NewzIntel.com

Category: Canada

  • MIL-OSI Security: Whitbourne — Update: More than 7 million contraband cigarettes seized from overturned tractor trailer

    Source: Royal Canadian Mounted Police

    More than 7 million contraband cigarettes were seized by Whitbourne RCMP in response to an overturned tractor trailer that occurred earlier this week on Route 202.

    Following extensive efforts to retrieve the contraband tobacco that was located after RCMP executed a search warrant on the truck and trailer, officers were able to determine the quantity of contraband tobacco to contain more than 7,423,000 cigarettes. Additionally, a case of pre-rolled illicit cannabis was located and seized.

    This quantity of contraband tobacco represents a loss of more than $2.4 million that could have been used to help support many provincial government services throughout Newfoundland and Labrador.

    The investigation is continuing. A 53-year-old Ontario man faces charges under the Excise Act 2001, and is under investigation for charges under the Revenue and Administration Act and Cannabis Act.

    Background:

    https://www.rcmp-grc.gc.ca/en/news/2025/whitbourne-rcmp-responds-tractor-trailer-crash-route-202-trailer-full-contraband

    MIL Security OSI –

  • MIL-OSI Global: Rising Canadian patriotism is a chance to rethink who gets to belong here

    Source: The Conversation – Canada – By Alpha Abebe, Associate Professor, Faculty of Humanities, McMaster University

    Some Canadians are pushing back against recent threats from the United States government to Canada’s s sovereignty and economic stability with the rallying cry “Elbows up!”

    Borrowed from hockey, the phrase charges Canadians to raise one’s elbows in preparation to fight back.



    Read more:
    Elbows up, Canada: Musical responses to Trump’s Canada threats

    In another gesture towards Canadian national solidarity, the iconic 2000 “I am Canadian” beer ad was recently revived by the ad’s original actor, Jeff Douglas.

    The video, We Are Canadian,, includes familiar Canadian symbols from hockey games to peacekeeping missions and Canadian flags. As others have observed, these trends are emblematic of a dramatic spike in Canadian patriotism.

    The desire to rally behind symbols of unity is understandable in precarious times. However, it is also a good time to consider who and what is being obscured behind this version of Canadian patriotism.

    As the U.S. institutes increasingly racist, xenophobic and authoritarian policies, this moment may be just the warning Canadians need to imagine a more just, grounded country. Which direction we walk will depend on some important considerations.

    ‘We Are Canadian’ by Canadian actor Jeff Douglas.

    Canada is constantly changing

    As a scholar of migration and diasporas, I take note of changes to the Canadian population.

    It’s grown significantly more diverse in recent years. But dominant discourse about Canadian nationalism often flattens these realities, invoking multiculturalism while failing to engage with deeper histories and contemporary realities.

    For example, Black diasporas are one of the fastest-growing segments in Canada. And almost 25 per cent of people in Canada are immigrants.

    The racialized population in Canada accounts for about 26 per cent of residents, about double the number recorded in 2001. According to most projections, half the Canadian population will be made up of immigrants and their Canadian-born children by 2041.

    These shifts reflect long-term immigration reforms, especially those beginning in the 1960s, when the federal government moved away from “White Canada” policies that explicitly excluded non-European immigrants.

    Today, many people in Canada — Indigenous, immigrant, Canadian-born — maintain complex relationships to settler colonialism, as well as multiple homelands, cultures and histories.

    Yet popular narratives of “Canadianness” can be narrow and out of step with the experiences of diverse segments of the population. Scholars Lloyd L. Wong and Martine Dennie point out that the idea of Canada as a “hockey nation” is sometimes contested by communities marginalized by the sport’s ties to anglo male dominance.

    In their book Unsettling the Great White North: Black Canadian History, historians Michelle A. Johnson and Funké Aladejebi argue that the Canadian narrative reflects a historical and ongoing systematic erasure of Blackness.

    Youth discomfort with nationalism

    In my teaching and academic leadership roles, I engage with young people and aim to centre their voices in reimagining our institutions and communities. Through this work, I have the privilege of listening as young people reflect on their perceptions of Canada and desires for its future.

