Category: Americas

MIL-OSI Global: Game change Canadian election: Mark Carney projected to lead Liberals to their fourth consecutive win

Source: The Conversation – Canada – By Fiona MacDonald, Associate Professor, Political Science, University of Northern British Columbia

Canada’s 2025 federal election will be remembered as a game-changer. Liberal Leader Mark Carney is projected to have pulled off a dramatic reversal of political fortunes after convincing voters he was the best candidate to fight annexation threats from United States President Donald Trump.

Only four months ago, Conservative Leader Pierre Poilievre had a 25-point lead in public opinion polls and a fairly secure path to victory.

Yet Poilievre’s lead soon vanished due to shifting voter sentiments defined less by the official campaign period and more by the months that preceded it. Justin Trudeau’s early January resignation announcement and Carney’s confirmation that he was officially in the Liberal leadership race dramatically changed the political landscape.

Read more:
After stunning comeback, centre-left Liberals likely to win majority of seats at Canadian election

Within a matter of weeks, Liberal support surged when Carney became party leader and Trump continued to make threats about Canada becoming a 51st American state — and to levy punishing on-again, off-again tariffs against the country.

The party went from being 20 percentage points behind the Conservatives to overtaking them, putting the party on track to secure its fourth consecutive victory. A shift described by longtime pollster Frank Graves as “unprecedented.”

Poilievre’s messaging

The emerging “Canada strong” and “elbows up” narratives, linked to the widespread anti-Trump sentiment, proved a major advantage for the Liberals, who made the most out of this political gift.

This shift, alongside Carney’s elimination of the carbon tax, left Poilievre on the back foot as his longstanding messaging on Trudeau and his “axe the tax” slogan became largely irrelevant.

Read more:
Who really killed Canada’s carbon tax? Friends and foes alike

The impact of these shifts in electoral fortunes extended beyond the two main parties. As the election became increasingly a two-party race between the Liberals and Conservatives, the smaller parties struggled for relevance.

Election campaign polling and early results indicated steep losses for the NDP, with Leader Jagmeet Singh’s own seat in Burnaby, B.C., under threat. This could be due to voters on the left responding to calls to vote strategically to prevent Conservative victories in various ridings.

The Bloc Québecois also lost ground, as did the Green Party of Canada and the People’s Party of Canada (PPC). Neither the Greens nor the PPC fielded full slates of candidates or participated in the leaders’ debates and therefore played comparatively limited roles in this election.

Advance voting in a gendered election

Another notable feature of this election was the record advance voting turnout, which surged to 7.3 million Canadians, up sharply from 5.8 million in 2021.

Early voting has now become a central part of party campaign strategy, with campaigns “getting out the vote” at every opportunity, not just on Election Day. This trend raises questions not only about whether overall turnout will rise, but also whether party platforms remain as influential given so many votes were cast before all parties released their platforms.

While many Canadians take in elections with a focus on party leaders and seat counts, there are other important ways to contemplate election outcomes in terms of inclusion and voice. What does this election tell us about gender and diversity representation in Canada’s Parliament?

This was a deeply gendered election. The major party leaders are all men, with the exception of Elizabeth May, the Green Party co-leader.

Preliminary candidate data showed a decrease in the number of women candidates compared to 2021.

The NDP nominated the highest proportion of women candidates — the majority of its candidates are women — and fielded the most diverse slate of candidates in terms of Indigenous people, Black people, racialized people and LGBTQ+ candidates. But the party’s dramatic losses mean these gains will not translate into more diverse representation in Parliament.

Furthermore, one of Carney’s first actions as prime minister was to eliminate the sex-balanced cabinet and to reduce the size of the cabinet. He eliminated the Ministry of Women and Gender Equality (WAGE) as well as ministerial portfolios focused on youth, official languages, diversity, inclusion, disability and seniors.

These decisions reverse previous efforts taken to institutionalize gender and diversity leadership in Canada’s Parliament.

Party platforms also reflected diverging approaches when it came to women. The Conservative platform only mentioned women four times, and three of those mentions were in the context of opposition to transgender rights.

Read more:
Pierre Poilievre’s ‘More Boots, Less Suits’ election strategy held little appeal to women

The role of young working-class men

Polling also revealed intersections of generation, gender and class are increasingly relevant. Like the last federal election, young working-class men are increasingly drawn to the Conservatives. This trend appears to be driven less by fiscal conservatism and more by concerns about rapid social change, a trend also observed in the 2024 American presidential election.

Many of these young men are expressing frustrations over housing affordability and job security, and what they view as the Liberal and NDP’s “woke culture,” which they view as eroding traditional values that have traditionally benefited men. In contrast, Canadian women of all ages continue to favour parties they view as more progressive — the Liberals and the NDP.

Theoretical explanations for this include young men feeling left behind by the Liberals, while the Conservatives have seemingly figured out a way to connect with them.

This may reflect campaign rhetoric about returning to traditional expectations and values around gender roles and men’s rights to well-paying jobs, an affordable home and taking care of their families.

Electoral reform needed?

In the aftermath of the election, there are avenues through which current gaps in representation can be addressed. Organizations like the United Nations’ Inter-parliamentary Union and the Commonwealth Parliamentary Association, as well as gender and politics scholarship, propose various reforms to continue to strengthen diversity in Parliament.

These reforms are understood to be essential for enhancing the legitimacy, responsiveness and effectiveness of Canada’s parliamentary system. Research on gender-and diversity-sensitive parliaments consistently shows that when legislative bodies reflect the diversity of the societies they govern, they are more likely to produce policies that are equitable, inclusive and trusted by the public.

Overall, this Canadian election was characterized by transformative twists and turns that shed more light on important ongoing questions about representation and the potential need for democratic reform if Canadians want to avoid a two-party system.

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

– ref. Game change Canadian election: Mark Carney projected to lead Liberals to their fourth consecutive win – https://theconversation.com/game-change-canadian-election-mark-carney-projected-to-lead-liberals-to-their-fourth-consecutive-win-253721

MIL OSI – Global Reports –

April 29, 2025
MIL-OSI USA: Public school educators are still underpaid, four new NEA reports show
Source: US National Education Union

By: Joshua Horwich

Published: April 29, 2025
WASHINGTON — U.S. educators still suffer from too-low wages and a lack of professional respect, according to four new reports examining educator pay and school funding from pre-K through college. The National Education Association’s annual reports today show salaries continue to lag behind inflation. These poor wages are not without consequence: Too-low pay exacerbates the national teacher shortage, making it difficult for school districts to attract and retain quality educators while also worsening educator morale.

Thanks to strong advocacy by NEA members and some elected leaders stepping up, teachers received the most significant year-over-year pay increase in more than a decade. States such as California, Colorado, Maryland, Nevada, New Mexico, and Oregon demonstrated significant progress in teacher pay, putting more money into educators’ pockets. Meanwhile, states like Montana and Rhode Island led the way in increasing pay for K-12 education support professionals. At the same time, Maryland, Nevada, and Wisconsin showed the largest increases in faculty pay at public four-year universities.

Despite this progress, much work remains to eliminate the teacher pay penalty, address inadequate pay for all educators, and finally make the investments necessary at the state and local levels to attract and retain quality educators in public schools. Additionally, in places like Arkansas, the increases in teacher pay were tied to legislation that took money out of public education and put it into the hands of billionaires eager to line their pockets, hurting students in the long run.

“In some states, educators are seeing long-overdue pay increases, thanks to union-led advocacy, but overall, educator pay is still not keeping up with inflation. This hard-won progress is now under threat from the Trump administration’s careless, callous, and reckless actions, and students will pay the price,” said NEA President Becky Pringle. “Their plans to gut public education will rip funding from public schools and roll back these very same gains to help provide competitive and professional pay to educators. These resources are desperately needed to ensure every student has access to every opportunity needed to succeed. What is happening at the federal level is not just an attack on educators—it’s an attack on every student and every family in every community of this country.”

The data released today includes “Rankings and Estimates,” a report NEA has produced since the 1960s, which is widely cited as an authoritative source on average teacher salaries and per-student expenditures. NEA’s “Teacher Salary Benchmark Report” provides information from over 12,000 school districts on starting teacher salaries and salaries at other points of the teaching career continuum. The “Education Support Professional Earnings Report” offers a pay breakdown for school support staff, also known as education support professionals, working in K-12 public schools and higher education. NEA’s “Higher Education Faculty Salary Analysis” examines full-time faculty and graduate assistant salaries at the national, state, and institutional levels. Additionally, NEA released financial snapshots for four demographics: teachers at the preK-12 level, higher education faculty, and support staff at both the preK-12 and higher education levels.

Data highlights and trends:
- In 2023–2024, the national average public school teacher salary rose by 3.8% to $72,030, with a projected 3.0% increase for 2024–2025.
- Despite these increases, average teacher pay has not kept up with inflation over the last decade, resulting in a 5% decrease in real earnings.
- The average starting teacher salary was $46,526, marking a 4.4% increase, the largest in 15 years, yet it’s still $3,728 below 2008–2009 levels.
- 16.6% of U.S. school districts offer starting salaries less than $40,000, a drop of over 10 percentage points from the prior year. However, approximately 69.9% of school districts still pay starting salaries below $50,000. Only 20.7% of school districts offer teacher salaries over $100,000.
- 87% of teachers expressed concern over low pay, and 40% work extra jobs. Nearly 30% of full-time K-12 support professionals earn under $25,000.
- Full-time faculty on 9- or 10-month contracts averaged $101,955, a 4.2% increase, yet 6.8% below pre-pandemic levels after adjusting for inflation.
- Faculty at Historically Black Colleges and Universities earn 75 cents for every dollar non-HBCU educators make.
- Unionized teachers earn 24% more on average in states with collective bargaining, and education support professionals earn 7% more.
- Starting salaries and top pay for teachers and support staff are higher in states with bargaining laws compared to those without.
“As Donald Trump and Elon Musk attempt to take a chainsaw to public education so that billionaires can get another tax cut, our students will pay the price,” added Pringle. “Parents and educators know what works. We need to invest in smaller class sizes, more tools and resources, and build on the progress educators, unions, and state leaders have recently made to increase educator pay. Those pay increases have also been instrumental in addressing and mitigating the educator shortages plaguing our public schools. America’s 50 million public school students deserve strong and well-funded public schools—not the chaos and destruction Trump and Musk are unleashing on their education.”

For additional information about Rankings and Estimates and related NEA salary data reports, please visit www.nea.org/educatorpay.

Follow us on Bluesky at https://bsky.app/profile/neapresident.bsky.social and https://bsky.app/profile/neatoday.bsky.social

# # #

The National Education Association is the nation’s largest professional employee organization, representing more than 3 million elementary and secondary teachers, higher education faculty, education support professionals, school administrators, retired educators, students preparing to become teachers, healthcare workers, and public employees. Learn more at www.nea.org.
MIL OSI USA News –
April 29, 2025

MIL-OSI: Planisware – Q1 2025 revenue

Source: GlobeNewswire (MIL-OSI)

Q1 2025 revenue: € 47.5 million; +16.0%

Revenue up +14.3% in constant currencies, in line with FY planned trajectory
Strong commercial dynamic despite still elongated sales cycles
Growing pipeline fueled by high demand for advanced solutions providing visibility and agility
2025 objectives confirmed:
- Mid-to-high teens revenue growth in constant currencies
- c. 35% adjusted EBITDA margin¹
- Cash Conversion Rate^*of c. 80%

Paris, France, April 29, 2025 – Planisware, a leading B2B provider of SaaS in the rapidly growing Project Economy market, announces today its Q1 2025 revenue. Up by +16.0% in current currencies Revenue amounted to € 47.5 million, mainly led by the continued success of the Group’s market-leading SaaS platform. In constant currencies, revenue growth reached +14.3% (€+5.9 million), in line with the planned trajectory to achieve a mid-to-high teens revenue growth in 2025. Recurring revenue amounted to € 43.9 million (92% of total revenue) and was up by +16.2% in constant currencies.

Loïc Sautour, CEO of Planisware, commented: “Although we are not directly impacted by tariffs, we are still observing elongated customers’ decision-making process. So we continue to leverage the close connection with our existing customers, but also to initiate commercial relationships with new clients. This approach enabled Planisware to deliver a robust revenue growth in Q1 2025, in line with the planned trajectory for the year.

Facing a significant level of macroeconomic uncertainties, our clients and prospects express greater needs for advanced solutions to manage their portfolio of strategic projects and gain better visibility and agility to navigate in this challenging environment.

In this context, we confirm our mid-to-high teens revenue growth objective for the year while staying vigilant to potential further deterioration in the global economy, particularly in the short term. We also remain disciplined on resources allocation to maintain a strong profitability and best-in-class cash conversion rate while ensuring we keep investing in our long-term growth.”

Q1 2025 revenue by revenue stream

In € million	Q1 2025	Q1 2024	*Variation* *YoY*	*Variation* *in cc**
Recurring revenue	43.9	37.2	*+18.0%*	*+16.2%*
SaaS & Hosting	22.7	18.9	+20.4%	+18.5%
Evolutive support	13.2	10.8	+21.8%	+20.0%
Subscription support	3.0	2.8	+6.7%	+4.1%
Maintenance	4.9	4.6	+6.4%	+5.2%
Non-recurring revenue	3.6	3.8	*-3.3%*	*-4.4%*
Perpetual licenses	0.8	1.1	-24.1%	-25.4%
Implementation & others non-recurring	2.8	2.7	+5.5%	+4.4%
Total revenue	47.5	40.9	*+16.0%*	*+14.3%*

* Revenue evolution in constant currencies, i.e. at Q1 2024 average exchange rates

Reaching € 47.5 million in Q1 2025, revenue was up by +16.0% in current currencies and +14.3% in constant currencies. The exchange rates effect was almost fully related to the appreciation of the US dollar versus the euro. In order to reflect the underlying performance of the Company independently from exchange rate fluctuations, the following analysis refers to revenue evolution in constant currencies, applying Q1 2024 average exchange rates to Q1 2025 revenue figures, unless expressly stated otherwise.

Recurring revenue

Representing 92% of Q1 2025 total revenue, up by c. 150 basis points versus 91% in Q1 2024, recurring revenue reached € 43.9 million, up by +16.2%.

Revenue growth was led by +17.8% growth of Planisware’s SaaS model (i.e. SaaS & Hosting, Annual licenses, and Evolutive & Subscription support), of which SaaS & Hosting revenue was up by +18.5% thanks to contracts secured with new customers as well as continued expansion within the installed base. Revenue of support activities (Evolutive & Subscription support), intrinsically related to Planisware’s SaaS offering, grew by +16.7%.

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

Non-recurring revenue

Non-recurring revenue was down by -4.4% in Q1 2025, with a contrasted trend of Perpetual licenses down by -25.4% and Implementation up by +4.4%.

Implementation activity was high in Q1 2025 with the start of several large SaaS contracts signed end of 2024, leading to +4.4% revenue growth. On the other hand, the Group sold several Perpetual licenses extensions and upgrades to customers with specific on-premises needs but posted a revenue decline by €-0.3 million compared to Q1 2024 which represented a particularly high comparative basis.

Commercial dynamic

In Q1 2025, despite sales cycles remaining longer than a year before, clients and prospects expressed greater needs for advanced solutions to manage their portfolio of strategic projects and gain better visibility and agility to navigate in the current uncertain environment. Planisware continued to support its existing customers in adapting and reorganizing themselves to a rapidly changing environment, while maintaining or enhancing their operational efficiency. As a result, key clients such as Philips or Boston Scientific expanded their usage of Planisware’s solutions and support practices. This was particularly the case in the automotive industry with clients such as Fox Factory in the US in PD&I, Continental in Germany, as well as Forvia in France.

The relevance of Planisware’s multi-specialist approach has been demonstrated in many sectors, from retail in Australia with Coles or the pharmaceutical industry in Japan with Takeda, to automotive in the USA and Sweden with Dana and HADV Group, which now uses Orchestra to manage its product development portfolio.

2025 objectives confirmed

Taking into account its strong commercial pipeline and acknowledging a high level of uncertainties that may drive further elongation of sales cycles and delays in the start of new contracts, Planisware confirms its 2025 objectives:

Mid-to-high teens revenue growth in constant currencies
c. 35% adjusted EBITDA margin^*
Cash Conversion Rate^* of c. 80%

Appendices

Investors & Analysts conference call

Planisware’s management team will host an international conference call on April 29, 2025 at 8:00am CET to details Q1 2025 performance and key achievements, by means of a presentation followed by a Q&A session. The webcast and its subsequent replay will be available on planisware.com.

Upcoming event

June 19, 2025: Annual General Meeting of shareholders
July 31, 2025: H1 2025 results publication
October 21, 2025: Q3 2025 revenue publication

Contact

About Planisware

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

With circa 750 employees across 16 offices, Planisware operates at significant scale serving around 600 organizational clients in a wide range of verticals and functions across more than 30 countries worldwide. Planisware’s clients include large international companies, medium-sized businesses and public sector entities.

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

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

Disclaimer

Forward-looking statements

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

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

Rounded figures

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

Variation in constant currencies

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

Non-IFRS measures

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

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

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

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

Attachment

Planisware – Q1 2025 revenue – PR

The MIL Network –

April 29, 2025

MIL-OSI: Amundi: Results for the First quarter of 2025 – Record inflows at +€31bn

Source: GlobeNewswire (MIL-OSI)

Amundi: Results for the First quarter of 2025

Record inflows at +€31bn

Record inflows		Assets under management¹at an all-time high of €2.25tn at end of March 2025, +6% year-on-year Highest quarterly net inflows since 2021, at +€31bn in Q1 +€37bn in medium- to long-term assets excluding JVs, new quarterly record Positive inflows in active management (+€6bn) Strong ETF net inflows and gain of a big ESG equity index mandate with The People’s Pension (UK): +€21bn

Strong growth in profit before tax		Profit before tax²of €458m, up +11% Q1/Q1, driven by: revenue growth (+11%) positive jaws effect improved cost-income ratio to 52.4%² Adjusted net income²^,³ close to €350m excluding impact of exceptional tax surcharge⁴ in France (-€46m)

Confirmed strategic pillars success		Strong inflows in growth areas: Third-party distribution +€8bn Asia +€8bn ETF +€10bn Amundi Technology: strong organic growth, integration of aixigo and revenues up +46% Q1/Q1

Paris, 29 April 2025

Amundi’s Board of Directors met on 28 April 2025 chaired by Philippe Brassac, and approved the financial statements for the first quarter of 2025.

Valérie Baudson, Chief Executive Officer, said: “After a record year in 2024, Amundi continued this momentum in the first quarter of 2025. Quarterly net inflows are at their highest since 2021: our clients, whether they are individuals or institutions, have entrusted us with +€31bn more to manage. In particular, we won a major mandate from one of the UK’s largest pension funds in the fast-growing market for Defined Contribution pension plans.

The business continues to reflect the relevance of our main growth pillars: net inflows were dynamic with Third-Party Distributors, in Asia and on ETFs, and Amundi Technology continues its sustained growth.

The three transactions signed in 2024 reinforce this solid organic growth: Alpha Associates and aixigo have already contributed positively to the quarter’s results, the partnership with Victory Capital, closed on 1 April, now allows us to offer more US strategies while creating value for our shareholders.

