.5bn*
*Dividends* *Dividend proposed at the General Meeting €2.20 per share (+7.3% vs. 2015)*

65% of net income Group share ^[6]

4.2% yield based on share price at 8 February 2016

*Paris, 10 February 2017*

Amundi's Board of Directors met on 9 February 2017 to review the financial statements for the fourth quarter of 2016 and for 2016 as a whole ^[7] .

Commenting on the results, Xavier Musca, Chairman of the Board of Directors, said:

"All business activity and profit targets announced during Amundi's IPO in November 2015 were achieved in 2016. In addition, the acquisition of Pioneer Investments, which should come into effect at the end of the first half of 2017, will bolster Amundi's leading position in Europe."

Yves Perrier, Chief Executive Officer, added:

"The 2016 results confirm the profitable growth trend Amundi has demonstrated since it was created. The acquisition of Pioneer Investments will reinforce its business model and its development potential by strengthening its areas of expertise and its distribution ability in order to serve its individual and institutional clients."

Business activity: strong net inflows in 2016, especially in the 4 ^th quarter

*2016 confirmed a powerful growth trend despite a market environment that is full of contrasts and generally unfavorable for business.* After some volatility and a decline early in the year (macroeconomic concerns, Brexit vote), equity markets recovered in all regions during the second half. In fixed income markets, rates fell during the first nine months of the year, but began to climb back up in the fourth quarter.

*In 2016, Amundi's assets rose by + 9.9% to 1,083 billion,* under the combined effect of strong inflows (+€62.2bn, i.e. 6% of assets at the beginning of the period), a favourable market effect (+€21.8bn) and a positive scope effect (+€13.6bn) related to the integration of KBI GI and Crédit Agricole Immobilier's real estate management activities (CAI Investors).

*Amundi's net inflows (+€62.2bn) are above the annual target* ^[8] *,* thanks to a development strategy based on the diversity of its markets, its areas of expertise and its broad geographic presence. Net inflows are *well balanced* between the retail (56% of the total) and Institutional (44% of the total) client segments. Amundi's *net inflows for open-ended funds are ranked* *No. 2 in Europe* ^[9] .

*Strong Retail inflows for medium/long-term assets*

In 2016, *net inflows for the Retail segment (+€34.7bn) remained high,* due to the development of the international retail business (primarily Asian joint ventures), strong inflows from third-party distributors and a recovery in French retail activity.

The *French networks* experienced positive net inflows (+€2.0bn) on medium/long-term assets. This was driven primarily by the success of real estate funds (OPCIs, SPCIs).

The *international networks and Joint Ventures* posted solid net inflows (+€25.4bn). For *Joint Ventures,* net inflows continued their steep ascent in 2016, reaching +€24.8bn, primarily in medium/long-term assets. They are particularly high in China and India. As a result, JVs represented 32.4% of Retail assets at end-2016, vs. 27.8% at end-2015. Inflows from partner networks were positive in Italy and the Czech Republic. In contrast, they were negative in Japan due to an unfavourable market environment.

*Third-party distributors* continued to experience a strong sales trend, with net inflows of €11.9bn, almost equivalent to the figure for 2015. Inflows were particularly concentrated on the European market.

*Buoyant development of Institutional business*

In 2016, *net inflows for the institutional segment remained significant* at €27.5bn. All client segments (pension funds, central banks, sovereign wealth funds and Corporates) contributed to this trend.

*High-quality net inflows driven by all asset classes*

*Net inflows in 2016 primarily consisted of medium/long-term assets (73% of the total).* Inflows were steady throughout the year, although they did accelerate in the second half.  All areas of expertise contributed to this high level of inflows, especially bonds (+€22.7bn), equity (+€9.6bn) and multi-asset portfolios (+€7.8bn). Inflows for *real* ^[10] *and alternative assets* (+€5.4bn) doubled with respect to 2015, primarily due to the commercial success of real estate funds (+€3bn).

In addition 2016 was marked by the rapid growth of *passive investment* (ETFs, index investment, smart beta), for which net inflows amounted to +€7.9bn, with a strong contribution from ETFs (+€4.2bn).

*Treasury* products recorded high inflows (+€16.8bn, i.e., 27% of the total, with a strong contribution from long-term treasury).

*In 2016, net inflows were still mostly driven by the international market*

*From a geographic perspective, net inflows outside of France represented +€46.3bn, i.e. 75% of total inflows,* which confirmed the international market as a driver of steady growth.  International assets under management amounted to €310bn, i.e. 29% of the Group's total assets. International inflows were evenly split between the various regions:

In Asia (+€27.2bn in inflows), JVs experienced a powerful sales trend (+€24.8bn);

In Europe outside France (+€17.6bn), inflows were evenly divided between various countries, with particular success in Italy, Benelux and Germany.