    Many of my students express discomfort with unabashed nationalism, identifying instead with their local and regional cultures, and gravitating towards abolitionist ideals such as demilitarized borders and migrant solidarity.

    The ongoing work of truth and reconciliation

    There is also a growing desire among the young people I teach to reconcile their profound lack of formal education in Indigenous histories, ideas and issues.

    Even in our resistance to external threats, we must remain committed to addressing the internal legacies of colonial violence, as outlined by the Truth and Reconciliation Commission (TRC) and its framework for healing.

    The TRC provides a road map for the critical work of bridging gaps between Indigenous and non-Indigenous communities, as led by Indigenous leaders and organizations.

    The recently published book Deyohahá:ge: Sharing the River of Life features chapters written by members of Six Nations as well as non-Indigenous neighbours, indicating a need for dialogue. The book reflects on the Two Row Wampum Agreement and how these agreements might restore good relations today.

    In another example, Black Canadian artist Jully Black altered the Canadian national anthem to acknowledge our colonial history, singing “our home on native land,” instead of our home and native land during the 2023 NBA All-Star Game. Her performance generated critical conversations about Canada’s national narrative.

    Scapegoating

    Part of the Canadian identity story is about being a welcoming nation. But Canadians have long scapegoated newcomers as being to blame for a host of issues.

    We see this play out in immigration policy and political discourse. For example, the Liberal government’s recent cuts to immigration levels was framed as a response to housing and economic pressures.

    The Conservative Party has also portrayed immigrants as burdens on housing and infrastructure while stoking fears about “criminal” and “bogus” migrants.

    Similarly, in the final stretch of his 2015 campaign, Prime Minister Stephen Harper’s government leaned into xenophobic rhetoric, most notably with the promise to establish a “barbaric cultural practices” hot line which was being positioned as a defence of “Canadian values.”

    Fresh perspectives on Canadian identity

    Canada is often criticized for having a weak or reactive national narrative defined more by what it is not (the United States) that by what it is.

    But distancing ourselves from American crises doesn’t excuse us from confronting our own contradictions. This moment of heightened patriotism demands more than just symbolic unity.

    My students increasingly challenge shallow notions of multiculturalism, pushing instead for structural change that is material, not just rhetorical.

    Their critiques reflect wider public conversations: youth-led panels, academic research and lived experiences that question the limits of inclusion without equity. They are asking: Who benefits from these patriotic myths? Who gets erased?

    To move forward, Canada must build a collective story rooted in truth — not just selective nostalgia. One that honours Indigenous sovereignty, confronts contemporary inequities and reflects the rich diversity of its people. Only then can we begin to imagine a future Canada worth rallying behind.

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

    – ref. Rising Canadian patriotism is a chance to rethink who gets to belong here – https://theconversation.com/rising-canadian-patriotism-is-a-chance-to-rethink-who-gets-to-belong-here-252482

    MIL OSI – Global Reports –

  • MIL-OSI Security: Man from Dominican Republic sentenced for transporting illegal aliens

    Source: Office of United States Attorneys

    BUFFALO, N.Y.-U.S. Attorney Michael DiGiacomo announced today that Luis Davis German Soriano, 32, a citizen of the Dominican Republic, who was convicted of transporting illegal aliens, was sentenced to time served (approximately 15 months) by U.S. District Judge Lawrence J. Vilardo. Soriano was then turned over to Immigration and Customs Enforcement. 

    Assistant U.S. Attorney Maeve E. Huggins, who is handling the case, stated that on January 3, 2024, Soriano aided co-defendant Silvestre German Andujar, an alien, in transporting three other individuals, who were not citizens or nationals of the United States. Soriano drove from New Jersey to an agreed upon location in Youngstown, NY, to pick-up Andujar and the others, who had traveled on a motorized raft vessel on the Niagara River from Niagara on the Lake, Ontario, Canada. Andujar piloted the vessel across the United States-Canada border. U.S. Border Patrol Agents responded to the area as Andujar and the others got off the vessel, prompting them to flee. Simultaneously, law enforcement observed Soriano’s vehicle driving in the area near the vessel’s landing spot on the shoreline. Officers conducted a traffic stop. Soriano provided conflicting information as to the purpose of his travel but was released by officers. He then drove back to the pick-up location and picked up Andujar and the others inside the van.