Amundi’s diversified model and agility allow us to effectively support our clients in all market environments and provide them with long-term growth opportunities. We continue to invest, redeploy our resources and optimise our cost base to adapt our platform, meet the changing needs of clients and develop new services for them. »

* * * * *

Highlights

Continued organic growth thanks to confirmed successes in the strategic pillars

2025 is the last year of implementation of the 2025 Ambitions plan, which sets a number of strategic pillars to accelerate the diversification of the Group’s growth drivers and exploit development opportunities. After a year 2024 during which several objectives were achieved a year ahead of schedule, the first quarter confirmed the momentum:

Third-Party Distribution recorded assets under management up over +15% year-on-year and net inflows over 12 months of +€33bn, of which +€8bn⁵ in the first quarter of 2025, mainly in MLT assets⁶, (+€7.6bn); net inflows this quarter were driven by ETFs and active management, diversified by geographical areas and positive in almost all countries in terms of MLT assets⁶, particularly in Asia (+€1.7bn); it is also diversified by types of client, with a confirmed commercial momentum with digital platforms, which account for c.25% of net inflows; it should be noted that a Workshop presenting the Third-Party Distribution business line will be held on Thursday 19 June in London, with the entire division’s management team;

Asia: assets under management were up +9% year-on-year despite the fall in the US dollar and the Indian rupee, to reach €462bn; net inflows for the quarter reached +€8bn, mainly from direct distribution (+€5bn compared to +€3bn for JVs), and is balanced between major client segments in direct distribution and JVs; it is also diversified by countries: Korea (+€3bn) thanks to the JV, China with the two JVs and institutional clients, Hong Kong (+€1.6bn) and Singapore (+€1.4bn) thanks to institutional and third-party distributors;
ETFs raised +€10bn this quarter, thanks to the success of US equity underlying strategies at the beginning of the quarter, and then in March with the success of the Stoxx Europe 600 ETF, which collected +€1.3bn in one month and exceeded €10bn in assets under management; innovative products were launched, with the ETF invested in short-duration eurozone sovereign green bonds, capitalising on the success of its long-duration big brother, which reached €3bn in assets under management;
Amundi Technology continues to grow: its revenues increased by +46% Q1/Q1, driven in equal parts by the integration of aixigo and strong organic growth; the business line has signed a partnership with Murex to offer in ALTO the functionalities of this company’s integrated OTC derivatives management and valuation platform, MX.3, which has more than 60,000 users in 65 countries; the partnership includes cross-selling and joint business development agreements.

After the end of the first quarter

On 1 April, the partnership with Victory Capital, was closed and Amundi received 17.6 million shares, i.e. 21.2%⁷ of Victory Capital’s capital. In accordance with the Contribution Agreement and the completion of the remaining adjustments, we expect Amundi’s stake in Victory Capital to reach 26.1%⁷ in the next few months. This investment will be consolidated using the equity method and will start contributing to the Group’s results from the second quarter.
It should be noted that as of 8 April, after the drop in the equities and bond markets and at the trough of European equity markets since the end of the first quarter (Stoxx 600 -9%), the Group’s assets under management excluding JVs⁸ were down by just below -3% compared to 31 March 2025; as of 25 March, they had recovered to less than -2% vs. end March.
After the success of Ambitions 2025, a new three-year strategic plan will be presented in the fourth quarter.

Focus on operations in the UK

The winning of a large mandate with a pension fund illustrates the strong development of Amundi’s operations in the United Kingdom. Amundi has management and marketing/sales teams there and is experiencing strong growth in its business:

London is one of Amundi’s 6 global investment hubs, with €49bn under management for the entire Group, in charge of all emerging markets strategies as well as global and GBP fixed income strategies;
The distribution platform for local clients represents €66bn under management, balanced between institutional and third-party distribution; the commercial platform is complemented by Amundi Technology sales teams to serve British clients.

The €21bn equity index mandate for The People’s Pension, one of the leading Master Trusts (multi-employer pension funds) in the Defined Contribution pension plan market, was won thanks to the depth and consistency of Amundi’s responsible investment methodology, applied in this case to an index management solution. It amplifies the strong commercial momentum in this Master Trust market segment, as Amundi is now a close partner of the two largest players.

Activity

Capital markets still up Q1/Q1, decline in the dollar and Indian rupee

In the first quarter of 2025, both equities⁹and bond¹⁰markets continued to rise. Year-on-year, they gained +13% and +3% respectively in average. The market effect is therefore positive on the Group’s assets under management and revenues compared to the first quarter of 2024.

The Indian rupee and the US dollar were both down -4% quarter-on-quarter, and -3% year-on-year for the Indian rupee while the US dollar is stable over the same period. The foreign exchange effect, which was neutral year-on-year, was therefore negative by around -1% on Amundi’s end-of-period assets under management in the first quarter.

European fund management market in slow recovery

Investor risk aversion persists in the European fund management market. In the first quarter of 2025, net inflows in open-ended funds¹¹ continued their slow recovery compared to the beginning of 2024, at +€221bn in the first quarter, down slightly compared to the fourth quarter of 2024 (+€232bn) due to lower net inflows from money market funds (+€60bn). Active management continued its recovery, with +€70bn net inflows, and its rebalancing compared to passive management (+€91bn, of which +€82bn in ETFs). As in previous quarters, net flows were positive thanks to fixed income, and grew only as a result of lower outflows in equities and multi-assets.

Highest quarterly net inflows for MLT assets⁶in Q1

Assets under management¹as at 31 March 2025 increased by +6.2% year-on-year, to reach the new record of €2,247bn. Over 12 months, in addition to market appreciation, they benefited from a high level of net inflows, at +€70bn, higher than the market & forex effect of +€53bn. The increase in assets under management also benefited from the integration of Alpha Associates since the beginning of April 2024 (+€7.9bn).

In the first quarter of 2025, the forex effect was negative by -€26bn due to the fall of the US dollar and the Indian rupee against the euro. It was very slightly offset by a small positive market effect (+€2bn). The strong net inflows in the quarter were much higher than this negative forex effect.

The first quarter net inflows totalled +€31bn, the highest level for a quarter since 2021, of which +€37bn in MLT assets⁶ excluding JVs, an all-time record.

These net inflows benefited from the gain of the mandate of The People’s Pension (+€21bn). The rest of the MLT net inflows⁶ (+€16bn) comes from passive management, in particular ETFs (+€10bn) and active management (+€6bn). As in previous quarters, the latter was driven by fixed income strategies (+€11bn), in all client segments.
The three main client segments contributed to net inflows of +€31bn:

the Retail segment, at +€6bn, thanks to Third-Party Distributors (+€8bn); net inflows were slightly positive at Amundi BOC WM while risk aversion continued to affect net inflows from Partner Networks: slightly positive in France (+€0.2bn) and negative in International business (-€3bn), due in particular to multi-asset strategies: -€2bn;
The Institutional segment, at +€22bn, of which +€33bn in MLT assets⁶, benefited from The People’s Pension mandate and a good level of net inflows, particularly bonds, in all sub-segments except the seasonal effect for Corporates and Employee Savings;
Finally JVs (+€3bn) benefited from dynamic net inflows in NH-Amundi (South Korea, +€3bn), while SBI FM (India, -€1bn) recorded outflows linked to end-of-fiscal-year operations and client caution after the correction in local equities markets since October 2024, even though net flows remained positive in the retail segment; ABC-CA (China) net inflows confirmed the stabilisation of the local market, and were positive by +€1bn excluding discontinued Channel Business operations, mainly driven by treasury products.

Treasury products posted outflows of -€8.7bn, mainly due to particularly strong seasonal outflows from Corporates in the first quarter of this year (-€11.6bn) and to a lesser extent from arbitrages by CA & SG insurers (-€1.6bn) in favour of products with longer durations. All other client segments posted slightly positive net inflows in treasury products, reflecting the wait-and-see attitude in the face of volatility in risky assets markets.

First quarter 2025 results

Sharp increase in profit before tax²+11% Q1/Q1 thanks to top line growth

Adjusted data²

Profit before tax²reached €458m, up +10.7% compared to the first quarter of 2024.

It includes contributions from Alpha Associates as well as aixigo, acquisitions of which were finalised in early April and early November 2024 respectively, and were therefore not included in the first quarter 2024. Their cumulative contribution to the profit before tax² in the first quarter reached +€4m, i.e. +1pp of Q1/Q1 growth.

The growth in profit before tax² was mainly due to the increase in revenues.

Adjusted net revenue² amounted to €912m, up +10.7% compared to the first quarter of 2024, +9% at constant scope, driven by all sources of revenues:

net management fees increased by +7.7% compared to the first quarter of 2024, to €824m, which reflects the good level of activity, the increase in average assets under management excluding JVs (+8.8% over the same period), but also the negative product mix effect on revenue margins;
performance fees (€23m), which are traditionally more moderate in the first quarter due to the lower number of fund anniversaries during this period, nevertheless rose by +30.7% compared to the first quarter of 2024; they reflect the good performance of Amundi’s investment management, with c.70% of assets under management ranked in the first or second quartiles according to Morningstar¹² over 1, 3 or 5 years, and 244 Amundi funds rated 4 or 5 stars by Morningstar¹² as at 31 March;
Amundi Technology’s revenues, at €26m, continued to grow steadily (+46.2% compared to the first quarter of 2024), amplified this quarter by the consolidation of aixigo (+€4m); excluding aixigo, these revenues were up +21.2% organically;
finally, the Financial and other revenues² amounted to €39m, up sharply compared to the first quarter of 2024 thanks to capital gains on the private equity portfolio in seed money and a positive mark-to-market from equity holdings, despite the impact of the fall in short-term rates in the euro zone.

The increase in adjusted²operating expenses, €478m, is +8.8% compared to the first quarter of 2024, +6% at constant scope. It remains lower than that of revenues, thus generating a positive jaws effect of nearly 3 percentage points excluding the scope effect related to the acquisition of Alpha Associates and aixigo, reflecting the Group’s operational efficiency.

In addition to the scope effect, this increase is mainly due to:

investments in the development initiatives of the 2025 Ambitions plan, including technology, third-party distribution and Asia;
provisioning for individual variable remuneration, in line with the growth in results.

The cost-income ratio at 52.4% on an adjusted data basis², improved compared to the same quarter last year and is in line with the Ambitions 2025 target (<53%).

The adjusted²gross operating income (GOI) amounted to €434m, up +12.9% compared to the first quarter of 2024, +11.8% at constant scope, reflecting revenue growth.

Share of net income of equity-accounted companies¹³, at €28m, down slightly compared to the first quarter of 2024, reflects the decline in net financial income of the main contributing entity, the Indian JV SBI FM. The decline in the Indian equities markets resulted in negative mark-to-market in the JV’s financial income, which nevertheless continues to benefit from strong growth in its activity with management fees up of over +20% Q1/Q1.

The adjusted²corporate tax expense for the first quarter of 2025 reached -€155m, a very strong increase – +60.8% – compared to the first quarter of 2024.

In France, in accordance with the Finance law for 2025, an exceptional tax contribution must be booked in fiscal year 2025. It is calculated on the average of the profits made in France in 2024 and 2025. This exceptional contribution is estimated¹⁴ to -€72m for the year as a whole, but it will not be accounted for on a straight-line basis over the quarters. It amounted to -€46m in the first quarter of 2025, with the rest spread over the next three quarters. Excluding this exceptional contribution, the adjusted² tax expense would have been -€109m and the adjusted² effective tax rate would be equivalent to that of the first quarter of 2024.

Adjusted²net income amounts to €303m. Excluding the exceptional tax contribution, it would have been close to €350m, up +10% compared to the first quarter of 2024.

The adjusted²net earnings per share in the first quarter of 2025 was €1.48, including -€0.22 related to the exceptional tax contribution in France. Excluding this exceptional tax contribution, adjusted² earnings per share would therefore have been €1.70, up +9.6% compared to the first quarter of 2024.

Accounting data in the first quarter of 2025

Accounting net income, Group share amounted to €283m. It includes the exceptional tax contribution in France of -€46m.

As in other quarters, accounting net income includes non-cash charges related to the acquisitions of Alpha Associates and aixigo and the amortisation of intangible assets related to distribution agreements and client contracts (including the corresponding new charges related to Alpha Associates), for a total of -€14m after tax. Integration costs related to the partnership with Victory Capital, closed on 1 April 2025, were also recorded in the first quarter, for a total of -€5m after tax. Furthermore, amortisation of intangible fixed assets adjustments after the integration of aixigo was also recognised in operating expenses -€1m after tax (See the details of all these elements in p. 11).

Accounting net earnings per share in the first quarter of 2025 was €1.38, including the exceptional tax contribution in France.

A solid financial structure, €1.2bn in surplus capital

Tangible net assets¹⁵ amounted to €4.8bn as at 31 March 2025, up +€0.3bn or +7% compared to the end of 2024, in line with the quarter’s net income.

The CET1 solvency ratio stood at 15.5%¹⁶ as at 31 March 2025.

As indicated at the time of signing in July 2024, the partnership with Victory Capital will have no material effect on the ratio.

The capital surplus at the end of the first quarter amounted to €1.2bn, taking into account the dividend to be paid for 2024, the net income for the first quarter and the related dividend provision.

Future investments and operational efficiency

This quarter, Amundi demonstrated its ability to:

Be agile and accompany its clients in different market contexts, thanks to its wide range of high-performing investment management expertise and product innovation;
Develop services to offer technological or investment management solutions to players in the entire savings value chain;
Offer a full range of Responsible Investment solutions, in order to adapt to all client demands;
Develop in Europe including in the United Kingdom;
Invest and accelerate on the growth pillars of its strategic plan: Asia, third-party distribution, ETFs, technology, services.

To finance future investments and accelerate the reallocation of our resources towards our growth drivers, we set ourselves a cost optimisation target of €30 to €40m, to be achieved as from 2026.

* * * * *

APPENDICES

Adjusted income statement²of the first quarter of 2025

(M€)	Q1 2025	Q1 2024	% var. Q1/Q1

Net revenue – Adjusted	912	824	+10.7%
Net management fees	824	766	+7.7%
Performance fees	23	18	+30.7%
Technology	26	18	+46.2%
Financial income and other income – Adjusted	39	23	+68.5%
Operating expenses – Adjusted	(478)	(439)	+8.8%
Cost/income ratio – Adjusted (%)	52.4%	53,3%	-0.9pp
Gross operating income – Adjusted	434	385	+12.9%
Cost of risk & others	(4)	(0)	NS
Share of net income of equity-accounted companies	28	29	-3.7%
Income before tax – Adjusted	458	413	+10.7%
Corporate tax – Adjusted	(155)	(97)	+60.8%
Of which exceptional tax contribution in France	(46)	–	NS
Non-controlling interests	1	1	+14.3%
Net income Group share – Adjusted	303	318	-4.5%
Amortisation of intangible assets, after tax	(14)	(15)	-7.4%
Amortisation of aixigo PPA, after tax	(1)	–	–
Integration costs, after tax	(5)	–	–
Net income Group share	283	303	-6.6%
Earnings per share (€)	1.38	1.48	-7.0%
Earnings per share – Adjusted (€)	1.48	1.55	-4.9%

Change in assets under management from the end of 2021 to the end of March 2025¹⁷

(€bn)	*Assets under management*	*Net* *inflows*	*Market and forex effect*	*Scope* *Effect*			*Change in AuM* *vs. prior quarter*
As of 31/12/2021	2,064					+14%¹⁸
Q1 2022		+3.2	-46.4		–
As of 31/03/2022	2,021					-2.1%
Q2 2022		+1.8	-97.7		–
As of 30/06/2022	1,925					-4.8%
Q3 2022		-12.9	-16.3		–
As of 30/09/2022	1,895					-1.6%
Q4 2022		+15.0	-6.2		–
As of 31/12/2022	1,904					+0.5%
Q1 2023		-11.1	+40.9		–
As of 31/03/2023	1,934					+1.6%
Q2 2023		+3.7	+23.8		–
As of 31/06/2023	1,961					+1.4%
Q3 2023		+13.7	-1.7		–
As of 30/09/2023	1,973					+0.6%
Q4 2023		+19.5	+63.8		-20
As of 31/12/2023	2,037					+3.2%
Q1 2024		+16.6	+62.9		–
As of 31/03/2024	2,116					+3.9%
Q2 2024		+15.5	+16.6		+8
30/06/2024	2,156					+1.9%
Q3 2024		+2.9	+32.5		–
30/09/2024	2,192					+1.6%
Q4 2024		+20.5	+28.2		–
31/12/2024	2,240					+2.2%
Q1 2025		+31.1	-24.0		–
31/03/2025	2,247					+0.3%

Total year-on-year between 31 March 2024 and 31 March 2025: +6.2%

Net inflows +€70.0bn
Market effect +€63.8bn
Forex effect -€10.5bn
Scope effects +€7.9bn
(Alpha Associates’ first consolidation in Q2 2024, the acquisition of aixigo has no effect on assets under management)

Details of assets under management and net inflows by client segments¹⁹

(€bn)	AuM 31.03.2025	AuM 31.03.2024	% change /31.03.2024	Inflows Q1 2025	Inflows Q1 2024
French Networks	139	137	+1.3%	+0.2	+1.5
International networks	162	165	-1.6%	-2.7	-2.0
Of which Amundi BOC WM	2	3	-21.2%	+0.3	-0.2
Third-Party Distributors	398	345	+15.6%	+8.3	+7.0
Retail	700	647	+8.2%	+5.8	+6.5
Institutional & Sovereigns (*)	550	511	+7.5%	+30.1	+9.7
Corporates	111	108	+2.1%	-10.3	-4.2
Employee savings plans	95	90	+6.0%	-0.9	-0.9
CA & SG Insurers	430	427	+0.7%	+3.6	+1.0
Institutional	1,186	1,137	+4.3%	+22.4	+5.6
JVs	362	332	+8.9%	+2.9	+4.5
Total	2,247	2,116	+6.2%	+31.1	+16.6

(*) Including funds of funds

Details of assets under management and net inflows by asset classes¹⁹

(€bn)	AuM 31.03.2025	AuM 31.03.2024	% change /31.03.2024	Inflows Q1 2025	Inflows Q1 2024
Equities	564	505	+11.7%	+26.4	-2.6
Multi-assets	271	280	-3.1%	-1.0	-7.6
Bonds	759	700	+8.4%	+14.3	+13.9
Real, alternative, and structured products	111	107	+4.2%	-2.8	-0.3
MLT ASSETS excl. JVs	1,705	1,591	+7.2%	+36.9	+3.4
Treasury products excl. JVs	180	193	-6.5%	-8.7	+8.7
TOTAL excluding JVs	1,885	1,784	+5.7%	+28.2	+12.1
JVs	362	332	+8.9%	+2.9	+4.5
TOTAL	2,247	2,116	+6.2%	+31.1	+16.6
*Of which MLT assets*	*2,034*	*1,892*	*+7.5%*	*+39.7*	*+7.7*
*Of which Treasury products*	*213*	*224*	*-5.1%*	*-8.6*	*+8.9*

Details of assets under management and net inflows by type of management and asset classes¹⁹

(€bn)	AuM 31.03.2025		AuM 31.03.2024	% change /31.03.2024	Inflows Q1 2025	Inflows Q1 2024
Active management		1,149	1,117	+2.9%	+6.3	+1.3
Equities		204	209	-2.1%	-3.9	-2.8
Multi-assets		260	270	-3.6%	-1.0	-8.0
Bonds		685	639	+7.3%	+11.2	+12.0
Structured products		42	41	+3.7%	-2.0	+0.6
Passive management		445	368	+21.0%	+33.4	+2.5
ETFs & ETC		272	227	+19.8%	+10.4	+5.0
Index & Smart beta		173	140	+23.0%	+23.0	-2.5
Real and Alternative Assets		69	66	+4.5%	-0.7	-0.9
Real assets		65	61	+5.8%	-0.6	-0.2
Alternative		4	4	-12.8%	-0.1	-0.7
TOTAL MLT assets excluding JVs		1,705	1,591	+7.2%	+36.9	+3.4
Treasury products excl. JVs		180	193	-6.5%	-8.7	+8.7
TOTAL excluding JVs		1,885	1,784	+5.7%	+28.2	+12.1
JVs		362	332	+8.9%	+2.9	+4.5
TOTAL		2,247	2,116	+6.2%	+31.1	+16.6

Details of assets under management and net inflows by geographic area¹⁹

(€bn)	AuM 31.03.2025	AuM 31.03.2024	% change /31.03.2024	Inflows Q1 2025	Inflows Q1 2024
France	1,001	978	+2.3%	+0.5	+10.0
Italy	198	208	-4.6%	-1.9	-1.1
Europe excluding France & Italy	456	391	+16.6%	+23.7	+4.0
Asia	462	423	+9.3%	+7.8	+6.8
Rest of the world	130	116	+11.7%	+1.0	-3.0
TOTAL	2,247	2,116	+6.2%	+31.1	+16.6
*TOTAL outside France*	1,246	1,138	+9.5%	+30.6	+6.6

Methodological appendix – APM

Accounting and adjusted data

Accounting data – They include

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

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

Q1 2024: -€20m before tax and -€15m after tax
Q4 2024: -€38m before tax and -€28m after tax
Q1 2025: -€29m pre-tax and -€20m after tax

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

Acquisition of Alpha Associates

In accordance with IFRS 3, recognition on Amundi’s balance sheet as at 01/04/2024 of:

a goodwill of €288m;
an intangible asset of €50m, representing client contracts, amortised on a straight-line basis until the end of 2030;
a liability representing the conditional price adjustment not yet paid, for €160m before tax, including an actuarial discount of -€30m, which will be amortized over 6 years.