* In the 4 ^th quarter, medium/long-term inflows were very high *

* Net inflows were strong in the 4 ^th quarter of 2016, * *reaching +€23.1bn* . They were particularly high for medium/long-term assets (+€19.7bn, i.e. 85% of the total). The market effect was negligible. The positive scope effective (+€5bn) was due to the integration of CAI Investor assets (a real estate manager that has strengthened Amundi's expertise in this booming asset class). In the French networks, inflows for medium/long-term assets have accelerated (+€1.5bn).

Continued earnings growth in 2016

*2016 earnings came in above target*

*2016 was marked by renewed growth of the net income Group share, which rose to €568m, up significantly (+7.7% vs. 2015* ^[11] *), demonstrating Amundi's ability to deliver steady earnings in uneven markets.*

Note:

*Net revenue up by +1.2% (to €1,677m).* Net asset management revenue proved resilient, growing by +1.4% thanks to an increase in net commission income (+3.1%) related to the expansion of assets under management. Performance fees maintained a good level in 2016 (€115m, i.e. -16.7%) in a market context that was less favourable than it was in 2015.

*Strict control of operating costs* *(€878m,* i.e. +1.1% vs. 2015), which are evolving in line with net revenue.

Consequently, the *cost-to-income ratio was almost stable* (52.3%) and *gross operating income* amounted to *€800m,* i.e. +1.4% vs. 2015 ^11 .

The *net income Group share,* which benefited from reduced income tax, grew by +7.7% ^11 .

* Net earnings per share amounted to €3.40, i.e. +7.3% vs. the adjusted 2015 figures ^13 . *

* A very good 4 ^th quarter in 2016 *

At €443m, *net revenue* rose by +2.7% vs. Q4 2015, primarily due to the +6.8% increase in net commission income (of which €9m was due to the scope effect). *Operating expenses* (€236m) were up by +4.7% vs. the 4 ^th quarter of 2015 ^12 . The *cost-to-income ratio* stood at 53.2%. *Gross operating income* increased by +0.6% ^11 to €207m. The *net income Group share* amounted to €153m (+16.5% from the 4 ^th quarter of 2015 ^11 ).

A solid financial structure

*Once again, Amundi's financial structure was solid at end-2016.* Tangible equity ^[12] amounted to €3.4bn, there was zero net financial debt and free capital, after accounting for regulatory requirements and deducting non-money-market seed money and equity interests, came to €1.5bn.

On 15 December 2016, after the acquisition of Pioneer Investments was announced, Fitch rating agency renewed the A+ rating with stable outlook.

An attractive dividend policy

The Board of Directors has decided to propose a *dividend of €2.20 per share in cash* at the General Meeting to be held on 18 May 2017, i.e. growth of +7.3% vs. 2015.

This dividend offer represents a payout ratio of 65% of the Group's share of net income (based on the number of shares at end-2016), and a 4.2% yield based on the share's closing price on 8 February 2017. The ex-dividend date is on 26 May 2017 and payment will take place as from 30 May 2017.

Capital increase

In light of  the acquisition of Pioneer Investments, announced on 12 December 2016, the Extraordinary General Shareholders' Meeting on 30 January 2017 passed resolutions regarding the capital increase. The Board of Directors indicated that this increase would occur in the first half of 2017 (subject to market conditions), before the acquisition finalization (expected also in the first half of 2017).

Positive outlook

The acquisition of Pioneer Investments will significantly strengthen Amundi's industry plan and reinforce its leadership position in European asset management. The preparation of the integration plan is being completed as scheduled, as is the process of obtaining permission from the regulatory authorities.

Financial communication calendar

28 April 2017:                        publication of first-quarter 2017 results

18 May 2017:             General Shareholders' Meeting

28 July 2017:               publication of first-half 2017 results

27 October 2017:       publication of results for the first nine months of the year

*Amundi's financial disclosures for the fourth quarter and full-year 2016 consist of this press release and the attached presentation, available on http://legroupe.amundi.com.*