    Subsequently, on January 4, 2024, U.S. Border Patrol Agents parked on the Niagara Scenic Parkway in Youngstown, NY, observed Soriano driving his vehicle with Andujar and the others inside. Agents stopped the vehicle in Ransomville, NY, at which time Soriano and the others were arrested and official immigration records checks were conducted.

    Silvestre German Andujar was previously convicted and is awaiting sentencing.

    The sentencing is the result of an investigation by Homeland Security Investigations, under the direction of Special Agent-in-Charge Erin Keegan, U.S. Border Patrol, under the direction of Patrol Agent in Charge Martin B. Coombs, and the Lewiston Police Department, under the direction of Chief Frank Previte.

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    MIL Security OSI –

  • MIL-OSI Security: Clarenville — Guilty plea entered on charges laid by Clarenville RCMP in 2024 double fatal crash on TCH near Arnold’s Cove

    Source: Royal Canadian Mounted Police

    At a court appearance held on April 17, 2025, in Clarenville, 72-year-old Austin Deir of Mt. Pearl entered a guilty plea to two counts of dangerous operation causing death. These charges were laid by Clarenville RCMP in relation to a fatal collision that occurred on the Trans-Canada Highway on January 21, 2024. Two women, both aged 22 years, died as a result of the collision.

    Sentencing for the convictions of dangerous operation causing death has been set for October 31, 2025.

    Background:

    Clarenville RCMP investigates fatal collision on TCH near Arnold’s Cove, impaired driving investigation underway | Royal Canadian Mounted Police (rcmp-grc.gc.ca)

    Clarenville RCMP reports second fatality as a result of collision on TCH near Arnold’s Cove; investigation continues | Royal Canadian Mounted Police (rcmp-grc.gc.ca)

    Update: Blood sample of driver involved in double fatal collision on TCH near Arnold’s Cove processed by RCMP Forensic Assessment Centre | Royal Canadian Mounted Police (rcmp-grc.gc.ca)

    MIL Security OSI –

  • MIL-OSI USA: NIST’s Curved Neutron Beams Could Deliver Benefits Straight to Industry

    Source: US Government research organizations

    When an ordinary beam of neutrons strikes the team’s silicon grating, the millions of scored lines on the grating convert the neutrons into an Airy beam, whose wavefront travels along a parabolic path. The triangular shapes on the detector match the predicted behavior of an Airy beam, offering evidence of the team’s success.

    Credit: N. Hanacek/NIST

    In a physics first, a team including scientists from the National Institute of Standards and Technology (NIST) has created a way to make beams of neutrons travel in curves. These Airy beams (named for English scientist George Airy), which the team created using a custom-built device, could enhance neutrons’ ability to reveal useful information about materials ranging from pharmaceuticals to perfumes to pesticides — in part because the beams can bend around obstacles. 

    “We’ve known about these strange, self-steering wave patterns for a while, but until now, no one had ever made them with neutrons,” said NIST’s Michael Huber, one of the paper’s authors. “This opens up a whole new way to control neutron beams, which could help us see inside materials or explore some big questions in physics.” 

    A paper announcing the findings appears in today’s issue of Physical Review Letters. The team was led by the University of Buffalo’s Dusan Sarenac, and coauthors from the Institute for Quantum Computing (IQC) at the University of Waterloo in Canada built the custom device that helped create the Airy beam. The team also includes scientists from the University of Maryland, Oak Ridge National Laboratory, Switzerland’s Paul Scherrer Institut, and Germany’s Jülich Center for Neutron Science at Heinz Maier-Leibnitz Zentrum. 

    In addition to following parabola-shaped paths, Airy beams behave in other ways that can defy intuition. Unlike a typical flashlight beam, they do not spread out as they travel. They even have the capability of “self-healing,” meaning that if an obstacle blocks part of the beam, the rest of the beam regenerates its original shape after passing the obstacle.

    While other research teams have created Airy beams out of other particles — such as photons or electrons — wrangling neutrons into Airy beams is more difficult. Lenses are powerless to bend them, and because neutrons have no charge, electric fields do not affect them. The team needed a new approach.