In the Group’s income statement, the following is recorded:

amortisation of intangible assets for a full-year charge of -€7.6m (-€6.1m after tax);
other non-cash expenses spread according to the schedule of payments of the price adjustment until the end of 2029; these expenses are recognised as deductions from net revenues, in financial expenses.

In Q1 2025, amortisation of intangible assets was -€1.9m before tax and non-cash expenses were -€1.5m before tax (i.e. -€2.5m after tax).

Acquisition of aixigo

In accordance with IFRS 3, recognition on Amundi’s balance sheet at the date of acquisition of:

goodwill of €121m;
a technological asset of €36m representative of the goodwill attributed to aixigo’s software solutions, amortised on a straight-line basis over 5 years;

The full-year amortisation expense of the technology asset was -€7.2m (-€4.8m after tax); in Q1 2025 the amortisation expense was -€1.8m (-€1.2m after tax); it is recognised in operating expenses.

Alternative Performance Measures²⁰

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

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

= accounting data

= adjusted data

(M€)	Q1 2025	Q1 2024	Q4 2024


Net revenue (a)	892	804	901
– Amortisation of intangible assets before tax	(18)	(20)	(22)
– Other non-cash expenses related to Alpha Associates	(1)	0	(1)
Net revenue – Adjusted (b)	912	824	924

Operating expenses (c)	(486)	(439)	(496)
– Integration costs before tax	(7)	0	(13)
– Amortisation of aixigo-related PPA before tax	(2)	0	(1)
Operating expenses – Adjusted (d)	(478)	(439)	(482)

Gross Operating Income (e)=(a)+(c)	406	364	405
Gross operating income – Adjusted (f)=(b)+(d)	434	385	443
Cost/income ratio (%) -(c)/(a)	54.5%	54.6%	55.1%
Cost/income ratio – Adjusted (%) -(d)/(b)	52.4%	53.3%	52.1%
Cost of risk & other (g)	(4)	(0)	(3)
Share of net income of equity-accounted companies (h)	28	29	29
Profit before tax (i)=(e)+(g)+(h)	429	393	431
Profit before tax – Adjusted (j)=(f)+(g)+(h)	458	413	469
Corporate tax (k)	(147)	(91)	(83)
Corporate tax – Adjusted (l)	(155)	(97)	(93)
Non-controlling interests (m)	1	1	1
Net income Group share (n)=(i)+(k)+(m)	283	303	349
Net income Group share – Adjusted (o)=(j)+(l)+(m)	303	318	377

Earnings per share (€)	1.38	1.48	1.70
Earnings per share – Adjusted (€)	1.48	1.55	1.84

Shareholding

	31 March 2025		31 December 2024		31 March 2024
*(units)*	Number of shares	% of capital	Number of shares	% of capital	Number of shares	% of capital
Crédit Agricole Group	141,057,399	68.67%	141,057,399	68.67%	141,057,399	68.93%
Employees	4,128,079	2.01%	4,272,132	2.08%	2,869,026	1.40%
Treasury shares	1,961,141	0.95%	1,992,485	0.97%	1,259,079	0.62%
Free float	58,272,643	28.37%	58,097,246	28.28%	59,462,130	29.06%

Number of shares at the end of the period	205,419,262	100.0%	205,419,262	100.0%	204,647,634	100.0%
Average number of shares since the beginning of the year	205,419,262	–	204,776,239	–	204,647,634	–
Average number of shares quarter-to-date	205,419,262	–	205,159,257	–	204,647,634	–

Average number of shares pro rata temporis.

The average number of shares increased by +0.1% between Q4 2024 and Q1 2025, and by +0.4% between Q1 2024 and Q1 2025.
A capital increase reserved for employees was recorded on 31 October 2024. 771,628 shares were created (approximately 0.4% of the share capital before the transaction).
Amundi announced on 7 October 2024 a buyback programme of up to 1 million shares (i.e. ~0.5% of the share capital before the transaction) to cover performance shares plans. It was finalised on November 27, 2024.

Financial communication calendar

Workshop to presenting the Third-Party Distribution business line – Thursday 19 June in London
General Shareholders’ Meeting – Tuesday 27 May 2025
Q2 and H1 2025 earnings release – Tuesday 29 July 2025
Q3 and 9-month 2025 earnings release – Tuesday 28 October 2025
New strategic three-year plan – in the fourth quarter 2025

2024 dividend schedule: €4.25 per share

Ex dividend date: Monday 10 June 2025
Payment: from Wednesday 12 June 2025

About Amundi

Amundi, the leading European asset manager, ranking among the top 10 global players²¹, offers its 100 million clients – retail, institutional and corporate – a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €2.2 trillion of assets²².

With its six international investment hubs²³, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

Amundi clients benefit from the expertise and advice of 5,700 employees in 35 countries.

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

www.amundi.com

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

Corentin Henry
Tel. +33 1 76 32 26 96
corentin.henry@amundi.com

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

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

Annabelle Wiriath

Tel. + 33 1 76 32 43 92

annabelle.wiriath@amundi.com

DISCLAIMER

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

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

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

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

The figures presented were prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date. The financial information set out herein do not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

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

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

¹        Assets under management and net inflows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco, assets under management and net inflows are reported in proportion to Amundi’s share in the capital of the JV.
²        Adjusted data: see p. 11
³        Net income Group share
⁴        Total tax expense in Q1 2025 of -€155m, of which the exceptional tax contribution (surcharge) in France booked in Q1 for -€46m; the total amount of the exceptional contribution estimated to be paid in fiscal year 2025 is estimated at -€72m; Q1 2025 adjusted net income including this surcharge was €303m.
⁵        The inflows presented in this section are not cumulative, as they may overlap in part, for example an ETF sold to a third-party distributor in Asia.
⁶        Medium to Long-Term Assets, excluding JVs
⁷        4.9% voting rights
⁸        Adjusted for the deconsolidation of Amundi US assets distributed to US clients
⁹        Composite Index for equities: 50% MSCI World + 50% Eurostoxx 600
¹⁰        Bloomberg Euro Aggregate for Fixed Income Markets
¹¹        Source: Morningstar FundFile, ETFGI. European & cross-border open-ended funds (excluding mandates and dedicated funds). Data as of end–March 2024.
¹²        Source: Morningstar Direct, Broadridge FundFile – Open-ended funds and ETFs, global fund scope, March 2025; as a percentage of the assets under management of the funds in question; the number of Amundi’s open-ended funds rated by Morningstar was 1071 at the end of March 2025. © 2025 Morningstar, all rights reserved
¹³        Reflecting Amundi’s share of the net income of minority JVs in India (SBI FM), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion),
¹⁴        Under the assumption that FY 2025 taxable profit in France will be equivalent to that of 2024, before adjusting the average for actual FY 2025 results
¹⁵        Shareholder’s equity excluding goodwill and other intangible assets
¹⁶        According to the new definition of the ratio resulting from the CRR3 regulation (Capital Requirements Regulation 3) of the European Union; ratio calculated excluding Q1 accounting net income
¹⁷        Assets under management and net inflows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco, assets under management and net inflows are reported in proportion to Amundi’s share in the capital of the JV.
¹⁸        Lyxor, integrated as of 31/12/2021; sale of Lyxor Inc. in Q4-23
¹⁹        Assets under management and net inflows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco, assets under management and net inflows are reported in proportion to Amundi’s share in the capital of the JV; as of 01/01/2024, reclassification of short-term bond strategies (€30bn of assets under management) as Bonds ; previously classified as Treasury products until that date; assets under management up to this date have not been reclassified in this table
²⁰        See also the section 4.3 of the 2024 Universal Registration Document filed with the AMF on 16 April 2025 under number D25-0272
²¹Source: IPE “Top 500 Asset Managers” published in June 2024 based on assets under management as of 31/12/2023
²²Amundi data as at 31/03/2025
²³Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital)

Attachment

Amundi_PR_Q1 2025_EN_vdef

The MIL Network –

April 29, 2025

MIL-OSI Africa: The Internation Monetary Fund (IMF) to Hold the Inaugural Annual Economic Research Conference on Middle East and North Africa (MENA)

Source: Africa Press Organisation – English (2) – Report:

WASHINGTON D.C., United States of America, April 28, 2025/APO Group/ —

Jihad Azour, Director of the Middle East and Central Asia Department and Pierre-Olivier Gourinchas, Economic Counsellor and Director of the Research Department of the International Monetary Fund (IMF) issued a statement today:

“Global shocks are adding to regional factors resulting in exceptionally uncertain economic environment for Middle East and North Africa (MENA) economies. Conflicts, trade tensions, volatile commodity prices, changing climate conditions, energy transitions, rapid technological advances are altering the economic landscape of the region, posing severe challenges but also presenting opportunities for bold reforms that safeguard macroeconomic stability, build resilience, and raise living standards for all. Economic research is essential to provide reliable analysis and develop workable and innovative policy responses.

“In this context, we are pleased to announce that the IMF will organize an annual Economic Research Conference on MENA, partnering with leading universities in the region. The aim is to establish a forum for dialogue on pressing economic issues, promote policy-oriented academic research tailored to the needs and unique challenges of the region. It will also provide a platform for the exchange of ideas and insights for academics, researchers, and policymakers in the MENA region and worldwide.

“The inaugural conference, Steering Macroeconomic and Structural Policies in A Shifting Global Economic Landscape, will be co-organized with Onsi Sawiris School of Business at The American University in Cairo and take place in Cairo on May 18-19, 2025. It will feature presentations and panel discussions by leading economists and policymakers. The conference details and agenda are available here.

“The IMF is a long-standing partner to countries in the MENA region in the quest for more inclusive and resilient growth. The IMF-MENA Annual Research Conference is another step forward to further strengthen that partnership and engagement with the region and its people.”

MIL OSI Africa –

April 29, 2025
MIL-Evening Report: The government plans to regulate carbon capture technologies – but who will be the regulating agency?

Source: The Conversation (Au and NZ) – By Barry Barton, Professor of Law, University of Waikato

The Icelandic company Carbfix has developed a technology to store carbon dioxide. Shutterstock/Oksana Bali

Newly released documents add more detail to the government’s plans for a regulatory framework to enable carbon capture and storage.

But they show indecision on two key matters – the legal framework and the agency that would be in charge.

The plan relates primarily to conventional carbon capture and storage technologies, which remove carbon dioxide from an industrial gas flow and dispose of it deep underground.

It also covers some methods of carbon dioxide removal, an emerging but as yet commercially untested suite of technologies such as enhanced rock weathering, bio-energy capture and direct air capture.

The latter technologies are not predicated on fossil fuel consumption and could operate in many different situations.

Neither kind of carbon removal is a simple answer to the climate challenge and the priority remains on cutting emissions. But we need to have regulatory frameworks in place for both reduction and removal technologies of all kinds, and soon.

Earning credits from emissions trading

Both types of technologies will benefit from the government’s decision to allow companies to get credits in the New Zealand Emissions Trading Scheme (ETS) for the disposal of carbon dioxide from any source. Credits will not be tied to any one technology, according to the released policy discussion documents.

It’s also a positive development that an operator can get credits as a separate removal activity, not merely as a reduction of an existing emissions liability (although official advice was initially against separate credits). This allows for diversity in the players and the systems for removals.

The government has decided it will assume liability for any carbon dioxide leaks from geological storage, but only after verification that fluids in the subsurface are behaving as expected after closure, and no sooner than 15 years after closure.

Leaks this long after injection are unlikely, but we nevertheless need strong regulation, financial assurance to guarantee remedial action and clear liability rules.

Companies will be able to earn credits for the permanent disposal of carbon dioxide.
Shutterstock/VectorMine

The government also states ETS credits will only be available for removals that can be recognised internationally against New Zealand’s commitments to cut emissions. This would apply only to geological storage but not deep-ocean deposition or rock weathering.

But that’s not quite right. The general international rules already allow the inclusion in a national greenhouse gas inventory of removals from any process. Detailed methodologies for carbon dioxide removal are likely to become available within the next few years.

With change underway, New Zealand’s new regime should allow a wide range of removal methods to receive credits.

A new regulatory regime

The documents acknowledge that New Zealand needs a broader regulatory regime, beyond the ETS, to cover the entire process of carbon dioxide removal. The suitability of a disposal site must be verified, a detailed geological characterisation is required and the project design and operation need to be approved.

Approval is also required for closure and post-closure plans, and systematic monitoring. Monitoring is everything; it must be accurate and verifiable but also cost effective. The operator will have to pay for monitoring for decades after site closure.

In agreeing on these features, the government is following the examples of many countries overseas, including Australia, Canada, the UK and the EU.

However, it is intriguing that the government hasn’t decided where this new regime should sit in the statute book, and who should manage it. Much of the apparently relevant text in the documents has been redacted.

Given that carbon dioxide would be stored underground, the Crown Minerals Act is one possibility. But this legislation is all about extraction, not disposal. Although the New Zealand petroleum and minerals unit at the Ministry for Business, Innovation and Employment has expertise in regulating subsurface operations, it focuses largely on oil and gas, not on innovative climate projects.

The Resource Management Act certainly provides a regulatory approval regime, but it is awaiting reform and would need much more than the currently proposed changes to deal with carbon capture and storage or removal properly. So would legislation covering activities within New Zealand’s exclusive economic zone.

Indeed each act would require a whole new part to be added, with its own principles and procedures. There is a lot to be said for a standalone new act, in a form that would fit with the emerging Natural Environment Act that will replace the Resource Management Act.

The new legislation and regulation regime could be administered by the Environmental Protection Authority, which is already involved in Resource Management Act call-ins and fast-track approvals, the legislation covering the exclusive economic zone and the ETS.

One can only guess there might be tensions between contending factions in government. What we should ask for is a legislative and institutional arrangement that allows carbon capture and storage or removal technologies to evolve and grow without being a mere offshoot of the oil and gas industry or any other existing sector.

As part of our efforts to reduce emissions, we must make sure all kinds of removal technologies are available that truly suit New Zealand.

Barry Barton is part of the project “Derisking Carbon Dioxide Removal at Megatonne Scale in Aotearoa” which is funded by the MBIE’s Endeavour Fund. In the past, he has received funding from MBIE and the gas industry for research on CCS legal issues.
He is a director of the Environmental Defence Society.

– ref. The government plans to regulate carbon capture technologies – but who will be the regulating agency? – https://theconversation.com/the-government-plans-to-regulate-carbon-capture-technologies-but-who-will-be-the-regulating-agency-254696

MIL OSI Analysis – EveningReport.nz –

April 29, 2025
MIL-OSI Global: What Liberal Mark Carney’s projected election win in Canada means for Europe

Source: The Conversation – Canada – By Katerina Sviderska, PhD Candidate in Slavonic Studies, University of Cambridge

Just months ago, Canada’s Conservatives were leading the polls, surfing the wave of radical right ideas and rhetoric sweeping across the globe. But with the projected election victory of Mark Carney’s Liberal Party, Canada now stands out as a liberal anchor in a fractured West.

This election may not only shape Canada’s domestic trajectory, but also carries significant implications for its international partnerships amid rising geopolitical uncertainty.

As some European countries and the United States head towards isolationism, authoritarianism and turn to the East — even flirting with Russia — Canada’s continued Liberal leadership reinforces its position as a key ally for the European Union. Carney’s centrist and pro-EU attitude provides stability and relief for Europeans.

From defence to trade and climate, Canada and the EU share deep economic and strategic ties. With a Liberal government, these connections will strengthen, offering both sides what they need the most: a reliable, like-minded partner at a time of transatlantic unpredictability.

What does Carney’s victory mean specifically for the Canada-EU relationship?

Trade as a strategic anchor

Carney’s election offers new momentum for Canada-EU collaboration. His “blue liberalism” brings Canada ideologically closer to Europe’s current leadership — from Emmanuel Macron’s centrist France to the Christian Democratic Union-led coalition in Germany — providing fertile ground for pragmatic co-operation.

Trade remains the foundation of the Canada-EU relationship, and both sides should aim to build on it. At the heart of this partnership is the Comprehensive Economic and Trade Agreement (CETA), which has increased EU-Canada trade by 65 per cent since 2017.

European Council President António Costa has called the deal a success story providing clear proof “trade agreements are clearly better than trade tariffs.”

As the U.S. speeds toward toward economic nationalism, CETA has become more than a commercial agreement — it’s a strategic anchor in the global liberal order. One of the Liberal government’s early priorities is likely to consolidate and strengthen CETA. In doing so, Canada can position itself as an ambitious partner, ready to seize new opportunities as European countries seek to reduce their reliance on the American market.

Climate and energy: A balanced agenda

Climate and energy, too, offer new opportunities for co-operation. Both Canada and the EU are navigating the tensions between pursuing ambitious decarbonization goals and managing economic and inflationary pressures. After scrapping Canada’s carbon tax on his first day in office, Carney has already hinted at a more pragmatic environmental stance.

While pledging to maintain key climate policies — including the emissions cap on oil and gas — Carney’s government may recalibrate Canada’s approach to energy. This would mirror shifts among some European allies’ climate policies.

This evolving transatlantic consensus — less about abandoning climate goals, more about making them economically viable — paves the way for closer co-operation based on a common goal: bolstering economic competitiveness while maintaining environmental credibility.

Both Carney and the EU view the investment in new technologies as the path forward.

As Europe accelerates its green agenda and implements new sustainability rules, only countries with strong environmental standards qualify as long-term partners. Canada, provided it stays the course on climate policies, is well-positioned to be a key partner in Europe’s green transition.