*****

Summary income statement

*(€m)* *2016* *2015** *% chg.* *Q4 2016* *Q4 2015** * % chg.
vs. Q4 2015 *
Net revenue 1,677 1,657 +1.2% 443 431 +2.7%
o/w net fee and commission income 1,510 1,466 +3.1% 388 364 +6.8%
o/w performance fees 115 138 -16.7% 28 61 -54.5%
Operating expenses -878 -869 +1.1% -236 -225 +4.7%
*Gross operating income* *800* *788* *+1.4%* *207* *206* *+0.6%*
* Cost/income ratio (%) * * 52.3% * * 52.4% * * -0.1 pt * * 53.2% * * 52.2% * * +1 pt *
Share of net income of equity-accounted entities 28 25 +13.0% 8 7 NS
Other items -1 7 NS 2 NS
*Pre-tax income* *828* *821* *+0.8%* *215* *215* *+0.1%*
Taxes -258 -292 -11.4% -62 -83 -25.5%
*Net income - Group share* *568* *528* *+7.7%* *153* *131* *+16.5%*
Net earnings per share (€) €3.40 €3.16 +7.3% €0.91 €0.79 +15.9%
Dividend per share (€) €2.20 €2.05 +7.3% - - -

*Excluding IPO expenses: €15m before taxes, €9m after taxes in 2015, of which €7m in Q4

Change in assets under management from 31 December 2014 to 31 December 2016

* * *Assets under* *   * * Market * * Scope *  
*(€bn)* *management* * Inflows * * effect * * effect *  
31/12/2014 878      
Flows Q1 2015 +24.0 +47.5 +5.3 BAWAG P.S.K Invest
31/03/2015 954      
Flows Q2 2015 +22.6 -22.9
30/06/2015 954      
Flows Q3 2015 +19.2 -21.2
30/09/2015 952      
Flows Q4 2015 +14.1 +19.0
*31/12/2015* *985*      
Flows Q1 2016 +13.8 -11.6
31/03/2016 987      
Flows Q2 2016 +3.0 +13.6
30/06/2016 1,004      
Flows Q3 2016 +22.3 +19.7 +8.6 KBI GI
30/09/2016 1,054      
*Flows Q4 2016* * +23.1 * * +0.1 * * +5.0 * CAI Investors
*31/12/2016* *1,083* *   * *   * *   *

Assets under management and net inflows by client segment

*   * *AUM* *AUM* *% chg.* *Inflows* *Inflows* *Inflows* *Inflows*
* (€bn) * *31/12/2016* *31/12/2015* *vs. 31/12/2015* *2016* *2015* *Q4 2016* *Q4 2015*
French networks* 100 102 -2.1% -2.6 -3.6 +1.7 -5.7
International networks & JVs 122 94 +29.4% +25.4 +33.1 +12.6 +12.7
Third-party distributors 84 66 +27.0% +11.9 +12.0 +6.3 +0.2
*Retail* *306* *263* *+16.5%* *+34.7* *+41.5* *+20.6* *+7.2*
Institutionals & sovereigns 270 238 +13.6% +16.8 +23.1 -1.4 +3.0
Corporates & employee savings 102 87 +16.9% +12.8 +10.7 +11.5 +6.1
CA & SG insurers 405 398 +1.8% -2.1 +4.6 -7.7 -2.2
*Institutionals* *777* *722* *+7.5%* *+27.5* *+38.3* *+2.5* *+6.9*

*TOTAL* *1,083* *985* *+9.9%* *+62.2* *+79.9* *+23.1* *+14.1*
* O/W JV * * 99 * * 73 * * +36.2% * * +24.8 * * +31.3 * * +12.3 * * +12.5 *

* French networks: medium/long-term asset inflows up €2.0bn in 2016

Assets under management and net inflows by asset class

*   * *AUM* *AUM* *% chg.* *Inflows* *Inflows* *Inflows* *Inflows*
* (€bn) * *31/12/2016* *31/12/2015* *vs. 31/12/2015* *2016* *2015* *Q4 2016* *Q4 2015*
Equities 151 125 +20.9% +9.6 +6.0 +2.0 +1.5
Multi-asset 126 117 +8.0% +7.8 +11.7 +3.4 +0.8
Fixed income 544 498 +9.3% +22.7 +24.4 +13.5 +5.4
Real, alternative and & structured assets 75 65 +16.8% +5.4 +2.5 +0.8 +1.9
*MEDIUM/LONG TERM ASSETS* *897* *804* *+11.5%* *+45.5* *+44.7* *+19.7* *+9.6*
Treasury products 186 181 +2.9% +16.8 +35.2 +3.4 +4.5

*TOTAL* *1,083* *985* *+9.9%* *+62.2* *+79.9* *+23.1* *+14.1*

Assets under management and net inflows by region

*   * *AUM* *AUM* *% chg.* *Inflows* *Inflows* *Inflows* *Inflows*
* (€bn) * *31/12/2016* *31/12/2015* *vs. 31/12/2015* *2016* *2015* *Q4 2016* *Q4 2015*
France 773 740 +4.5% +15.9 +20.0 -1.4 -6.4
Europe excl. France 131 102 +28.7% +17.6 +22.0 +10.1 +6.5
Asia 150 118 +27.2% +27.2 +37.4 +13.6 +14.8
Rest of world 29 26 +11.6% +1.5 +0.5 +0.8 -0.8

*TOTAL* *1,083* *985* *+9.9%* *+62.2* *+79.9* *+23.1* *+14.1*
*TOTAL EXCL. FRANCE* *310* *246* *+26.1%* *+46.4* *+59.9* *+24.5* *+20.5*About Amundi

Publicly traded since November 2015, Amundi is the largest European Asset Manager in terms of AUM(*), with over 1,000 billion euros worldwide. Headquartered in Paris, France, Amundi has seven investment hubs located in the world's key financial centres, and offers a combination of research depth and market experience that has earned  the confidence of its clients.