    So the researchers custom-built a diffraction grating array — a square of silicon about the size of a pencil eraser’s head and scored with tiny lines. These lines, arranged into more than six million squares one micrometer across and separated at precise distances from one another, can split an ordinary beam of neutrons into an Airy beam. 

    While the idea of scratching up a piece of silicon is simple in principle, figuring out just how to arrange the scratches to produce the Airy beam was anything but. 

    “It took us years of work to figure out the correct dimensions for the array,” said coauthor Dmitry Pushin, IQC faculty and professor at the University of Waterloo. “We only needed about 48 hours to carve the grating at the University of Waterloo’s nanofabrication facility, but before that it took years of a postdoctoral fellow’s time to prepare.”

    Neutron Airy beams could help neutron imaging facilities see better, Huber said. They would help increase the resolution of a scan or create different focal spots to look more closely at particular parts of objects, improving commonly used imaging techniques such as neutron scattering and neutron diffraction. 

    One of the most tantalizing possibilities, Huber said, would be to find ways to combine a neutron Airy beam with another type of neutron beam.

    “We think combining neutron beams could expand the Airy beams’ usefulness,” said Sarenac. “If someone wants Airy beams tailored for some physics or material application, they can tweak our techniques and get them.”

    For example, scientists might combine a neutron Airy beam with a helical wave of neutrons, which the team learned to create a decade ago. Superimposing the two beams would allow scientists to explore a material’s chirality — a characteristic often described as “handedness,” where a molecule has two mirror-image forms that can have dramatically different properties.

    A better way to explore and characterize chirality could facilitate the development of chiral molecules with specific properties and functions, potentially revolutionizing industries such as pharmaceuticals, materials science and chemical manufacturing. The global market for chiral drugs, for example, exceeds $200 billion annually, and chiral catalysis techniques underpin the manufacture of many chemical products. 

    Chirality is also growing in importance for quantum computing and other cutting-edge electronic applications such as spintronics. 

    “A material’s chirality can influence how electrons spin, and we could use spin-polarized electrons for information storage and processing,” Huber said. “Controlling it could also help us manipulate the qubits that form the building blocks of quantum computers. Neutron Airy beams could help us explore materials with these capabilities far more effectively.”

    Paper: D. Sarenac, O. Lailey, M.E. Henderson, H. Ekinci, C.W. Clark, D.G. Cory, L. DeBeer-Schmitt, M.G. Huber, J.S. White, K. Zhernenkov, and D.A. Pushin. Generation of Airy Neutron Beams. Physical Review Letters. Published online April 17, 2025. DOI: 10.1103/PhysRevLett.134.153401.

    MIL OSI USA News –

  • MIL-OSI USA: Magaziner Leads Roundtable on Impact of Trump Tariffs on Rhode Islanders

    Source: US Representative Seth Magaziner (RI-02)

    CRANSTON, RI — Today, U.S. Representative Seth Magaziner (RI-02) hosted a roundtable discussion with representatives of the construction, hospitality, health care and manufacturing sectors in Rhode Island to address the negative impact of President Trump’s recent tariffs on workers, consumers and small businesses.

    “Presient Trump’s tariffs are the largest tax increase on the Middle Class in decades,” said Magaziner. “Tariff rates now are the highest that we have had since before the Great Depression.”

    View full video remarks from all speakers during today’s press conference here.

    View or download photos from today’s full roundtable discussion here.

    Speakers included:

    • Justin Kelley, Director of Organizing and Strategic Planning for the Rhode Island Building & Construction Trades Council, who spoke about the risk of construction projects being cancelled or scaled back due to tariffs imposed on building materials.
    • Ryan Moot, Manager of Business Development and Government Affairs, Rhode Island Hospitality Association, who spoke on the impact tariffs would have on local restaurants due to rising food costs and decreased tourism.
    • Lauryn T. Estrella, Executive Director, Home Medical Equipment and Services Association of New England (HOMES), who spoke about how the tariffs will make durable medical equipment more expensive and harder for patients to access.
    • Darryl Lindie, Owner of AA Sign & Awning in Warwick, who spoke about the impact to project-based small businesses.