Transatlantic defence co-operation

Beyond trade and energy, defence co-operation between Canada and the EU is expected to surge. A key priority for the new Liberal government is to finally reach NATO’s benchmark of spending two per cent of gross domestic product on defence, a longstanding commitment that has eluded previous administrations.

Read more:
What does Donald Trump’s NATO posturing mean for Canada?

This signal of rearmament reflects not only alignment with NATO expectations but also a broader understanding that liberal democracies must be prepared to defend themselves. Nowhere is this more pressing than in Ukraine, the epicentre of Europe’s geopolitical storm.

Canada has been among the most reliable supporters of Ukraine since the onset of Russia’s full-scale invasion, aligning itself with Europe’s most committed nations — France, Poland, the Baltics and, increasingly, Germany.

But as threats evolve, the battlefield also extends beyond Ukraine’s frontlines. Hybrid attacks — cyber, disinformation campaigns and foreign interference in democratic processes — now wash up on all shores. Canada’s National Cyber Threat Assessment 2025–26 identifies state-sponsored cyber operations as one of the most serious threats to democratic stability, particularly from Russia and China.

Read more:
Foreign interference threats in Canada’s federal election are both old and new

In strengthening its defence collaboration, Ottawa is hoping to get a seat in the fight against autocracies. The question is no longer whether to engage, but how to lead in this era of layered and compounding threats coming from rivals like Russia and China — and now from the U.S., a historical Canadian ally.

Under Carney’s leadership, Canada is likely to pursue a pragmatic and globally engaged liberalism definitively aligned with Europe. As Canada and the EU are both looking for reliable allies to weather the storm, this renewed western alliance could solidify around Ottawa and Brussels — anchored in shared democratic values and pragmatic leadership.

Katerina Sviderska receives funding from Fonds de Recherche du Québec and the Gates Cambridge Foundation.

Leandre Benoit receives funding from the Social Sciences and Humanities Research Council of Canada.

– ref. What Liberal Mark Carney’s projected election win in Canada means for Europe – https://theconversation.com/what-liberal-mark-carneys-projected-election-win-in-canada-means-for-europe-254775

MIL OSI – Global Reports –

April 29, 2025
MIL-OSI Global: Game change Canadian election: Mark Carney projected to have lead Liberals to their fourth consecutive win

Source: The Conversation – Canada – By Fiona MacDonald, Associate Professor, Political Science, University of Northern British Columbia

Canada’s 2025 federal election will be remembered as a game-changer. Liberal Leader Mark Carney is projected to have pulled off a dramatic reversal of political fortunes after convincing voters he was the best candidate to fight annexation threats from United States President Donald Trump.

Only four months ago, Conservative Leader Pierre Poilievre had a 25-point lead in public opinion polls and a fairly secure path to victory.

Yet Poilievre’s lead soon vanished due to shifting voter sentiments defined less by the official campaign period and more by the months that preceded it. Justin Trudeau’s early January resignation announcement and Carney’s confirmation that he was officially in the Liberal leadership race dramatically changed the political landscape.

Read more:
After stunning comeback, centre-left Liberals likely to win majority of seats at Canadian election

Within a matter of weeks, Liberal support surged when Carney became party leader and Trump continued to make threats about Canada becoming a 51st American state — and to levy punishing on-again, off-again tariffs against the country.

The party went from being 20 percentage points behind the Conservatives to overtaking them, putting the party on track to secure its fourth consecutive victory. A shift described by longtime pollster Frank Graves as “unprecedented.”

Poilievre’s messaging

The emerging “Canada strong” and “elbows up” narratives, linked to the widespread anti-Trump sentiment, proved a major advantage for the Liberals, who made the most out of this political gift.

This shift, alongside Carney’s elimination of the carbon tax, left Poilievre on the back foot as his longstanding messaging on Trudeau and his “axe the tax” slogan became largely irrelevant.

Read more:
Who really killed Canada’s carbon tax? Friends and foes alike

The impact of these shifts in electoral fortunes extended beyond the two main parties. As the election became increasingly a two-party race between the Liberals and Conservatives, the smaller parties struggled for relevance.

Election campaign polling and early results indicated steep losses for the NDP, with Leader Jagmeet Singh’s own seat in Burnaby, B.C., under threat. This could be due to voters on the left responding to calls to vote strategically to prevent Conservative victories in various ridings.

The Bloc Québecois also lost ground, as did the Green Party of Canada and the People’s Party of Canada (PPC). Neither the Greens nor the PPC fielded full slates of candidates or participated in the leaders’ debates and therefore played comparatively limited roles in this election.

Advance voting in a gendered election

Another notable feature of this election was the record advance voting turnout, which surged to 7.3 million Canadians, up sharply from 5.8 million in 2021.

Early voting has now become a central part of party campaign strategy, with campaigns “getting out the vote” at every opportunity, not just on Election Day. This trend raises questions not only about whether overall turnout will rise, but also whether party platforms remain as influential given so many votes were cast before all parties released their platforms.

While many Canadians take in elections with a focus on party leaders and seat counts, there are other important ways to contemplate election outcomes in terms of inclusion and voice. What does this election tell us about gender and diversity representation in Canada’s Parliament?

This was a deeply gendered election. The major party leaders are all men, with the exception of Elizabeth May, the Green Party co-leader.

Preliminary candidate data showed a decrease in the number of women candidates compared to 2021.

The NDP nominated the highest proportion of women candidates — the majority of its candidates are women — and fielded the most diverse slate of candidates in terms of Indigenous people, Black people, racialized people and LGBTQ+ candidates. But the party’s dramatic losses mean these gains will not translate into more diverse representation in Parliament.

Furthermore, one of Carney’s first actions as prime minister was to eliminate the sex-balanced cabinet and to reduce the size of the cabinet. He eliminated the Ministry of Women and Gender Equality (WAGE) as well as ministerial portfolios focused on youth, official languages, diversity, inclusion, disability and seniors.

These decisions reverse previous efforts taken to institutionalize gender and diversity leadership in Canada’s Parliament.

Party platforms also reflected diverging approaches when it came to women. The Conservative platform only mentioned women four times, and three of those mentions were in the context of opposition to transgender rights.

Read more:
Pierre Poilievre’s ‘More Boots, Less Suits’ election strategy held little appeal to women

The role of young working-class men

Polling also revealed intersections of generation, gender and class are increasingly relevant. Like the last federal election, young working-class men are increasingly drawn to the Conservatives. This trend appears to be driven less by fiscal conservatism and more by concerns about rapid social change, a trend also observed in the 2024 American presidential election.

Many of these young men are expressing frustrations over housing affordability and job security, and what they view as the Liberal and NDP’s “woke culture,” which they view as eroding traditional values that have traditionally benefited men. In contrast, Canadian women of all ages continue to favour parties they view as more progressive — the Liberals and the NDP.

Theoretical explanations for this include young men feeling left behind by the Liberals, while the Conservatives have seemingly figured out a way to connect with them.

This may reflect campaign rhetoric about returning to traditional expectations and values around gender roles and men’s rights to well-paying jobs, an affordable home and taking care of their families.

Electoral reform needed?

In the aftermath of the election, there are avenues through which current gaps in representation can be addressed. Organizations like the United Nations’ Inter-parliamentary Union and the Commonwealth Parliamentary Association, as well as gender and politics scholarship, propose various reforms to continue to strengthen diversity in Parliament.

These reforms are understood to be essential for enhancing the legitimacy, responsiveness and effectiveness of Canada’s parliamentary system. Research on gender-and diversity-sensitive parliaments consistently shows that when legislative bodies reflect the diversity of the societies they govern, they are more likely to produce policies that are equitable, inclusive and trusted by the public.

Overall, this Canadian election was characterized by transformative twists and turns that shed more light on important ongoing questions about representation and the potential need for democratic reform if Canadians want to avoid a two-party system.

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

– ref. Game change Canadian election: Mark Carney projected to have lead Liberals to their fourth consecutive win – https://theconversation.com/game-change-canadian-election-mark-carney-projected-to-have-lead-liberals-to-their-fourth-consecutive-win-253721

MIL OSI – Global Reports –

April 29, 2025
MIL-OSI Global: What Liberal Mark Carney’s Canadian projected election win means for Europe

Source: The Conversation – Canada – By Katerina Sviderska, PhD Candidate in Slavonic Studies, University of Cambridge

Just months ago, Canada’s Conservatives were leading the polls, surfing the wave of radical right ideas and rhetoric sweeping across the globe. But with the projected election victory of Mark Carney’s Liberal Party, Canada now stands out as a liberal anchor in a fractured West.

This election may not only shape Canada’s domestic trajectory, but also carries significant implications for its international partnerships amid rising geopolitical uncertainty.

As some European countries and the United States head towards isolationism, authoritarianism and turn to the East — even flirting with Russia — Canada’s continued Liberal leadership reinforces its position as a key ally for the European Union. Carney’s centrist and pro-EU attitude provides stability and relief for Europeans.

From defence to trade and climate, Canada and the EU share deep economic and strategic ties. With a Liberal government, these connections will strengthen, offering both sides what they need the most: a reliable, like-minded partner at a time of transatlantic unpredictability.

What does Carney’s victory mean specifically for the Canada-EU relationship?

Trade as a strategic anchor

Carney’s election offers new momentum for Canada-EU collaboration. His “blue liberalism” brings Canada ideologically closer to Europe’s current leadership — from Emmanuel Macron’s centrist France to the Christian Democratic Union-led coalition in Germany — providing fertile ground for pragmatic co-operation.

Trade remains the foundation of the Canada-EU relationship, and both sides should aim to build on it. At the heart of this partnership is the Comprehensive Economic and Trade Agreement (CETA), which has increased EU-Canada trade by 65 per cent since 2017.

European Council President António Costa has called the deal a success story providing clear proof “trade agreements are clearly better than trade tariffs.”

As the U.S. speeds toward toward economic nationalism, CETA has become more than a commercial agreement — it’s a strategic anchor in the global liberal order. One of the Liberal government’s early priorities is likely to consolidate and strengthen CETA. In doing so, Canada can position itself as an ambitious partner, ready to seize new opportunities as European countries seek to reduce their reliance on the American market.

Climate and energy: A balanced agenda

Climate and energy, too, offer new opportunities for co-operation. Both Canada and the EU are navigating the tensions between pursuing ambitious decarbonization goals and managing economic and inflationary pressures. After scrapping Canada’s carbon tax on his first day in office, Carney has already hinted at a more pragmatic environmental stance.

While pledging to maintain key climate policies — including the emissions cap on oil and gas — Carney’s government may recalibrate Canada’s approach to energy. This would mirror shifts among some European allies’ climate policies.

This evolving transatlantic consensus — less about abandoning climate goals, more about making them economically viable — paves the way for closer co-operation based on a common goal: bolstering economic competitiveness while maintaining environmental credibility.

Both Carney and the EU view the investment in new technologies as the path forward.

As Europe accelerates its green agenda and implements new sustainability rules, only countries with strong environmental standards qualify as long-term partners. Canada, provided it stays the course on climate policies, is well-positioned to be a key partner in Europe’s green transition.

Transatlantic defence co-operation

Beyond trade and energy, defence co-operation between Canada and the EU is expected to surge. A key priority for the new Liberal government is to finally reach NATO’s benchmark of spending two per cent of gross domestic product on defence, a longstanding commitment that has eluded previous administrations.

Read more:
What does Donald Trump’s NATO posturing mean for Canada?

This signal of rearmament reflects not only alignment with NATO expectations but also a broader understanding that liberal democracies must be prepared to defend themselves. Nowhere is this more pressing than in Ukraine, the epicentre of Europe’s geopolitical storm.

Canada has been among the most reliable supporters of Ukraine since the onset of Russia’s full-scale invasion, aligning itself with Europe’s most committed nations — France, Poland, the Baltics and, increasingly, Germany.

But as threats evolve, the battlefield also extends beyond Ukraine’s frontlines. Hybrid attacks — cyber, disinformation campaigns and foreign interference in democratic processes — now wash up on all shores. Canada’s National Cyber Threat Assessment 2025–26 identifies state-sponsored cyber operations as one of the most serious threats to democratic stability, particularly from Russia and China.

Read more:
Foreign interference threats in Canada’s federal election are both old and new

In strengthening its defence collaboration, Ottawa is hoping to get a seat in the fight against autocracies. The question is no longer whether to engage, but how to lead in this era of layered and compounding threats coming from rivals like Russia and China — and now from the U.S., a historical Canadian ally.

Under Carney’s leadership, Canada is likely to pursue a pragmatic and globally engaged liberalism definitively aligned with Europe. As Canada and the EU are both looking for reliable allies to weather the storm, this renewed western alliance could solidify around Ottawa and Brussels — anchored in shared democratic values and pragmatic leadership.

Katerina Sviderska receives funding from Fonds de Recherche du Québec and the Gates Cambridge Foundation.

Leandre Benoit receives funding from the Social Sciences and Humanities Research Council of Canada.

– ref. What Liberal Mark Carney’s Canadian projected election win means for Europe – https://theconversation.com/what-liberal-mark-carneys-canadian-projected-election-win-means-for-europe-254775

MIL OSI – Global Reports –

April 29, 2025
MIL-OSI Submissions: Amnesty International warns of global human rights crisis as ‘Trump effect’ accelerates destructive trends
Source: Amnesty International

Annual report highlights the creep of authoritarian practices and vicious clampdowns on dissent around the world

President Trump’s first 100 days intensify 2024’s global regressions and deep-rooted trends

Global failures in addressing inequalities, climate collapse, and tech transformations imperil future generations

The rise of authoritarian practices and annihilation of international law are not inevitable: people do and will resist attacks on human rights; governments can deliver international justice and must continue to do so.

The Trump administration’s anti-rights campaign is turbocharging harmful trends already present, gutting international human rights protections and endangering billions across the planet, Amnesty International warned today upon launching its annual report, The State of the World’s Human Rights.

This “Trump effect” has compounded the damage done by other world leaders throughout 2024, eating away at decades of painstaking work to build up and advance universal human rights for all and accelerating humanity’s plunge into a brutal new era characterized by intermingling authoritarian practices and corporate greed, Amnesty International said in its assessment of the situation in 150 countries.

“Year after year, we have warned of the dangers of human rights backsliding. But events of the past 12 months – not least Israel’s livestreamed but unheeded genocide of Palestinians in Gaza – have laid bare just how hellish the world can be for so many when the most powerful states jettison international law and disregard multilateral institutions. At this historical juncture, when authoritarian laws and practices are multiplying the world over in the interests of very few, governments and civil society must work with urgency to lead humanity back to safer ground,” said Agnès Callamard, Amnesty International’s Secretary General.

The State of the World’s Human Rights documents vicious, widespread clampdowns on dissent, catastrophic escalations of armed conflict, inadequate efforts to address climate collapse, and a growing backlash globally against the rights of migrants, refugees, women, girls and LGBTI people. Each of these faces further deterioration in a turbulent 2025 unless a global about-turn is achieved.

“One hundred days into his second term, President Trump has shown only utter contempt for universal human rights. His government has swiftly and deliberately targeted vital US and international institutions and initiatives that were designed to make ours a safer and fairer world. His all-out assault on the very concepts of multilateralism, asylum, racial and gender justice, global health and life-saving climate action is exacerbating the significant damage those principles and institutions have already sustained and is further emboldening other anti-rights leaders and movements to join his onslaught,” Agnès Callamard added.

“But let us be clear: this sickness runs much deeper than the actions of President Trump. For years now, we’ve witnessed a creeping spread of authoritarian practices among states the world over, fostered by aspiring and elected leaders willingly acting as engines of destruction. As they drag us into a new age of turmoil and cruelty, all who believe in freedom and equality must steel ourselves to counter increasingly extreme attacks on international law and universal human rights.”

The proliferation of authoritarian laws, policies and practices targeting freedom of expression, association and peaceful assembly that Amnesty International documented in 2024 was central to the global backlash against human rights. Governments across the world sought to evade accountability, entrench their power and instil fear by banning media outlets, by disbanding or suspending NGOs and political parties, by imprisoning critics on baseless charges of “terrorism” or “extremism”, and by criminalizing human rights defenders, climate activists, Gaza solidarity protesters and other dissenters.

Security forces in several countries used mass arbitrary arrests, enforced disappearances and often excessive – sometimes lethal – force to suppress civil disobedience. Bangladeshi authorities issued “shoot-on-sight” orders against student protests, resulting in almost 1,000 deaths, while security forces in Mozambique unleashed the worst crackdown on protests in years following disputed elections, leaving at least 277 people dead.

Türkiye imposed blanket bans on protests and continues to use unlawful and indiscriminate force against peaceful demonstrators, but people power prevailed in South Korea when president Yoon Suk Yeol suspended certain human rights and declared martial law, only to be removed from office and see those measures overturned after massive public protests.

Armed conflicts highlight repeated failures

As conflicts multiplied or escalated, state forces and armed groups acted brazenly, committing war crimes and other serious violations of international humanitarian law that devastated the lives of millions.

Amnesty International documented Israel’s genocide against Palestinians in Gaza in a landmark reportand its system of apartheid and unlawful occupation in the West Bank turned increasingly violent. Meanwhile, Russia killed more Ukrainian civilians in 2024 than it did the year before, continuing to target civilian infrastructure and subjecting detainees to torture and enforced disappearance.

Sudan’s Rapid Support Forces inflicted widespread sexual violence on women and girls, in what amounts to war crimes and possible crimes against humanity, while the number of people internally displaced by Sudan’s two-year civil war rose to 11 million – more than anywhere else on earth. Yet that conflict elicited near-total global indifference – aside from cynical actors exploiting opportunities to breach the Darfur arms embargo.

The Rohingya continued to face racist attacks in Myanmar, causing many to flee their homes in Rakhine state. The Trump administration’s massive foreign aid cuts have since aggravated the situation, causing the closure of hospitals in refugee camps in neighbouring Thailand, exposing fleeing human rights defenders to risk of deportation and imperilling programmes helping people survive the conflict.

The initial suspension of US foreign aid also impacted health services and support for children forcibly separated from their families at detention camps in Syria, and the abrupt cuts have shut down lifesaving programmes in Yemen, including malnutrition treatment for children, pregnant and breastfeeding mothers, safe shelters for survivors of gender-based violence, and healthcare for children suffering from cholera and other illnesses.

“Amnesty International has long warned of double standards undermining the rules-based order. The impact of that to-date unfettered backsliding plumbed new depths in 2024, from Gaza to the Democratic Republic of Congo. Having paved the way for this mess by failing to universally uphold the rule of law, the international community must now shoulder the responsibility,” said Agnès Callamard.

“The cost of these failures is gargantuan, namely the loss of vital protections built to safeguard humanity after the horrors of the Holocaust and World War Two. Despite its many imperfections, obliteration of the multilateral system is no answer. It must be strengthened and reimagined. Yet, having seen it sustain further damage in 2024, today the Trump administration appears intent on taking a chainsaw to the remnants of multilateral cooperation in order to reshape our world through a transactional doctrine steeped in greed, callous self-interest and dominance of the few.”

Governments are abandoning future generations

The State of the World’s Human Rights presents stark evidence that the world is condemning future generations to an ever-harsher existence thanks to collective failures to tackle the climate crisis, reverse ever-deepening inequalities and restrain corporate power.

COP29 was a catastrophe, with a record number of fossil fuel lobbyists inhibiting progress on a fair phase-out, while the wealthiest countries bullied lower-income nations into accepting derisory climate financing agreements. President Trump’s reckless decision to abandon the Paris Agreement and his “drill, baby drill” refrain have only compounded these failings and could encourage others to follow suit.