Amundi is the trusted partner of 100 million retail clients, 1,000 institutional clients and 1,000 distributors in more than 30 countries, and designs innovative, high-performing products and services for these types of clients tailored specifically to their needs and risk profile.

Go to amundi.com for more information or to find an Amundi office near you.

Amundi figures as of 31 December 2016. (*) No.1 European asset manager based on global assets under management (AUM) and the main headquarters being based in Continental Europe - Source IPE "Top 400 asset managers" published in June 2016 and based on AUM as at December 2015.

Find us on

*Press contacts:* *Investor contacts:*
*Natacha Sharp* *Anthony Mellor              Annabelle Wiriath*
Tel. +33 1 76 37 86 05 Tel. +33 1 76 32 17 16     Tel. +33 1 76 32 59 84
natacha.sharp@amundi.com    anthony.mellor@amundi.com  annabelle.wiriath@amundi.com

* DISCLAIMER: *

Statutory auditors are carrying out the audit procedures on the consolidated financial statements for 2016 presented in this notice.

This document may contain projections concerning the financial situation and results of the activities and business lines of Amundi. The figures given do not constitute a "forecast" as defined in Article 2.10 of Commission Regulation (EC) No. 809/2004 of 29 April 2004. These projections and forecasts are based on opinions and current assumptions regarding future events. No guarantee can be given regarding the achievement of these projections and forecasts, which are subject to inherent risks, uncertainties and assumptions related to Amundi, its subsidiaries and its investments, the development of its activities, sectoral trends, future investments and acquisitions, changes in the economic environment or in Amundi's major local markets, competition and regulations. Given the uncertainty over whether these events will come to pass, their outcome may prove different than currently predicted, which is likely to significantly affect expected results. The reader should take these risks and uncertainties into consideration before forming their own opinion. Management does not under any circumstances undertake to update or revise any of these projections or forecasts. No information in this notice should be taken as an earnings forecast.

The figures given have been prepared in accordance with IFRS accounting standards as adopted by the European Union and applicable as of this date.

The information contained in this notice, to the extent that it relates to parties other than Amundi or comes from external sources, has not been independently verified, and no representation or warranty has been expressed as to, nor should any reliance be placed on, the fairness, accuracy, correctness or completeness of the information or opinions contained herein. Neither Amundi nor its representatives can be held liable for any negligence or loss that may result from the use of this notice or its contents, or anything related to them, or any document or information to which the notice may refer.

This notice in no way constitutes an offer to sell Amundi shares in the United States or in any other country. Amundi shares cannot be sold in the United States unless they are registered or exempt from registration under the United States Securities Act of 1933 Act as amended. Amundi does not plan to register this range of products or any part of this range in the United States, nor does it plan to conduct any public offering of shares in the United States.
--------------------

^[1] Assets under management and inflows include assets under advisory and assets sold, and take into account 100% of inflows and assets managed by the Asian JVs. For Wafa in Morocco, assets are reported on a proportional consolidation basis.

^[2] E xcluding treasury products : equities, fixed income, m uli-asset , real, alternative and structured assets.

^[3] 2015 figures adjusted for IPO expenses: €15m before taxes, €9m after taxes in 2015, of which €7m in Q4

^[4] Net tangible assets: Group share of equity net of goodwill and intangible assets

^[5] Free capital: for the principles used to calculate free capital, please see the Registration Document filed with the AMF on 20 April 2016.

^[6] % calculated using the number of shares on 31/12/2016

^[7] Statutory auditors are carrying out audit procedures on the consolidated financial statements for 2016.

^[8] Average annual inflow target of €40bn announced during the IPO

^[9] Source: Broadridge Financial Solutions, Nov 2016, open-ended fund domiciled in Europe

^[10]   Real estate, private debt, private equity and infrastructure

^[11] Excluding IPO expenses: €15m before taxes, €9m after taxes in 2015, of which €7m in Q4

^[12] Group share of equity net of goodwill and intangible assets

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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Amundi via GlobeNewswire

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