    BACKGROUND

    The roundtable comes less than two weeks after President Trump’s unprecedented and chaotic tariff rollout on over 90 countries. A 10 percent tariff tax remains on goods from most countries, with significantly higher tariffs on many goods from China, Mexico and Canada.. Trump’s erratic tariff policy has resulted in continued sharp changes in the stock market, fueling economic uncertainty for consumer prices and businesses. 

    The group discussed how tariffs affect the cost of construction and housing materials, increase prices on medical devices that raise healthcare costs, impact Rhode Island’s vital tourism and travel industry, and make it difficult for Rhode Island small businesses to manage the cost of their inputs. 

    MIL OSI USA News –

  • MIL-OSI Canada: Budget Commitments Include Targeted Investments for Safer Communities

    Source: Government of Canada regional news

    Released on April 17, 2025

    The Government of Saskatchewan is reinforcing its commitment to delivering safer communities and neighbourhoods through new and continued investments in the 2025-26 Budget. This includes $665 million for the Ministry of Corrections, Policing and Public Safety; $271 million for the Ministry of Justice and Attorney General; $118.9 million for the Saskatchewan Public Safety Agency (SPSA); and $9.1 million for the Saskatchewan Firearms Office (SFO). 

    “Public safety continues to be a top priority for our government, which is reflected through investments in Budget 2025-26,” Minister of Corrections, Policing and Public Safety and Justice and Attorney General Tim McLeod said. “Investments in policing, border security initiatives, reintegration supports for offenders and measures to address gangs, illegal drugs and weapons will help create safer communities for everyone in Saskatchewan.” 

    In 2024-25 and 2025-26, the Government of Saskatchewan invested $2 billion in public safety. This includes an increase of $28.4 million, totaling $699.4 million over two years, to support policing and community safety in the province and over $518 million over two years to enhance access to justice services.

    Investing in the protection of people and property 

    This year, the budget includes $261 million to fund RCMP operations in the province, including $23.7 million for the First Nations Policing Program. 

    The 2025-26 Budget also includes funding to continue public safety commitments that were announced last fall. These include $6 million as part of the $11.9 million commitment to hire approximately 100 new municipal police officers; $2.7 million to hire 14 new Safer Communities and Neighbourhoods personnel to reduce crime by targeting nuisance properties; and $1.6 million for the Saskatchewan Police College, as part of the government’s three-year commitment to train more officers in the province. 

    An additional $3.6 million will be invested to hire 50 new officers under the Saskatchewan Marshals Service (SMS), which is expected to become operational in the coming months – a full year ahead of schedule. The SMS will focus on provincial policing priorities, including gangs, illegal weapons and drugs, along with apprehending prolific, high-risk offenders and wanted individuals who pose a public safety risk.

    The 2025-26 Budget includes a targeted investment of $1.5 million to enhance roadway patrols, border security initiatives and other public safety priorities, including investments for six weigh-scale operators to conduct commercial vehicle inspections and seven prisoner transport deputy sheriffs to increase their capacity for prisoner transport, allowing more RCMP officers to focus on addressing frontline calls for service.

    This enhanced law enforcement presence extends to Saskatchewan’s border with the United States. To enhance security and safety at the border, the government introduced the Saskatchewan Border Security Plan in January 2025 to mobilize Provincial Protective Services officers to work in partnership with provincial policing services and federal agencies to boost law enforcement’s presence near the border.

    Investing in a more accessible court system

    The 2025-26 Budget provides funding to create a more accessible court system, support the enforcement of municipal bylaw offences and enhance prosecution services. This year’s budget also supports initiatives that reduce the amount of time police need to spend in court, which will allow them to spend more time delivering core policing duties in their communities. 

    Major investments in the 2025-26 Justice and Attorney General budget include $665,000 to support the expansion of traffic safety courts; a commitment of $447,000 for the development of municipal bylaw court hubs which will streamline and improve municipal bylaw enforcement; and investing $822,000 in Public Prosecutions to accommodate the introduction of body-worn cameras by the RCMP and the expansion of body-worn camera use by the Saskatoon Police Service.