“2024 was the hottest year on record and the first to exceed 1.5°C above pre-industrial levels. The floods that devastated South Asia and Europe, the droughts that ravaged Southern Africa, the fires that razed swathes of Amazon rainforest and the hurricanes that wreaked havoc in the USA laid bare the immense human cost of global heating, even at its current levels. With a 3°C rise projected this century, richer nations know they’re not immune from increasingly extreme unnatural disasters – as the recent California wildfires drove home – but will they act?” said Agnès Callamard.

In 2024, extreme poverty and inequality within and between states continued to deepen due to widespread inflation, poor corporate regulation, pervasive tax abuse and rising national debts. Yet many governments and political movements used racist and xenophobic rhetoric to scapegoat migrants and refugees for crime and economic stagnation. Meanwhile, the number and wealth of billionaires grew, even as the World Bank warned of “a lost decade” in global poverty reduction.

The future looks far bleaker for many women, girls and LGBTI people, amid intensifying attacks on gender equality and identity. The Taliban imposed even-more-draconian restrictions on women’s public existence in Afghanistan, while Iranian authorities intensified their brutal crackdown on women and girls who defy compulsory veiling. Groups of women searching for missing loved ones in Mexico and Colombia faced all manner of threats and attacks.

Malawi, Mali and Uganda took steps to criminalize or uphold bans on same-sex relations between consenting adults, while Georgia and Bulgaria followed Russia’s lead in clamping down on supposed “LGBTI propaganda”. The Trump administration is bolstering the global backlash against gender justice by dismantling efforts to tackle discrimination, relentlessly attacking transgender rights, and ending funding for health, education and other programmes that supported women and girls all over the world.

Governments are further harming present and future generations by failing to adequately regulate new technologies, abusing surveillance tools and entrenching discrimination and inequalities through increased use of artificial intelligence.

Tech firms have long facilitated discriminatory and authoritarian practices, but President Trump has exacerbated this trend, encouraging social media companies to roll back protections – including Meta’s removal of third-party fact-checking – and double down on a business model that enables the spread of hateful and violent content. The alignment between the Trump administration and tech billionaires also risks opening the door to an era of rampant corruption, disinformation, impunity and corporate capture of state power.

“From seating tech billionaires in prime position at his inauguration to granting the world’s richest man unprecedented access to the US government apparatus, it appears that President Trump will let his self-serving and corporate allies run amok, without the slightest regard for human rights or even the rule of law,” said Agnès Callamard.

Vital efforts to uphold international justice

Despite mounting opposition from powerful states – compounded this year by the Trump administration’s shameless sanctions against the ICC prosecutor – international justice and multilateral bodies have continued to push for accountability at the highest levels, with governments from the Global South leading several significant initiatives.

The ICC issued arrest warrants against senior state officials and leaders of armed groups in Israel, Gaza, Libya, Myanmar and Russia. The UN took an important step towards negotiating a much-needed treaty on crimes against humanity and the Philippines followed suit by arresting former president Rodrigo Duterte last month under an ICC warrant for the crime against humanity of murder.

The International Court of Justice (ICJ) issued three sets of provisional measure orders in the case South Africa brought against Israel under the Genocide Convention and issued an advisory opinion declaring that Israel’s occupation of Palestinian territory, including East Jerusalem, is unlawful. The UN General Assembly also passed a resolution calling on Israel to end its occupation, and in January 2025 eight states from the Global South formed the Hague Group, a collective committed to preventing arms transfers to Israel and holding it accountable for violations of international law.

“We applaud the efforts of nations like South Africa and international justice bodies to push back against powerful states hellbent on undermining international law. In so challenging impunity, those nations and bodies set examples for the whole world to follow. The mounting attacks we’ve witnessed on the ICC in recent months suggest this is emerging as a major battlefield of 2025. All governments must do everything in their power to support international justice, hold perpetrators accountable, and protect the ICC and its staff from sanctions,” said Agnès Callamard.

“Despite daunting challenges, the destruction of human rights is far from inevitable. History abounds with examples of brave people overcoming authoritarian practices. In 2024 the people of several nations rejected anti-rights leaders at the ballot box while millions around the world raised their voices against injustice. So it’s clear: no matter who stands in our way, we must – and we will – continue to resist the reckless regimes of power and profit that seek to strip people of their human rights. Our vast, unshakeable movement will be forever united in our common belief in the inherent dignity and human rights of everyone on this planet.”
MIL OSI – Submitted News –
April 29, 2025
MIL-Evening Report: Game change Canadian election: Mark Carney projected to have lead Liberals to their fourth consecutive win

Source: The Conversation (Au and NZ) – By Fiona MacDonald, Associate Professor, Political Science, University of Northern British Columbia

Canada’s 2025 federal election will be remembered as a game-changer. Liberal Leader Mark Carney is projected to have pulled off a dramatic reversal of political fortunes after convincing voters he was the best candidate to fight annexation threats from United States President Donald Trump.

Only four months ago, Conservative Leader Pierre Poilievre had a 25-point lead in public opinion polls and a fairly secure path to victory.

Yet Poilievre’s lead soon vanished due to shifting voter sentiments defined less by the official campaign period and more by the months that preceded it. Justin Trudeau’s early January resignation announcement and Carney’s confirmation that he was officially in the Liberal leadership race dramatically changed the political landscape.

Read more:
After stunning comeback, centre-left Liberals likely to win majority of seats at Canadian election

Within a matter of weeks, Liberal support surged when Carney became party leader and Trump continued to make threats about Canada becoming a 51st American state — and to levy punishing on-again, off-again tariffs against the country.

The party went from being 20 percentage points behind the Conservatives to overtaking them, putting the party on track to secure its fourth consecutive victory. A shift described by longtime pollster Frank Graves as “unprecedented.”

Poilievre’s messaging

The emerging “Canada strong” and “elbows up” narratives, linked to the widespread anti-Trump sentiment, proved a major advantage for the Liberals, who made the most out of this political gift.

This shift, alongside Carney’s elimination of the carbon tax, left Poilievre on the back foot as his longstanding messaging on Trudeau and his “axe the tax” slogan became largely irrelevant.

Read more:
Who really killed Canada’s carbon tax? Friends and foes alike

The impact of these shifts in electoral fortunes extended beyond the two main parties. As the election became increasingly a two-party race between the Liberals and Conservatives, the smaller parties struggled for relevance.

Election campaign polling and early results indicated steep losses for the NDP, with Leader Jagmeet Singh’s own seat in Burnaby, B.C., under threat. This could be due to voters on the left responding to calls to vote strategically to prevent Conservative victories in various ridings.

The Bloc Québecois also lost ground, as did the Green Party of Canada and the People’s Party of Canada (PPC). Neither the Greens nor the PPC fielded full slates of candidates or participated in the leaders’ debates and therefore played comparatively limited roles in this election.

Advance voting in a gendered election

Another notable feature of this election was the record advance voting turnout, which surged to 7.3 million Canadians, up sharply from 5.8 million in 2021.

Early voting has now become a central part of party campaign strategy, with campaigns “getting out the vote” at every opportunity, not just on Election Day. This trend raises questions not only about whether overall turnout will rise, but also whether party platforms remain as influential given so many votes were cast before all parties released their platforms.

While many Canadians take in elections with a focus on party leaders and seat counts, there are other important ways to contemplate election outcomes in terms of inclusion and voice. What does this election tell us about gender and diversity representation in Canada’s Parliament?

This was a deeply gendered election. The major party leaders are all men, with the exception of Elizabeth May, the Green Party co-leader.

Preliminary candidate data showed a decrease in the number of women candidates compared to 2021.

The NDP nominated the highest proportion of women candidates — the majority of its candidates are women — and fielded the most diverse slate of candidates in terms of Indigenous people, Black people, racialized people and LGBTQ+ candidates. But the party’s dramatic losses mean these gains will not translate into more diverse representation in Parliament.

Furthermore, one of Carney’s first actions as prime minister was to eliminate the sex-balanced cabinet and to reduce the size of the cabinet. He eliminated the Ministry of Women and Gender Equality (WAGE) as well as ministerial portfolios focused on youth, official languages, diversity, inclusion, disability and seniors.

These decisions reverse previous efforts taken to institutionalize gender and diversity leadership in Canada’s Parliament.

Party platforms also reflected diverging approaches when it came to women. The Conservative platform only mentioned women four times, and three of those mentions were in the context of opposition to transgender rights.

Read more:
Pierre Poilievre’s ‘More Boots, Less Suits’ election strategy held little appeal to women

The role of young working-class men

Polling also revealed intersections of generation, gender and class are increasingly relevant. Like the last federal election, young working-class men are increasingly drawn to the Conservatives. This trend appears to be driven less by fiscal conservatism and more by concerns about rapid social change, a trend also observed in the 2024 American presidential election.

Many of these young men are expressing frustrations over housing affordability and job security, and what they view as the Liberal and NDP’s “woke culture,” which they view as eroding traditional values that have traditionally benefited men. In contrast, Canadian women of all ages continue to favour parties they view as more progressive — the Liberals and the NDP.

Theoretical explanations for this include young men feeling left behind by the Liberals, while the Conservatives have seemingly figured out a way to connect with them.

This may reflect campaign rhetoric about returning to traditional expectations and values around gender roles and men’s rights to well-paying jobs, an affordable home and taking care of their families.

Electoral reform needed?

In the aftermath of the election, there are avenues through which current gaps in representation can be addressed. Organizations like the United Nations’ Inter-parliamentary Union and the Commonwealth Parliamentary Association, as well as gender and politics scholarship, propose various reforms to continue to strengthen diversity in Parliament.

These reforms are understood to be essential for enhancing the legitimacy, responsiveness and effectiveness of Canada’s parliamentary system. Research on gender-and diversity-sensitive parliaments consistently shows that when legislative bodies reflect the diversity of the societies they govern, they are more likely to produce policies that are equitable, inclusive and trusted by the public.

Overall, this Canadian election was characterized by transformative twists and turns that shed more light on important ongoing questions about representation and the potential need for democratic reform if Canadians want to avoid a two-party system.

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

– ref. Game change Canadian election: Mark Carney projected to have lead Liberals to their fourth consecutive win – https://theconversation.com/game-change-canadian-election-mark-carney-projected-to-have-lead-liberals-to-their-fourth-consecutive-win-253721

MIL OSI Analysis – EveningReport.nz –

April 29, 2025
MIL-OSI Global: What Liberal Mark Carney’s Canadian election win means for Europe

Source: The Conversation – Canada – By Katerina Sviderska, PhD Candidate in Slavonic Studies, University of Cambridge

Just months ago, Canada’s Conservatives were leading the polls, surfing the wave of radical right ideas and rhetoric sweeping across the globe. But with the election victory of Mark Carney’s Liberal Party, Canada now stands out as a liberal anchor in a fractured West.

This election not only shapes Canada’s domestic trajectory, but also carries significant implications for its international partnerships amid rising geopolitical uncertainty.

As some European countries and the United States head towards isolationism, authoritarianism and turn to the East — even flirting with Russia — Canada’s continued Liberal leadership reinforces its position as a key ally for the European Union. Carney’s centrist and pro-EU attitude provides stability and relief for Europeans.

From defence to trade and climate, Canada and the EU share deep economic and strategic ties. With a Liberal government, these connections will strengthen, offering both sides what they need the most: a reliable, like-minded partner at a time of transatlantic unpredictability.

What does Carney’s victory mean specifically for the Canada-EU relationship?

Trade as a strategic anchor

Carney’s election offers new momentum for Canada-EU collaboration. His “blue liberalism” brings Canada ideologically closer to Europe’s current leadership — from Emmanuel Macron’s centrist France to the Christian Democratic Union-led coalition in Germany — providing fertile ground for pragmatic co-operation.

Trade remains the foundation of the Canada-EU relationship, and both sides should aim to build on it. At the heart of this partnership is the Comprehensive Economic and Trade Agreement (CETA), which has increased EU-Canada trade by 65 per cent since 2017.

European Council President António Costa has called the deal a success story providing clear proof “trade agreements are clearly better than trade tariffs.”

As the U.S. speeds toward toward economic nationalism, CETA has become more than a commercial agreement — it’s a strategic anchor in the global liberal order. One of the Liberal government’s early priorities is likely to consolidate and strengthen CETA. In doing so, Canada can position itself as an ambitious partner, ready to seize new opportunities as European countries seek to reduce their reliance on the American market.

Climate and energy: A balanced agenda

Climate and energy, too, offer new opportunities for co-operation. Both Canada and the EU are navigating the tensions between pursuing ambitious decarbonization goals and managing economic and inflationary pressures. After scrapping Canada’s carbon tax on his first day in office, Carney has already hinted at a more pragmatic environmental stance.

While pledging to maintain key climate policies — including the emissions cap on oil and gas — Carney’s government may recalibrate Canada’s approach to energy. This would mirror shifts among some European allies’ climate policies.

This evolving transatlantic consensus — less about abandoning climate goals, more about making them economically viable — paves the way for closer co-operation based on a common goal: bolstering economic competitiveness while maintaining environmental credibility.

Both Carney and the EU view the investment in new technologies as the path forward.

As Europe accelerates its green agenda and implements new sustainability rules, only countries with strong environmental standards qualify as long-term partners. Canada, provided it stays the course on climate policies, is well-positioned to be a key partner in Europe’s green transition.

Transatlantic defence co-operation

Beyond trade and energy, defence co-operation between Canada and the EU is expected to surge. A key priority for the new Liberal government is to finally reach NATO’s benchmark of spending two per cent of gross domestic product on defence, a longstanding commitment that has eluded previous administrations.

Read more:
What does Donald Trump’s NATO posturing mean for Canada?

This signal of rearmament reflects not only alignment with NATO expectations but also a broader understanding that liberal democracies must be prepared to defend themselves. Nowhere is this more pressing than in Ukraine, the epicentre of Europe’s geopolitical storm.

Canada has been among the most reliable supporters of Ukraine since the onset of Russia’s full-scale invasion, aligning itself with Europe’s most committed nations — France, Poland, the Baltics and, increasingly, Germany.

But as threats evolve, the battlefield also extends beyond Ukraine’s frontlines. Hybrid attacks — cyber, disinformation campaigns and foreign interference in democratic processes — now wash up on all shores. Canada’s National Cyber Threat Assessment 2025–26 identifies state-sponsored cyber operations as one of the most serious threats to democratic stability, particularly from Russia and China.

Read more:
Foreign interference threats in Canada’s federal election are both old and new

In strengthening its defence collaboration, Ottawa is hoping to get a seat in the fight against autocracies. The question is no longer whether to engage, but how to lead in this era of layered and compounding threats coming from rivals like Russia and China — and now from the U.S., a historical Canadian ally.

Under Carney’s leadership, Canada is likely to pursue a pragmatic and globally engaged liberalism definitively aligned with Europe. As Canada and the EU are both looking for reliable allies to weather the storm, this renewed western alliance could solidify around Ottawa and Brussels — anchored in shared democratic values and pragmatic leadership.

Katerina Sviderska receives funding from Fonds de Recherche du Québec and the Gates Cambridge Foundation.

Leandre Benoit receives funding from the Social Sciences and Humanities Research Council of Canada.

– ref. What Liberal Mark Carney’s Canadian election win means for Europe – https://theconversation.com/what-liberal-mark-carneys-canadian-election-win-means-for-europe-254775

MIL OSI – Global Reports –

April 29, 2025
MIL-OSI USA: Hawley Reintroduces PELOSI Act to Ban Congress from Trading Stocks

US Senate News:

Source: United States Senator Josh Hawley (R-Mo)

Monday, April 28, 2025

Today, U.S. Senator Josh Hawley (R-Mo.) reintroduced the Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act, which would ban members of Congress from trading or holding individual stocks. The move comes after President Trump announced he would sign such a bill into law if it crossed his desk.
“Members of Congress should be fighting for the people they were elected to serve—not day trading at the expense of their constituents,” stated Senator Hawley. “Americans have seen politician after politician turn a profit using information not available to the general public. It’s time we ban all members of Congress from trading and holding stocks and restore Americans’ trust in our nation’s legislative body.”
The PELOSI Act would ban lawmakers and their spouses from holding, purchasing or selling individual stocks for the duration of the lawmaker’s time in office. Lawmakers would be allowed to invest in diversified mutual funds, exchange-traded funds, or U.S. Treasury bonds while in office.
If passed, current lawmakers would have 180 days to comply with the legislation. Likewise, newly elected members of Congress would be required to comply within 180 days of taking office.
Members who refuse to comply with the PELOSI Act must forfeit any stock profits to the U.S. Department of the Treasury and face monetary penalties imposed by the House and Senate ethics committees.
Read the full bill language here.

MIL OSI USA News –

April 29, 2025
MIL-OSI USA: Hawley Calls on FDA to Reinstate Abortion Drug Safety Regulations: ‘The Time to Act is Now’

US Senate News:

Source: United States Senator Josh Hawley (R-Mo)
Today, U.S. Senator Josh Hawley (R-Mo.) sent a letter to Food and Drug Administration (FDA) Commissioner Marty Makary about new research showing that the safety risks of the chemical abortion drug mifepristone are far greater than the FDA currently acknowledges. Senator Hawley points to Dr. Makary’s recent comments that he has “no plans to take action” on mifepristone and urges him to reconsider in light of this new data.
In his letter, Senator Hawley recounts an exchange he had with Dr. Makary just last month, stating, “[D]uring your confirmation hearing, you pledged to me that you would ‘review the totality of the data and ongoing data’ to inform action on the drug. I urge you to follow this new data and take all appropriate action to restore critical safeguards on the use of mifepristone. The health and safety of American women depend on it.”
The letter cites new research from the Ethics and Public Policy Center, which analyzed 865,000 prescribed mifepristone abortions. The report found that nearly 11% of women—more than 1 in 10—who use mifepristone experience sepsis, infection, hemorrhaging, an emergency room visit, or another serious adverse event within 45 days. This is at least 22 times greater than the less than 0.5% adverse event rate currently reported on the Biden Administration’s FDA-approved drug label for mifepristone.
“The time to act is now,” Senator Hawley continued. “It is time to revisit and restore the FDA’s longstanding safety measures governing mifepristone.”
Read the full letter here or below.
Dr. Marty Makary CommissionerU.S. Food and Drug Administration 10903 New Hampshire AvenueSilver Spring, MD 20993
Commissioner Makary:
An alarming new study has revealed that the safety risks of the chemical abortion drug, mifepristone, are far greater than the FDA currently acknowledges. Just last week, you said that you had “no plans to take action” on mifepristone. Yet during your confirmation hearing, you pledged to me that you would “review the totality of the data and ongoing data” to inform action on the drug. I urge you to follow this new data and take all appropriate action to restore critical safeguards on the use of mifepristone. The health and safety of American women depend on it.
The new study published today by the Ethics and Public Policy Center is the largest known study of mifepristone to date, with analysis of more than 865,000 prescribed mifepristone abortions. It finds that nearly 11% of women—more than 1 in 10 women—who use mifepristone experience sepsis, infection, hemorrhaging, an emergency room visit, or another serious adverse event within 45 days. This rate is at least 22 times greater than the less than 0.5% adverse event rate reported on the FDA-approved drug label for mifepristone.
As you well know, Democrat presidential administrations have stripped away basic safeguards regarding the use of mifepristone. In 2016, President Obama’s FDA rolled back several safety measures: reducing the number of required in-person visits, removing the physician prescription requirement, and ending mandatory adverse event reporting. The Biden administration then ended in-person visits altogether, as well as the in-person dispensing requirement. Today, mifepristone can be delivered via mail and without any medical supervision whatsoever—jeopardizing the safety of women who use the drug.
You have stated publicly: “If the data suggests something or tells us that there’s a real signal, we can’t promise we’re not going to act on that data.” The time to act is now. It is time to revisit and restore the FDA’s longstanding safety measures governing mifepristone. And by May 15, 2025, please respond to the following questions:
1. Will the FDA now take action to restore longstanding, critical safeguards for mifepristone use? How quickly can we expect action?
2. What plans does the agency have to adjust the relevant drug safety label given this new information?
3. Going forward, how does the FDA plan to appropriately evaluate the real-world health effects of mifepristone on American women?
Sincerely, Josh HawleyUnited States Senator

MIL OSI USA News –

April 29, 2025
MIL-OSI USA: 04.28.2025 Following Pressure from Sen. Cruz and Trump Administration, Mexico Begins Honoring 1944 Water Treaty

US Senate News:

Source: United States Senator for Texas Ted Cruz
WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) issued a statement following the Trump administration’s announcement of a deal with Mexico to secure shipments of water Mexico owes to the United States under the 1944 Water Treaty.
Sen. Cruz said, “Mexico’s failures to uphold its water obligations have been devastating to Texas farmers and cities. I have been fighting for years to secure those deliveries, including by advancing sanctions legislation in the United States Senate and by emphasizing to both American and Mexican officials that the U.S.-Mexico relationship cannot proceed productively unless Mexico meets its obligations. Recently, I worked with Secretary Rollins to secure a $280 million grant to provide critical economic relief in the Rio Grande Valley, but that was only, and explicitly, a stopgap measure.
“Today’s announcement demonstrates that under the Trump administration and the Republican Congress, the United States will insist that other nations meet their obligations to Americans. It will provide critical relief to Texans and establish a basis for the further necessary work that must be done to assure Texas farmers of reliable and predictable water supplies.
“Today’s achievement could not have been accomplished without President Trump’s public stance on holding Mexico accountable, or without the tireless work of Deputy Secretary Landau, Secretary Rollins, Senator Cornyn, Congresswoman De La Cruz, and former IBWC Commissioner Giner.”
BACKGROUND
Under the 1944 Water Treaty, Mexico is obligated to deliver 350,000 acre-feet of water per years averaged over a five-year cycle. But, Mexico has not made reliable annual deliveries, leading to a devastating shortfall including in Texas and across the Southwest.
Sen. Cruz has led the push to ensure that Mexico delivers water to Texas that it is obligated to provide under the 1944 Water Treaty:
Sen. Cruz led the effort in the U.S. Senate to secure a $280 million block grant, with the help of USDA Secretary Brooke Rollins. This block grant is critical in supporting the Texas producers in the Rio Grande Valley suffering from Mexico’s failure to meeting its obligations.
Sen. Cruz championed a provision providing support for South Texas agricultural producers suffering from Mexico’s failure to meet its obligations under the 1944 Treaty on Utilization of Waters of the Colorado, Tijuana, and Rio Grande Rivers.
Sens. Cruz and John Cornyn filed an amendment creating new framework to ensure Mexican complains with Water Treaty obligations.

MIL OSI USA News –

April 29, 2025
MIL-OSI USA: Padilla, Schiff Demand Answers on Politicization of DOJ’s Civil Rights Division

US Senate News:

Source: United States Senator Alex Padilla (D-Calif.)

Padilla, Schiff Demand Answers on Politicization of DOJ’s Civil Rights Division

WASHINGTON, D.C. — U.S. Senators Alex Padilla and Adam Schiff (both D-Calif.), members of the Senate Judiciary Committee, demanded answers from the Department of Justice (DOJ) concerning the Trump Administration’s efforts to dismantle the Department’s Civil Rights Division. The Senators separately called for Senator Eric Schmitt (R-Mo.), Chair of the Judiciary Subcommittee on the Constitution, to immediately hold an oversight hearing with Assistant Attorney General Harmeet Dhillon, a San Francisco-based lawyer leading the DOJ’s Civil Rights Division, on its politicization.
In their letter to Attorney General Pam Bondi, Assistant Attorney General Harmeet Dhillon, and DOJ Inspector General Michael Horowitz, the Senators expressed deep concerns about several directives issued by the Trump Administration that could jeopardize the Division’s work to enforce and protect the Constitutional and statutory civil rights of the American people. The Senators also requested an immediate briefing for the Senate Judiciary Committee Subcommittee on the Constitution regarding changes to the DOJ’s Civil Rights Division since January 20, 2025.
“According to public reporting, at least five of the Division’s sections have received directives via email to employees which change long-standing Division enforcement objectives. The five sections are meant to protect voting rights, prevent discrimination by federal funding recipients, investigate illegal bias in housing, prohibit discrimination in education, and defend the rights of those with disabilities. The directives have not been shared publicly,” wrote the Senators. “Based on the reporting, these directives may well be inconsistent with Congress’s intent in enacting the landmark civil rights legislation that is enforced by the Division.”
The Senators also sounded the alarm on reports that Division leadership no longer includes any career officials, transferring enforcement oversight responsibilities traditionally managed by career Deputy Assistant Attorneys General to political appointees. The restructuring of the Division also included the reassigning or departures of career supervisors.
“These losses mirror a similar pattern across the Department of Justice, including the removal of career officials from the Office of Professional Responsibility and the firing of the Pardon Attorney,” continued the Senators. “The Division relies on the abilities and knowledge of its career staff to carry out the great responsibility of enforcing the nation’s civil rights laws without regard to politics.”
“Finally, we have also heard alarming reports that you authorized a second voluntary buyout for Division employees immediately before issuing the previously mentioned directives. Taken together, these measures appear to be an attempt to cajole career officials at the Division to leave voluntarily in order to fundamentally transform its work,” concluded the Senators.
U.S. Senator Peter Welch (D-Vt.), Ranking Member of the Senate Judiciary Subcommittee on the Constitution, led the letter. In addition to Padilla and Schiff, the letter was also signed by Senate Judiciary Committee Ranking Member Dick Durbin (D-Ill.) and Senators Cory Booker (D-N.J.), Mazie Hirono (D-Hawaii), and Sheldon Whitehouse (D-R.I.), members of the Senate Judiciary Committee.
During a Senate Judiciary Committee nomination hearing earlier this year, Senator Padilla criticized Harmeet Dhillon for her alarming track record of restricting the right to vote, spreading disinformation about the 2020 election, and perpetuating discriminatory laws.
Full text of the letter to Attorney General Pam Bondi, Assistant Attorney General Harmeet Dhillon, and DOJ Inspector General Michael Horowitz is available here.
Full text of the letter to Senate Judiciary Subcommittee on the Constitution Chairman Schmitt is available here.

MIL OSI USA News –

April 29, 2025
MIL-OSI USA: Padilla, Schiff Push Trump Administration to Reconsider Student Visa Revocations

US Senate News:

Source: United States Senator Alex Padilla (D-Calif.)
Senators to DHS, State Department, ICE: “Students who have entered through our legal immigration system and followed the law remain unsure of what, if any, steps they may take to maintain their status and safeguard themselves from immigration enforcement”
WASHINGTON, D.C. — Today, U.S. Senators Alex Padilla, Ranking Member of the Senate Judiciary Immigration Subcommittee, and Adam Schiff (both D-Calif.), joined 34 Democrats in pressing the Trump Administration to reconsider recent decisions to revoke student visas. In their letter to Department of Homeland Security (DHS) Secretary Kristi Noem, Secretary of State Marco Rubio, and Immigration and Customs Enforcement (ICE) Acting Director Todd Lyons, the Senators urged the Administration to undo unlawful student visa revocations, citing a recent reversal of some student record terminations.
“We recently learned that your agencies have been revoking student visas and terminating Student Exchange and Visitor Information System (SEVIS) records across the country. These actions to end student status reflected an unannounced change in policy and were inconsistent with existing laws, regulations, policies, and agency guidance governing the maintenance and termination of student status—that is why we welcomed the news late last week that in response to litigation around the country, ICE has reversed these SEVIS terminations,” wrote the Senators. “We now urge you to undo other actions to end student status that are inconsistent with such laws, regulations, and agency guidance and ensure that all future actions to end student status fully comply with the law.”
The Senators continued by highlighting the lack of reasoning provided in many of these visa revocations after the Office of Student Exchange and Visitor Programs (SEVP) within ICE terminated at least 4,736 student visa holders’ SEVIS records.
“[S]tudents across the country—who by all accounts appear to have followed all of the applicable laws and agency guidance—have reported visa revocations with no clear explanation as to the basis to terminate status,” continued the Senators. “By DHS’s own admission, the statute and regulations do not provide SEVP the authority to terminate nonimmigrant status by terminating a SEVIS record. Your decision to reverse such terminations is therefore prudent and required by law.”
The Senators outlined the Trump Administration’s apparent violation of federal law in revoking these visas, emphasizing that the Administration may not have given legally required notice when terminating or revoking some students’ statuses. Many students were not given any information on possible reinstatement after they lost their student status when their SEVIS records were terminated. Some students received emails about their visa revocations along with self-deportation directions without the ability to appeal, and others were only informed that they lost their status after masked federal agents arrested them.
The Senators concluded by appealing to the Administration to reconsider these visa revocations and warning them to adhere to federal law, before making a series of immigration requests.
“Students who have entered through our legal immigration system and followed the law remain unsure of what, if any, steps they may take to maintain their status and safeguard themselves from immigration enforcement,” concluded the Senators. “While we are relieved that ICE has reversed these SEVIS terminations, we now urge you to undo other actions to end student status that are inconsistent with such laws, regulations, and agency guidance. Finally, we understand that you are contemplating additional actions to end student status. Any such changes must be consistent with applicable statutes, including requirements for notice with respect to changes that would deprive a student of their status and ability to live and study in the United States and place them at risk of detention.”
The letter was led by U.S. Senate Democratic Whip Dick Durbin (D-Ill.), Ranking Member of the Senate Judiciary Committee. In addition to Padilla and Schiff, the letter was also signed by Senators Tammy Baldwin (D-Wis.), Michael Bennet (D-Colo.), Richard Blumenthal (D-Conn.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Chris Coons (D-Del.), Catherine Cortez Masto (D-Nev.), Tammy Duckworth (D-Ill.), Ruben Gallego (D-Ariz.), Maggie Hassan (D-N.H.), Martin Heinrich (D-N.M.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Mark Kelly (D-Ariz.), Andy Kim (D-N.J.), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Jeff Merkley (D-Ore.), Patty Murray (D-Wash.), Jon Ossoff (D-Ga.), Jack Reed (D-R.I.), Jacky Rosen (D-Nev.), Bernie Sanders (I-Vt.), Brian Schatz (D-Hawaii), Jeanne Shaheen (D-N.H.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Mark Warner (D-Va.), Raphael Warnock (D-Ga.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.).
In 2021, Senator Padilla led a group of 23 Senators in calling on the State Department to address the backlog of visas for international students. Padilla also chaired a hearing entitled “Strengthening our Workforce and Economy through Higher Education and Immigration” in 2022, highlighting the challenges undocumented students and international students face in seeking higher education and obtaining jobs in the United States.
Full text of the letter is available here and below:
Dear Secretary Noem, Secretary Rubio, and Acting Director Lyons: We recently learned that your agencies have been revoking student visas and terminating Student Exchange and Visitor Information System (SEVIS) records across the country. These actions to end student status reflected an unannounced change in policy and were inconsistent with existing laws, regulations, policies, and agency guidance governing the maintenance and termination of student status—that is why we welcomed the news late last week that in response to litigation around the country, ICE has reversed these SEVIS terminations. We now urge you to undo other actions to end student status that are inconsistent with such laws, regulations, and agency guidance and ensure that all future actions to end student status fully comply with the law.
Foreign students must navigate a complicated mix of agencies to maintain their status. Under current regulations and policy, students who enter into the United States on an F-1 student visa or J-1 exchange visitor visa are admitted to the United States for “duration of status.” This essentially means that F-1 and J-1 visa holders may be in good standing as long as they comply with the terms and conditions of their status, even if their visa has expired. Students who enter on an M-1 visa for vocational education are admitted for a fixed time period to complete their course of study. The Office of Student Exchange and Visitor Programs (SEVP), within the Department of Homeland Security (DHS) Immigration and Customs Enforcement (ICE), works with universities and program administrators to determine whether F-1 and M-1 students are meeting requirements for their visas and terminate SEVIS records as appropriate under SEVP regulations. The Department of State (DOS) Bureau of Educational and Cultural Affairs administers the J-1 exchange visitor visa, but their records are maintained by SEVIS. Existing regulations and agency guidance inform students and other visa holders of how they might lose their student status, including that they cannot be convicted of serious crimes, cannot work unless authorized by DHS, and must be completing the education or program related to their visa. However, students across the country—who by all accounts appear to have followed all of the applicable laws and agency guidance—have reported visa revocations with no clear explanation as to the basis to terminate status. SEVP has completed at least 4,736 total terminations of student visa holders’ SEVIS records. By DHS’s own admission, the statute and regulations do not provide SEVP the authority to terminate nonimmigrant status by terminating a SEVIS record. Your decision to reverse such terminations is therefore prudent and required by law.
Current laws, regulations, and agency guidance also require notice to be provided when a student’s status is being terminated or revoked. Here, it is not clear that students were provided the notice required by law. Many students were notified by universities that they have lost their student status when their SEVIS records have been terminated, without being provided any information about potential reinstatement. Some students received emails that their visas were revoked and were directed to self-deport, with no clear information as to the basis for their revocation or means by which they can appeal the revocation. Some students only learned about losing status when arrested by masked federal agents. These reports suggest that students were not given notice of the termination of their status in a manner consistent with existing laws, regulations, and agency guidance.
Once a student’s visa is revoked, although their status is not automatically terminated, removal proceedings may be initiated against them, allowing them to be detained at the discretion of DHS. Similarly, when a student’s SEVIS record is terminated, the student is no longer in an authorized period of stay in the United States, and students and their universities cannot regularly maintain student records in SEVIS, as is required to maintain student status. In addition, upon SEVIS record termination, the student must depart the United States or take other action to restore legal status, and DHS “may investigate to confirm the departure of the student.”
Students who have entered through our legal immigration system and followed the law remain unsure of what, if any, steps they may take to maintain their status and safeguard themselves from immigration enforcement. While we are relieved that ICE has reversed these SEVIS terminations, we now urge you to undo other actions to end student status that are inconsistent with such laws, regulations, and agency guidance. Finally, we understand that you are contemplating additional actions to end student status. Any such changes must be consistent with applicable statutes, including requirements for notice with respect to changes that would deprive a student of their status and ability to live and study in the United States and place them at risk of detention.
We also request information to better understand how your departments are implementing any new, unannounced policies with respect to identifying students for status revocation. Please provide the following information by May 12, 2025:
1. Any guidance issued by DOS and/or DHS governing the revocations of nonimmigrant visas, issued from January 20, 2025 to date.
2. Any guidance issued by DOS and/or DHS governing how nonimmigrants are to be notified of visa revocations, issued from January 20, 2025 to date.
3. Any guidance issued by DOS and/or DHS governing the terminations of SEVIS records, issued from January 20, 2025 to April 25, 2025.
4. Any guidance issued by DOS and/or DHS governing how student visa holders are to be notified of SEVIS terminations, issued from January 20, 2025 to April 25, 2025.
5. Any guidance issued by DOS, DHS, and/or the Department of Justice governing the initiation of removal proceedings or immigration enforcement against student visa holders and other nonimmigrants, issued from January 20, 2025 to date.
6. Any guidance issued by DOS and/or DHS regarding the use of artificial intelligence to search national databases, criminal records, and social media to identify nonimmigrants for visa revocation or to otherwise end status, issued from January 20, 2025 to date.
7. The total number of student visas (F-1, M-1, or J-1 visas) that have been revoked since January 20, 2025 to date, disaggregated by:
a. Student’s country of origin;
b. Consulate or embassy that issued the visa;
c. Visa category/Optional Practical Training (OPT);
d. Date of revocation;
e. University of study;
f. Type of degree or field of study;
g. Notice provided;
h. Legal basis for revocation;
i. Any grace period to allow students to make travel or other arrangements; and
j. Whether the student’s SEVIS record was also terminated.
8. The total number of SEVIS record terminations that have been issued since January 20, 2025 to April 25, 2025, disaggregated by—
a. Student’s country of origin;
b. Visa category/Optional Practical Training (OPT);
c. Date of revocation;
d. University of study;
e. Type of degree or field of study;
f. Whether the termination was initiated by the university or by DHS;
g. Basis for termination;
h. Notice provided;
i. Any grace period to allow students to make travel or other arrangements; and
j. Whether the student’s visa was revoked.
9. The number of student visa holders on F-1, M-1, J-1 nonimmigrant status issued Form I862, Notice to Appear, initiating removal proceedings.
Thank you for your prompt attention to this critical matter.
Sincerely,

MIL OSI USA News –

April 29, 2025
MIL-OSI Global: The game change Canadian election: Mark Carney leads Liberals to their fourth consecutive win

Source: The Conversation – Canada – By Fiona MacDonald, Associate Professor, Political Science, University of Northern British Columbia

Canada’s 2025 federal election will be remembered as a game-changer. Liberal Leader Mark Carney pulled off a dramatic reversal of political fortunes after convincing voters he was the best candidate to fight annexation threats from United States President Donald Trump.

Only four months ago, Conservative Leader Pierre Poilievre had a 25-point lead in public opinion polls and a fairly secure path to victory.

Yet Poilievre’s lead soon vanished due to shifting voter sentiments defined less by the official campaign period and more by the months that preceded it. Justin Trudeau’s early January resignation announcement and Carney’s confirmation that he was officially in the Liberal leadership race dramatically changed the political landscape.

Read more:
After stunning comeback, centre-left Liberals likely to win majority of seats at Canadian election

Within a matter of weeks, Liberal support surged when Carney became party leader and Trump continued to make threats about Canada becoming a 51st American state — and to levy punishing on-again, off-again tariffs against the country.

The party went from being 20 percentage points behind the Conservatives to overtaking them, putting the party on track to secure its fourth consecutive victory. A shift described by longtime pollster Frank Graves as “unprecedented.”

Poilievre’s messaging

The emerging “Canada strong” and “elbows up” narratives, linked to the widespread anti-Trump sentiment, proved a major advantage for the Liberals, who made the most out of this political gift.

This shift, alongside Carney’s elimination of the carbon tax, left Poilievre on the back foot as his longstanding messaging on Trudeau and his “axe the tax” slogan became largely irrelevant.

Read more:
Who really killed Canada’s carbon tax? Friends and foes alike

The impact of these shifts in electoral fortunes extended beyond the two main parties. As the election became increasingly a two-party race between the Liberals and Conservatives, the smaller parties struggled for relevance.

Election campaign polling and early results indicated steep losses for the NDP, with Leader Jagmeet Singh’s own seat in Burnaby, B.C., under threat. This could be due to voters on the left responding to calls to vote strategically to prevent Conservative victories in various ridings.

The Bloc Québecois also lost ground, as did the Green Party of Canada and the People’s Party of Canada (PPC). Neither the Greens nor the PPC fielded full slates of candidates or participated in the leaders’ debates and therefore played comparatively limited roles in this election.