    This year’s budget will continue to invest in the Court Modernization Project, providing $3.38 million for ongoing enhancements such as modernized courtroom technology and infrastructure and the continued implementation of the Judicial Scheduling, Tracking and Amalgamated Reporting system. 

    “Over the last two years we have improved police accountability, built community partnerships and invested in courtroom modernization,” McLeod said. “Our government is following through on our ongoing commitment to increase access to justice services across the province for the benefit of all Saskatchewan individuals, families and communities.” 

    Improving safety for correctional staff, offenders and the public

    To improve overall safety for correctional staff, offenders and the public, and to address capacity concerns at correctional facilities, this year’s budget provides $11.7 million to the Ministry of Corrections, Policing and Public Safety to support the opening of the new Saskatoon Correctional Centre expansion. 

    It includes investments to expand the capacity for women in the correctional system, as well as increasing funding to the Elizabeth Fry Society of Saskatchewan as it works to successfully reintegrate female offenders back into their communities. 

    This year’s budget also includes $1.1 million for the Electronic Monitoring Program to increase the real-time monitoring of offenders in the community.

    Investing in interpersonal violence programs and services 

    In 2025-26, government will invest $31.7 million for interpersonal violence programs and services through the justice system. This includes $328,000 for second-stage housing and an additional $720,000 for community-based organizations, including those that deliver supports and services to individuals and families impacted by interpersonal violence and abuse. 

    The 2025-26 Budget includes funding to allow the SPSA to continue its four-year plan to purchase four repurposed airtankers for use in fighting wildfires and other emergency services.

    The budget provides $9.1 million in funding for the SFO this year, including $569,000 to support the Saskatchewan Ballistics Laboratory, which is set to open this fall. The ballistics laboratory will play a vital role in supporting firearms-related criminal investigations and help reduce the impact of illegal firearms and gun violence in the province. 

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI Economics: Biotech IPOs surge 68.4% YoY to $8.52 billion in 2024 amid public market recovery, reveals GlobalData

    Source: GlobalData

    Biotech IPOs surge 68.4% YoY to $8.52 billion in 2024 amid public market recovery, reveals GlobalData

    Posted in Business Fundamentals

    Biopharmaceutical initial public offerings (IPOs) saw an upturn in 2024, with 50 completed IPOs raising $8.52 billion, a 68.4% increase from the $5.06 billion raised in 2023 and marking the highest total IPO value raised since 2021. This rebound, driven by US Federal Reserve interest rate cuts, marks the highest total since 2021. While cautious, investors are showing increased interest in companies with strong clinical data, signaling a recovery in the public markets and a shift toward more advanced-stage biopharmaceuticals, says GlobalData, a leading data and analytics company.

    According to GlobalData’s Pharmaceutical Intelligence Center Deals Database, completed IPOs that raised more than $100 million almost doubled, from $4.39 billion across 15 IPOs in 2023 to $7.88 billion across 24 IPOs in 2024.

    Alison Labya, Business Fundamentals Analyst at GlobalData, comments: “The increase in the number of high-value IPOs in 2024 suggests that while public investors remain selective, increased capital availability due to interest rate cuts has facilitated investments in biopharmaceutical companies with a strong value proposition.”

    The largest biopharmaceutical IPO completed in 2024 was Switzerland-based dermatology company Galderma, which raised $2.48 billion. Galderma’s IPO followed a planned IPO in February 2022 that did not close, as well as Galderma postponing its IPO in March 2023 amid market volatility.

    Labya adds: “Despite the overall increase in IPO value raised, discovery and preclinical-stage companies saw a four-fold drop in total IPO value from $490.6 million in 2023 to $112.5 million in 2024, indicating a shift in public investor preference towards more advanced stage companies.”

    However, IPO activity could be dampened by an anticipated increase in private biopharmaceutical M&A in 2025 as companies seek to refill their pipelines ahead of upcoming patent expirations.

    Labya concludes: “The US President Donald Trump’s administration has introduced uncertainty to the biopharmaceutical industry across healthcare policies, drug pricing reforms, and regulatory frameworks, all of which could impact investor confidence. Additionally, Trump’s recent tariff announcement on imports from Canada, Mexico, and China has led to increased market volatility, potentially delaying IPOs as investors await the countries’ responses to the tariffs.”