Advance voting in a gendered election

Another notable feature of this election was the record advance voting turnout, which surged to 7.3 million Canadians, up sharply from 5.8 million in 2021.

Early voting has now become a central part of party campaign strategy, with campaigns “getting out the vote” at every opportunity, not just on Election Day. This trend raises questions not only about whether overall turnout will rise, but also whether party platforms remain as influential given so many votes were cast before all parties released their platforms.

While many Canadians take in elections with a focus on party leaders and seat counts, there are other important ways to contemplate election outcomes in terms of inclusion and voice. What does this election tell us about gender and diversity representation in Canada’s Parliament?

This was a deeply gendered election. The major party leaders are all men, with the exception of Elizabeth May, the Green Party co-leader.

Preliminary candidate data showed a decrease in the number of women candidates compared to 2021.

The NDP nominated the highest proportion of women candidates — the majority of its candidates are women — and fielded the most diverse slate of candidates in terms of Indigenous people, Black people, racialized people and LGBTQ+ candidates. But the party’s dramatic losses mean these gains will not translate into more diverse representation in Parliament.

Furthermore, one of Carney’s first actions as prime minister was to eliminate the sex-balanced cabinet and to reduce the size of the cabinet. He eliminated the Ministry of Women and Gender Equality (WAGE) as well as ministerial portfolios focused on youth, official languages, diversity, inclusion, disability and seniors.

These decisions reverse previous efforts taken to institutionalize gender and diversity leadership in Canada’s Parliament.

Party platforms also reflected diverging approaches when it came to women. The Conservative platform only mentioned women four times, and three of those mentions were in the context of opposition to transgender rights.

Read more:
Pierre Poilievre’s ‘More Boots, Less Suits’ election strategy held little appeal to women

The role of young working-class men

Polling also revealed intersections of generation, gender and class are increasingly relevant. Like the last federal election, young working-class men are increasingly drawn to the Conservatives. This trend appears to be driven less by fiscal conservatism and more by concerns about rapid social change, a trend also observed in the 2024 American presidential election.

Many of these young men are expressing frustrations over housing affordability and job security, and what they view as the Liberal and NDP’s “woke culture,” which they view as eroding traditional values that have traditionally benefited men. In contrast, Canadian women of all ages continue to favour parties they view as more progressive — the Liberals and the NDP.

Theoretical explanations for this include young men feeling left behind by the Liberals, while the Conservatives have seemingly figured out a way to connect with them.

This may reflect campaign rhetoric about returning to traditional expectations and values around gender roles and men’s rights to well-paying jobs, an affordable home and taking care of their families.

Electoral reform needed?

In the aftermath of Carney’s victory, there are avenues through which current gaps in representation can be addressed. Organizations like the United Nations’ Inter-parliamentary Union and the Commonwealth Parliamentary Association, as well as gender and politics scholarship, propose various reforms to continue to strengthen diversity in Parliament.

These reforms are understood to be essential for enhancing the legitimacy, responsiveness and effectiveness of Canada’s parliamentary system. Research on gender-and diversity-sensitive parliaments consistently shows that when legislative bodies reflect the diversity of the societies they govern, they are more likely to produce policies that are equitable, inclusive and trusted by the public.

Overall, this Canadian election was characterized by transformative twists and turns that shed more light on important ongoing questions about representation and the potential need for democratic reform if Canadians want to avoid a two-party system.

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

– ref. The game change Canadian election: Mark Carney leads Liberals to their fourth consecutive win – https://theconversation.com/the-game-change-canadian-election-mark-carney-leads-liberals-to-their-fourth-consecutive-win-253721

MIL OSI – Global Reports –

April 29, 2025
MIL-OSI Global: What Canada’s election of Mark Carney’s Liberals means for Europe

Source: The Conversation – Canada – By Katerina Sviderska, PhD Candidate in Slavonic Studies, University of Cambridge

Just months ago, Canada’s Conservatives were leading the polls, surfing the wave of radical right ideas and rhetoric sweeping across the globe. But with the election victory of Mark Carney’s Liberal Party, Canada now stands out as a liberal anchor in a fractured West.

This election not only shapes Canada’s domestic trajectory, but also carries significant implications for its international partnerships amid rising geopolitical uncertainty.

As some European countries and the United States head towards isolationism, authoritarianism and turn to the East — even flirting with Russia — Canada’s continued Liberal leadership reinforces its position as a key ally for the European Union. Carney’s centrist and pro-EU attitude provides stability and relief for Europeans.

From defence to trade and climate, Canada and the EU share deep economic and strategic ties. With a Liberal government, these connections will strengthen, offering both sides what they need the most: a reliable, like-minded partner at a time of transatlantic unpredictability.

What does Carney’s victory mean specifically for the Canada-EU relationship?

Trade as a strategic anchor

Carney’s election offers new momentum for Canada-EU collaboration. His “blue liberalism” brings Canada ideologically closer to Europe’s current leadership — from Emmanuel Macron’s centrist France to the Christian Democratic Union-led coalition in Germany — providing fertile ground for pragmatic co-operation.

Trade remains the foundation of the Canada-EU relationship, and both sides should aim to build on it. At the heart of this partnership is the Comprehensive Economic and Trade Agreement (CETA), which has increased EU-Canada trade by 65 per cent since 2017.

European Council President António Costa has called the deal a success story providing clear proof “trade agreements are clearly better than trade tariffs.”

As the U.S. speeds toward toward economic nationalism, CETA has become more than a commercial agreement — it’s a strategic anchor in the global liberal order. One of the Liberal government’s early priorities is likely to consolidate and strengthen CETA. In doing so, Canada can position itself as an ambitious partner, ready to seize new opportunities as European countries seek to reduce their reliance on the American market.

Climate and energy: A balanced agenda

Climate and energy, too, offer new opportunities for co-operation. Both Canada and the EU are navigating the tensions between pursuing ambitious decarbonization goals and managing economic and inflationary pressures. After scrapping Canada’s carbon tax on his first day in office, Carney has already hinted at a more pragmatic environmental stance.

While pledging to maintain key climate policies — including the emissions cap on oil and gas — Carney’s government may recalibrate Canada’s approach to energy. This would mirror shifts among some European allies’ climate policies.

This evolving transatlantic consensus — less about abandoning climate goals, more about making them economically viable — paves the way for closer co-operation based on a common goal: bolstering economic competitiveness while maintaining environmental credibility.

Both Carney and the EU view the investment in new technologies as the path forward.

As Europe accelerates its green agenda and implements new sustainability rules, only countries with strong environmental standards qualify as long-term partners. Canada, provided it stays the course on climate policies, is well-positioned to be a key partner in Europe’s green transition.

Transatlantic defence co-operation

Beyond trade and energy, defence co-operation between Canada and the EU is expected to surge. A key priority for the new Liberal government is to finally reach NATO’s benchmark of spending two per cent of gross domestic product on defence, a longstanding commitment that has eluded previous administrations.

Read more:
What does Donald Trump’s NATO posturing mean for Canada?

This signal of rearmament reflects not only alignment with NATO expectations but also a broader understanding that liberal democracies must be prepared to defend themselves. Nowhere is this more pressing than in Ukraine, the epicentre of Europe’s geopolitical storm.

Canada has been among the most reliable supporters of Ukraine since the onset of Russia’s full-scale invasion, aligning itself with Europe’s most committed nations — France, Poland, the Baltics and, increasingly, Germany.

But as threats evolve, the battlefield also extends beyond Ukraine’s frontlines. Hybrid attacks — cyber, disinformation campaigns and foreign interference in democratic processes — now wash up on all shores. Canada’s National Cyber Threat Assessment 2025–26 identifies state-sponsored cyber operations as one of the most serious threats to democratic stability, particularly from Russia and China.

Read more:
Foreign interference threats in Canada’s federal election are both old and new

In strengthening its defence collaboration, Ottawa is hoping to get a seat in the fight against autocracies. The question is no longer whether to engage, but how to lead in this era of layered and compounding threats coming from rivals like Russia and China — and now from the U.S., a historical Canadian ally.

Under Carney’s leadership, Canada is likely to pursue a pragmatic and globally engaged liberalism definitively aligned with Europe. As Canada and the EU are both looking for reliable allies to weather the storm, this renewed western alliance could solidify around Ottawa and Brussels — anchored in shared democratic values and pragmatic leadership.

Katerina Sviderska receives funding from Fonds de Recherche du Québec and the Gates Cambridge Foundation.

Leandre Benoit receives funding from the Social Sciences and Humanities Research Council of Canada.

– ref. What Canada’s election of Mark Carney’s Liberals means for Europe – https://theconversation.com/what-canadas-election-of-mark-carneys-liberals-means-for-europe-254775

MIL OSI – Global Reports –

April 29, 2025
MIL-OSI Global: The game change Canadian election: Mark Carney’s Liberals win a fourth consecutive election

Source: The Conversation – Canada – By Fiona MacDonald, Associate Professor, Political Science, University of Northern British Columbia

Canada’s 2025 federal election will be remembered as a game-changer. Liberal Leader Mark Carney pulled off a dramatic reversal of political fortunes after convincing voters he was the best candidate to fight annexation threats from United States President Donald Trump.

Only four months ago, Conservative Leader Pierre Poilievre had a 25-point lead in public opinion polls and a fairly secure path to victory.

Yet Poilievre’s lead soon vanished due to shifting voter sentiments defined less by the official campaign period and more by the months that preceded it. Justin Trudeau’s early January resignation announcement and Carney’s confirmation that he was officially in the Liberal leadership race dramatically changed the political landscape.

Read more:
After stunning comeback, centre-left Liberals likely to win majority of seats at Canadian election

Within a matter of weeks, Liberal support surged when Carney became party leader and Trump continued to make threats about Canada becoming a 51st American state — and to levy punishing on-again, off-again tariffs against the country.

The party went from being 20 percentage points behind the Conservatives to overtaking them, putting the party on track to secure its fourth consecutive victory. A shift described by longtime pollster Frank Graves as “unprecedented.”

Poilievre’s messaging

The emerging “Canada strong” and “elbows up” narratives, linked to the widespread anti-Trump sentiment, proved a major advantage for the Liberals, who made the most out of this political gift.

This shift, alongside Carney’s elimination of the carbon tax, left Poilievre on the back foot as his longstanding messaging on Trudeau and his “axe the tax” slogan became largely irrelevant.

Read more:
Who really killed Canada’s carbon tax? Friends and foes alike

The impact of these shifts in electoral fortunes extended beyond the two main parties. As the election became increasingly a two-party race between the Liberals and Conservatives, the smaller parties struggled for relevance.

Election campaign polling and early results indicated steep losses for the NDP, with Leader Jagmeet Singh’s own seat in Burnaby, B.C., under threat. This could be due to voters on the left responding to calls to vote strategically to prevent Conservative victories in various ridings.

The Bloc Québecois also lost ground, as did the Green Party of Canada and the People’s Party of Canada (PPC). Neither the Greens nor the PPC fielded full slates of candidates or participated in the leaders’ debates and therefore played comparatively limited roles in this election.

Advance voting in a gendered election

Another notable feature of this election was the record advance voting turnout, which surged to 7.3 million Canadians, up sharply from 5.8 million in 2021.

Early voting has now become a central part of party campaign strategy, with campaigns “getting out the vote” at every opportunity, not just on Election Day. This trend raises questions not only about whether overall turnout will rise, but also whether party platforms remain as influential given so many votes were cast before all parties released their platforms.

While many Canadians take in elections with a focus on party leaders and seat counts, there are other important ways to contemplate election outcomes in terms of inclusion and voice. What does this election tell us about gender and diversity representation in Canada’s Parliament?

This was a deeply gendered election. The major party leaders are all men, with the exception of Elizabeth May, the Green Party co-leader.

Preliminary candidate data showed a decrease in the number of women candidates compared to 2021.

The NDP nominated the highest proportion of women candidates — the majority of its candidates are women — and fielded the most diverse slate of candidates in terms of Indigenous people, Black people, racialized people and LGBTQ+ candidates. But the party’s dramatic losses mean these gains will not translate into more diverse representation in Parliament.

Furthermore, one of Carney’s first actions as prime minister was to eliminate the sex-balanced cabinet and to reduce the size of the cabinet. He eliminated the Ministry of Women and Gender Equality (WAGE) as well as ministerial portfolios focused on youth, official languages, diversity, inclusion, disability and seniors.

These decisions reverse previous efforts taken to institutionalize gender and diversity leadership in Canada’s Parliament.

Party platforms also reflected diverging approaches when it came to women. The Conservative platform only mentioned women four times, and three of those mentions were in the context of opposition to transgender rights.

Read more:
Pierre Poilievre’s ‘More Boots, Less Suits’ election strategy held little appeal to women

The role of young working-class men

Polling also revealed intersections of generation, gender and class are increasingly relevant. Like the last federal election, young working-class men are increasingly drawn to the Conservatives. This trend appears to be driven less by fiscal conservatism and more by concerns about rapid social change, a trend also observed in the 2024 American presidential election.

Many of these young men are expressing frustrations over housing affordability and job security, and what they view as the Liberal and NDP’s “woke culture,” which they view as eroding traditional values that have traditionally benefited men. In contrast, Canadian women of all ages continue to favour parties they view as more progressive — the Liberals and the NDP.

Theoretical explanations for this include young men feeling left behind by the Liberals, while the Conservatives have seemingly figured out a way to connect with them.

This may reflect campaign rhetoric about returning to traditional expectations and values around gender roles and men’s rights to well-paying jobs, an affordable home and taking care of their families.

Electoral reform needed?

In the aftermath of Carney’s victory, there are avenues through which current gaps in representation can be addressed. Organizations like the United Nations’ Inter-parliamentary Union and the Commonwealth Parliamentary Association, as well as gender and politics scholarship, propose various reforms to continue to strengthen diversity in Parliament.

These reforms are understood to be essential for enhancing the legitimacy, responsiveness and effectiveness of Canada’s parliamentary system. Research on gender-and diversity-sensitive parliaments consistently shows that when legislative bodies reflect the diversity of the societies they govern, they are more likely to produce policies that are equitable, inclusive and trusted by the public.

Overall, this Canadian election was characterized by transformative twists and turns that shed more light on important ongoing questions about representation and the potential need for democratic reform if Canadians want to avoid a two-party system.

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

– ref. The game change Canadian election: Mark Carney’s Liberals win a fourth consecutive election – https://theconversation.com/the-game-change-canadian-election-mark-carneys-liberals-win-a-fourth-consecutive-election-253721

MIL OSI – Global Reports –

April 29, 2025
MIL-OSI USA: Senator Markey Applauds GAO’s Report on the Environmental Impacts of Generative Artificial Intelligence

US Senate News:

Source: United States Senator for Massachusetts Ed Markey
Washington (April 28, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Commerce, Science, and Transportation Committee, applauds last week’s release of a report by the Government Accountability Office (GAO) titled Artificial Intelligence: Generative AI’s Environmental and Human Effects. The release of this report comes after Senators Markey and Gary Peters (D-Mich.) wrote to GAO requesting the agency conduct a detailed technology assessment of the potential harms, including environmental impacts, of generative artificial intelligence (AI) and how to mitigate them.
“There is a Dickensian quality to the use of AI when it comes to our environment: while there are many benefits, there are also many costs. This is why nearly two years ago, Senator Peters and I wrote to GAO to assess the potential challenges and risks AI poses. Last week’s GAO report confirms what we have known to be true: that for all its promise, AI comes with real costs to our climate and our communities. While these findings will help drive efforts to improve our understanding of AI energy and environmental impacts, I urge my colleagues to pass my Artificial Intelligence Environmental Impacts Act that would further investigate and measure these risks,” said Senator Markey.
The GAO report found that generative AI poses significant energy and environmental impacts, but there are information gaps which data collection and reporting could help address. The report identified five risks that AI may pose to society and highlighted policy considerations for lawmakers.
On February 1, 2024, Senators Markey and Martin Heinrich (D-N.M.) and Representatives Anna Eshoo (CA-16) and Don Beyer (VA-08) introduced the Artificial Intelligence Environmental Impacts Act of 2024, which would direct the National Institute of Standards and Technology to develop standards to measure and report the full range of AI environmental impacts, as well as create a voluntary framework for AI developers to report environmental impacts.

MIL OSI USA News –

April 29, 2025
MIL-OSI Economics: Business Leaders Call for Urgent Return to a Predictable Trading Environment Toronto, Canada | 29 April 2025 APEC Business Advisory Council

Source: APEC – Asia Pacific Economic Cooperation

Senior business leaders from around the APEC region expressed concern at the recent rapid shifts in the global trade and financial landscape during the second APEC Business Advisory Council (ABAC) Meeting of 2025.

ABAC members underscored that the region’s businesses were struggling to navigate the cascading effects of new tariffs, including disrupted supply chains, rising costs, eroding business confidence and destabilized financial markets. The April 2025 World Economic Outlook from the International Monetary Fund predicts that over the next two years, global GDP will be 0.8 percentage points lower than had been forecast in January 2025.

A highly uncertain operating environment undermines planning, investment and innovation. This constrains growth and our region’s ability to tackle serious challenges including climate change, ageing societies and digitalization.

Call for Leadership and Unity

ABAC is urging APEC Trade Ministers, who meet next month in Jeju, Korea, to make clear their commitment to APEC’s founding goals of free and open trade, and to the fundamental principles of the World Trade Organization (WTO).

ABAC believes that predictability and non-discrimination are key to restoring business confidence. ABAC is calling for all APEC economies to act in a way that is fully consistent with the WTO rulebook. Ministers should also work together to strengthen and reform the WTO, including restoring a fully functioning dispute settlement system.

APEC needs to accelerate progress on early deliverables under the Free Trade Area of the Asia Pacific agenda. Digital transformation would have a multiplier effect: key priorities include advancing digital trade interoperability, sustainable and responsible Artificial Intelligence (AI) and establishing a Centre of Excellence for Paperless Trade to build momentum towards universal digital trade facilitation.

ABAC is calling on APEC to do more to shore up the resilience of supply chains. An open and stable maritime order based on the rule of law is critical. So are policies that support resilient healthcare supply chains. For even greater health security in the context of an ageing population and other demographic shifts, we also need to get the right policy settings in place to unlock opportunities in innovative medical technologies like genomics and AI.

ABAC urges APEC to do much more to embrace the green economic transition, noting that this is now urgent. Key actions include closing critical financing gaps for the energy transition and establishing a Greener Trade Framework.

ABAC is also making a strong business case for dismantling structural impediments to full economic participation, citing compelling real-world studies on the business and broader economic benefits of closing gender pay gaps, improving access to venture capital for women entrepreneurs and helping small businesses to transition to the formal economy.

“We welcome the opportunity to discuss our concerns and collaborate on solutions at the upcoming APEC Ministers’ meeting in May,” said ABAC Chair H.S. Cho. “The choices made today will determine our region’s economic trajectory for generations to come.”

“Our message to APEC is clear: business is ready to lead, but we need Ministers to match our ambition with action. The future of our shared prosperity depends on it,” the ABAC Chair concluded.

The Chair thanked ABAC Canada for the excellent arrangements and for organizing important side events on digital technology. He expressed deep gratitude to the Canadian government for their strong support in hosting the meeting.

ABAC will reconvene in July in Hai Phong, Viet Nam, as it continues to finalize its recommendations to achieve APEC’s goals, for presentation to APEC Leaders during their meetings in October in Korea.

For further information, please contact:

Hyungkon Park (Mr), ABAC Executive Director 2025 at +82 2 6050 3686 and [email protected]

Antonio Basilio (Mr), Director of the ABAC Secretariat at +63 917 849 3351 and [email protected]

MIL OSI Economics –

April 29, 2025
MIL-OSI USA: Mfume Statement on Ranking Member Connolly Stepping Back from House Oversight Committee Leadership Duties Amid Cancer Update

Source: United States House of Representatives – Congressman Kweisi Mfume (MD-07)

BALTIMORE – Congressman Kweisi Mfume (MD-07) issued the following statement regarding Oversight and Government Reform Committee Ranking Member Gerry Connolly stepping down as the top Democrat on the committee after the return of his esophageal cancer.

“Congressman Gerry Connolly has been an esteemed leader and formidable voice on the Oversight Committee for 16 years thus far before he was ever elected to become its Ranking Member. Similarly, he has been a dynamic partner in our defense of federal workers from this Administration’s purge and a compelling ally in our overarching mission of making government more efficient, For the People,” said Congressman Kweisi Mfume. “Most of all, Gerry is my dear friend. My prayers remain with him, his family and loved ones during this trying time,” he concluded.

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MIL OSI USA News –

April 29, 2025
MIL-OSI USA: Bipartisan Klobuchar Bill to Protect Online Privacy and Combat Explicit Deepfakes Passes Congress
US Senate News:
Source: United States Senator for Minnesota Amy Klobuchar

The TAKE IT DOWN Act criminalizes the nonconsensual publication of explicit images, real and AI-generated, and requires websites to remove them

WASHINGTON – Today, U.S. Senators Amy Klobuchar (D-MN) and Ted Cruz (R-TX) announced that their bipartisan TAKE IT DOWN Act passed the House and is headed to the President’s desk to be signed into law. Representatives Maria Elvira Salazar (R-FL) and Madeleine Dean (D-PA) led the companion legislation that passed today.

The bill unanimously passed the Senate in February, and it includes the Klobuchar and Senator John Cornyn’s (R-TX) Stopping Harmful Image Exploitation and Limiting Distribution (SHIELD) Act, which addresses the online exploitation of explicit, private images and passed the Senate last July.

The TAKE IT DOWN Act would criminalize the publication of non-consensual intimate imagery (NCII), including AI-generated NCII, and require social media and similar websites to have in place procedures to remove such content within 48 hours of notice from a victim.

“We must provide victims of online abuse with the legal protections they need when intimate images are shared without their consent, especially now that deepfakes are creating horrifying new opportunities for abuse,” said Sen. Klobuchar. “These images can ruin lives and reputations, but now that our bipartisan legislation is becoming law, victims will be able to have this material removed from social media platforms and law enforcement can hold perpetrators accountable. ”

“The passage of the TAKE IT DOWN Act is a historic win in the fight to protect victims of revenge porn and deepfake abuse. This victory belongs first and foremost to the heroic survivors who shared their stories and the advocates who never gave up. By requiring social media companies to take down this abusive content quickly, we are sparing victims from repeated trauma and holding predators accountable,”said Sen. Cruz. “This day would not have been possible without the courage and perseverance of Elliston Berry, Francesca Mani, Breeze Liu, and Brandon Guffey, whose powerful voices drove this legislation forward. I am especially grateful to my colleagues—including Sen. Amy Klobuchar, Rep. Maria Salazar, Rep. Madeleine Dean, First Lady Melania Trump, and House Leadership—for locking arms in this critical mission to protect Americans from online exploitation.”

“The TAKE IT DOWN Act’s passage is a significant step forward in Congress’ responsibility to protect the privacy and dignity of Americans against bad actors and the most harmful developments of AI,” said Rep. Dean. “It takes only minutes to create a deepfake or share intimate images without consent, yet the lasting consequences devastate its victims — often girls and women. Our bill requires platforms to remove these horrifying images and videos from the Internet within 48 hours. I’m deeply grateful to work with Sen. Klobuchar, Sen. Cruz, and Rep. Salazar to create this bipartisan federal law.”

“The TAKE IT DOWN Act’s passage is a bipartisan victory to protect victims of real and deepfake revenge pornography,” said Rep. Salazar. “This bill shows Congress at its best, working together to empower victims, especially women and girls. It equally holds offenders and Big Tech accountable.”

The TAKE IT DOWN Act would protect and empower victims of real and deepfake NCII while respecting speech by:
- Criminalizing the publication of NCII in interstate commerce. The bill makes it unlawful for a person to knowingly publish, or threaten to publish, NCII on social media and other online platforms. NCII is defined to include realistic, computer-generated pornographic images and videos that depict identifiable, real people. The bill also clarifies that a victim consenting to the creation of an authentic image does not mean that the victim has consented to its publication.
- Protecting good-faith efforts to assist victims. The bill permits the good-faith disclosure of NCII, such as to law enforcement, in narrow cases.
- Requiring websites to take down NCII upon notice from the victim. Social media and other websites would be required to have in place procedures to remove NCII, pursuant to a valid request from a victim, within 48 hours. Websites must also make reasonable efforts to remove copies of the images. The FTC is charged with enforcement of this section.
- Protecting lawful speech. The bill is narrowly tailored to criminalize knowingly publishing NCII without chilling lawful speech. The bill conforms to current First Amendment jurisprudence by requiring that computer-generated NCII meet a “reasonable person” test for appearing indistinguishable from an authentic image.
The legislation is co-sponsored by Shelley Moore Capito (R-WV), Richard Blumenthal (D-CT), Bill Cassidy (R-LA), Cory Booker (D-NJ), John Barrasso (R-WY), Jacky Rosen (D-NV), Cynthia Lummis (R-WY), John Hickenlooper (D-CO), Ted Budd (R-NC), Marsha Blackburn (R-TN), Roger Wicker (R-MS), Todd Young (R-IN), John Curtis (R-UT), Tim Sheehy (R-MT), Raphael Warnock (D-GA), Martin Heinrich (D-NM), Gary Peters (D-MI), Adam Schiff (D-CA), Catherine Cortez Masto (D-NV), and Jeanne Shaheen (D-NH).

In 2024, at a Senate Judiciary Committee hearing titled “Big Tech and the Online Child Sexual Exploitation Crisis,” Senator Klobuchar was part of a hearing that questioned the CEO of Discord Inc., Jason Citron, the CEO of TikTok Inc., Shou Chew, the Co-founder and CEO of Snap Inc., Evan Spiegel, the CEO of X (formerly Twitter), Linda Yaccarino, and the Founder and CEO of Meta (formerly Facebook), Mark Zuckerberg, about their companies turning a blind eye when young children joined their platforms, the risk of sexual exploitation, using algorithms that push harmful content, and providing a venue for drug traffickers to sell deadly narcotics like fentanyl.

In 2017, Klobuchar and former Senators Richard Burr (R-NC) and Kamala Harris (D-CA), introduced the first version of this legislation, the bipartisan Ending Nonconsensual Online User Graphic Harassment (ENOUGH) Act.
MIL OSI USA News –
April 29, 2025
MIL-OSI USA: ICYMI: Tuberville Visits Redstone Arsenal, Alabama Truckers over Easter Recess

US Senate News:

Source: United States Senator Tommy Tuberville (Alabama)

WASHINGTON – Last week, U.S. Senator Tommy Tuberville (R-AL) made several stops while in Alabama over Easter recess.

FBI AT REDSTONE ARSENAL:

On Wednesday, Senator Tuberville joined U.S. Senator Katie Britt (R-AL) and FBI Director Kash Patel for a tour of the FBI facilities at Redstone Arsenal in Huntsville. Following the tour, the Senators joined Director Patel for a press conference.

“This is a big part of [Director Patel’s] puzzle here at Redstone Arsenal, and that is the reason we’re here today for him to see what he has inherited and will inherit in the future, because it’s going to continue to grow,” Tuberville said at the press conference.

ALABAMA TRUCKING ASSOCIATION:

On Friday, Senator Tuberville spoke at the Alabama Trucking Association Annual Convention. During his conversation with AL Trucking Association Board Chairman Joe Black, Senator Tuberville emphasized the critical role that the truckers play in supporting Alabama’s supply chain and economy.

MORE:

Yellowhammer: FBI Director commits to major expansion in Huntsville alongside Tuberville, Britt – Redstone Arsenal ‘one of the gems in the FBI crown jewel’

1819 News: FBI Director Patel says Redstone Arsenal to play key role in Bureau’s future with ‘more and more’ agents moving to Huntsville

WAFF: FBI Director Kash Patel, Alabama Senators speaking from Redstone Arsenal

AL Daily News: FBI director tours Redstone Arsenal with Britt, Tuberville as agency plans to bring more jobs

AL.com: ‘More and more’ FBI agents will come to Alabama, Kash Patel says on Redstone Arsenal tour

WHNT: ‘We’re going to put more people here’: FBI Director Kash Patel visits Redstone Arsenal

WAAY: FBI Director Kash Patel visits Redstone Arsenal

Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

MIL OSI USA News –

April 29, 2025
MIL-OSI USA: Agreement on FY 2026 State Budget
Source: US State of New York

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April 28, 2025

Albany, NY

Governor Kathy Hochul today announced an agreement has been reached with legislative leaders on key priorities in the Fiscal Year 2026 New York State Budget.

“I promised New Yorkers to fight like hell to put money back in their pockets and make our streets and subways safer. That’s exactly what this budget will do,” Governor Hochul said. “Working with our partners in the Legislature we’ve reached an agreement to pass a balanced, fiscally responsible budget. Good things take time, and this budget is going to make a real difference for New York families.”

Highlights of the Fiscal Year 2026 Budget include:

A $1 billion tax cut for middle-class and low-income New Yorkers, bringing tax rates to their lowest levels in nearly 70 years.

Delivering a sweeping increase to the Child Tax Credit by giving eligible families a $1,000 credit for kids younger than 4 years old and a $500 credit for kids ages 4-16, effectively doubling the credit for the average family

Expanding access to child care by investing $2.2 billion statewide, including a $350 million investment to save child care subsidies for tens of thousands of New York City families.

Sending New York’s first-ever Inflation Refund checks, which will dedicate $2 billion to provide direct cash assistance to more than 8 million New Yorkers with checks of up to $400 per family.

Reducing the Payroll Mobility Tax for small businesses, and eliminating it for self-employed individuals earning $150,000 or less.

Providing $340 million to ensure free breakfast and lunch for every K-12 student in New York, saving families an average of $1,600 per child.

Investing a record $357 million in gun violence prevention programs that have helped drive gun violence down by more than 50% when compared to pandemic-era peaks.

Fixing the discovery laws to support victims and survivors, and reduce the number of cases being thrown out on technicalities, while investing $120 million in funding for discovery law compliance for prosecutors and defense attorneys.

Creating a new Class B misdemeanor to crack down on individuals who use a mask to conceal their identity when committing a Class A misdemeanor or higher crime or fleeing the scene immediately after committing such a crime.

Making our subways safer by investing $77 million for police officers on every overnight subway train, installing platform barriers and LED lighting and allocating $25 million for welcome centers to connect homeless individuals with services and care.

Strengthening involuntary commitment, improving Kendra’s Law and investing $16.5 million in Assisted Outpatient Treatment and $2 million in OMH staffing to ensure people with severe mental illness get compassionate care.

Strengthening the continuum of mental health care by investing $160 million to create a 100 new forensic inpatient psychiatric beds in New York City.

“I promised New Yorkers to fight like hell to put money back in their pockets and make our streets and subways safer.”

Governor Kathy Hochul

Setting a statewide bell-to-bell distraction-free schools policy with a $13.5 million investment to help schools operationalize bans on smart phone and other internet enabled devices usage during the school day, making New York the largest state in the nation with a bell-to-bell ban.

Investing $47 million to make community college free for adult students pursuing associate degrees in certain high-demand industries.

Leveling the playing field for homebuyers by banning private equity purchases within the first 90 days a home is on the market and making investments in Pro-Housing Communities and City of Yes.

Making a record $1 billion investment in climate priorities, including assistance to electrify homes, thermal energy networks, EV charging infrastructure and renewable energy projects.

Making the biggest capital investment in New York’s transportation history by fully funding the Metropolitan Transportation Authority’s (MTA’s) proposed $68.4 billion 2025-2029 capital plan to build the Interborough Express, crack down on fare evasion and focus on much needed repairs and upgrades.

Investing an additional $800 million in the Department of Transportation’s 5-year Capital Plan to support core highway and bridge construction projects.

Modernizing the Hudson Valley Rail System to reduce travel time, increase connectivity and strengthen economic connections across the region.

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With a conceptual agreement in place, the legislative houses are expected to pass bills that will enact these priorities in the coming days. Based on a preliminary assessment of the negotiated changes to the Executive proposal, the total Budget for FY 2026 is currently estimated at $254 billion. The FY 2026 Budget does not raise income or statewide business taxes, maintains record State reserves to safeguard state finances and grants the Governor the powers necessary to make future adjustments if actions by the federal government require.
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MIL OSI USA News –
April 29, 2025
MIL-OSI USA: Cornyn Statement on New Agreement with Mexico to Secure Water for South Texas

US Senate News:

Source: United States Senator for Texas John Cornyn
WASHINGTON – U.S. Senator John Cornyn (R-TX) released the following statement after Agriculture Secretary Brooke Rollins and Deputy Secretary of State Christopher Landau announced they have brokered a new agreement on the Treaty Relating to the Utilization of Waters of the Colorado and Tijuana Rivers and of the Rio Grande that secures water for farmers and ranchers in Texas:
“South Texas has been devastated by Mexico’s repeated refusal to deliver the water it has owed the United States for far too long, and I commend the Trump administration for securing this critical deal for Mexico to finally send water to the region.”
“This new agreement will bring substantial amounts of acre-feet of water to the U.S., and I thank President Trump, Secretary Rubio, Secretary Rollins, and Deputy Secretary Landau for their leadership after years of the Biden administration sitting on its hands and letting Texans suffer.”
“I will continue working alongside President Trump and his administration to push Mexico for consistent, annual deliveries to live up to its obligations under the 1944 Water Treaty and ensure our South Texas agriculture community has the resources needed to thrive.”
Background:
Sen. Cornyn has led the charge in Congress to boost Texas’ water supply and ensure Mexico fulfills its treaty obligations to provide annual deliveries of water to South Texas farmers and ranchers. He partnered with U.S. Secretary of Agriculture Brooke Rollins to successfully secure more than $280 million in emergency assistance for Rio Grande Valley farmers and producers affected by the water shortage and led a request earlier this year to U.S. Secretary of State Marco Rubio asking for renewed efforts to push Mexico to comply with the 1944 Water Treaty while also securing Secretary Rubio’s commitment to hold Mexico accountable for delays.
Last year, Sens. Cornyn and Cruz raised alarms after a Rio Grande sugarcane mill closed due to acute water shortages, cosponsored a resolution supporting diplomacy, and sent a letter to then-U.S. Secretary of State Blinken urging the Department to engage on Mexico’s violation of the intent of the treaty. Senator Cornyn also led a letter to the Chairmen and Ranking Members of the House and Senate Appropriations Subcommittees on State and Foreign Operations urging them to withhold designated funds from Mexico until they enter into an agreement with the U.S. to balance the deficit of the water deliveries, which the House Appropriations Committee included in their funding bill.
Under the Treaty Relating to the Utilization of Waters of the Colorado and Tijuana Rivers and of the Rio Grande, Mexico is obligated to deliver an average of 350,000-acre feet of water annually over a five-year cycle as its contribution to the Rio Grande’s water supply. However, Mexico has consistently delayed fulfilling its water obligation until the end of the five-year cycle, which hinders South Texas farmers’ ability to plan for and grow crops as well as ranchers’ ability to provide water to livestock. The current cycle ends in October and so far, Mexico has paid less than 500,000 acre-feet of water—about a quarter of what it owes, according to IBWC data.

MIL OSI USA News –

April 29, 2025
MIL-OSI USA: Statement by Jules W. Hurst III, Performing the Duties of the Under Secretary of Defense for Personnel and Readiness on the Review of Medical Conditions Disqualifying for Accession Into the Military Memorandum

Source: United States Department of Defense

The Office of the Undersecretary of Defense for Personnel and Readiness will identify any medical conditions that should be ineligible for a medical accession waiver and identify any medical conditions for which a medical accession waiver may only be granted by the secretary of a military department.

MIL OSI USA News –

April 29, 2025
MIL-OSI USA: Hoyer Statement on Rep. Gerry Connolly

Source: United States House of Representatives – Congressman Steny H Hoyer (MD-05)

WASHINGTON, DC — Congressman Steny H. Hoyer (MD-05) issued the following statement after Congressman Gerry Connolly (VA-11) announced that he will not run for re-election in 2026:

“From standing up for his constituents in Virginia’s Eleventh Congressional District to battling his cancer diagnosis, my dear friend Rep. Gerry Connolly has always been a fighter. I am deeply saddened to hear that his cancer has returned and that his extraordinary service in the House of Representatives will conclude at the end of the 119th Congress. I know that he will continue to fight his illness with the same courage, grit, and perseverance with which he tackles every challenge.

“Serving alongside Gerry these past 16 years has been a great privilege. One of Maryland’s neighbors across the Potomac, Gerry and I have worked together on numerous issues facing our region and our people. We have stood up for our federal workers, ensuring they receive the pay, benefits, fair treatment, and respect they deserve. That mission has never been more important than it is today, with the Trump Administration orchestrating an illegal purge of these patriots and trying to dismantle the vital services they provide to the American people every day. Throughout his time in Congress, Gerry has also been a crucial member and leader of the House Oversight Committee. He has held both Republican and Democratic administrations accountable and helped get Americans the answers they deserve.

“I also admire Gerry’s efforts to strengthen our NATO alliance, including as President of the alliance’s Parliamentary Assembly. I have been proud to work with him to reaffirm America’s commitment to our mutual defense obligations under Article V and to countering Russian aggression in Ukraine and beyond.

“Gerry has earned the love and respect of so many here on Capitol Hill. I will miss his honesty, leadership, intellect, humor, and – crucially – his character. His departure at the end of the 119th will be a great loss for our Congress and country.”

MIL OSI USA News –

April 29, 2025
MIL-OSI USA: TOMORROW: Governor Newsom to announce first-in-the-nation government efficiency efforts

Source: US State of California Governor

Apr 28, 2025

LOS ANGELES COUNTY — Governor Gavin Newsom will make an announcement regarding the state’s use of AI and other technologies to improve government efficiency and engagement.

WHEN: Tuesday, April 29 at approximately 11 a.m.

LIVESTREAM: Governor’s Twitter page, Governor’s Facebook page, and the Governor’s YouTube page. This event will also be available to TV stations on the LiveU Matrix under “California Governor.”

**NOTE: This in-person press event will be open to credentialed media only. Media interested in attending must RSVP by clicking here no later than 9 a.m., April 29. Location information will be provided upon confirmation.

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Apr 25, 2025

News What you need to know: DOGE is ramping up its work to dismantle AmeriCorps. California will sue to stop it. SACRAMENTO – Governor Gavin Newsom today issued the following statement after California received notice from the federal government of termination of its…

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MIL OSI USA News –

April 29, 2025

Category: Americas

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Electoral reform needed?

Trade as a strategic anchor

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Transatlantic defence co-operation

Poilievre’s messaging

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The role of young working-class men

Electoral reform needed?

Trade as a strategic anchor

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The role of young working-class men

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