    Note: Includes all completed IPO deals for companies headquartered globally from 2020–2025 YTD. Includes deals where deal values are disclosed in the public domain.

    MIL OSI Economics –

  • MIL-OSI Global: Price discrimination is getting smarter — and low-income consumers are paying the price

    Source: The Conversation – Canada – By Raymond A. Patterson, Professor, Area Chair, Business Technology Management, Haskayne School of Business, University of Calgary

    For customers who don’t have the freedom to choose where they shop, technological advancements — particularly artificial intelligence (AI) and intrusive personal data collection — are making price discrimination, inflation and lower-quality goods increasingly likely. Vulnerable consumers are most at risk.

    Flexibility-based price discrimination allows companies to charge different people different prices for the same produce or service, based on how easily they can walk away.

    When consumers can easily find better deals elsewhere, they hold the power. However, AI tools are allowing sellers to become increasingly adept at uncovering how much flexiblity their consumers have. This practice raises serious ethical concerns.

    Dynamic pricing allows companies to take advantage of customers who can’t easily go elsewhere.

    Dollar stores, for example, often serve low-income communities in smaller markets. When these retailers realize their customers have limited alternatives, they are less inclined to keep prices low. Product quality can decline as well.

    Economic impacts of price discrimination

    In our recent study, we examined how flexibility-based price discrimination affects a seller’s profitability in a competitive market, and demonstrated how consumer welfare is affected. Using economic modelling, we studied how price discrimination can impact consumers from different socioeconomic backgrounds.

    We found that companies don’t just raise prices when customers aren’t able to easily switch to a competitor — for low-income consumers they also reduce product quality as well. This double blow hits low-income consumers hard. As technology improves, the gap between high- and low-income consumers grows wider.

    Our findings show that companies that take advantage of consumer inflexibility are likely to prosper, often at the expense of those with the least power to choose.

    The same thing happens with provincial trade barriers and tariffs. Product quality, price and income are known to be intertwined, with higher income countries receiving higher quality goods. When consumers’ ability to find the best possible deal is limited, companies will exploit that lack of choice, as is implied by our study.

    When retailers realize their customers have limited alternatives, they are less inclined to keep prices low.
    (Shutterstock)

    Inflexible consumers with lower incomes suffer more from price discrimination than high-income consumers in the same situation. Any barriers that reduces consumer flexibility disproportionately harms low-income consumers, who are more likely to face lower-quality products as a result.

    In markets where these consumers are targeted, low-quality products are often the norm. As an example, tests revealed the presence of lead, phthalates, toxic flame-retardant chemicals and polyvinyl chloride components in colourfully labelled children’s products at American and Canadian dollar stores.

    In contrast, high-income consumers may see their product quality improve. This is because high-income consumers are willing and able to pay for the improved quality and technology-enabled price discrimination can enable the seller to satisfy their needs better.

    Technology and consumer resilience

    Our study provides valuable insights for both lawmakers and policymakers. It demonstrates that new policies are necessary to protect vulnerable consumers with limited flexibility from price discrimination.

    But this is only part of the story. When these same techniques are used to target wealthier consumers, it can result in positive social outcomes for them. The differing outcomes for high versus low income inflexible consumers will exacerbate wealth inequity.

    For firms investing in new technologies like AI, flexibility-based price discrimination can inadvertently benefit competitors by partitioning the market — even if the competitor doesn’t use the technology.

    For companies, many things can cause or reveal consumer inflexibility, technology being a primary example. Technology advances rapidly. Catering to either high- or low-income customers causes businesses to make different strategic choices depending on how flexible their customer base is when it comes to new technological developments.

    For customers, maintaining flexibility is critical. Flexibility can take many forms: having access to transportation to access a wider range of stores, avoiding consumer debt or having enough savings. It can also mean having a smartphone with unlimited data to make online price comparisons.

    However, not all consumers can maintain this kind of flexibility. Working parents, for example, might not have the time or financial bandwidth to comparison shop for groceries across multiple stores. It can increase their vulnerability to higher prices and lower-quality goods.

    Policy implications and the path forward

    Whether flexibility-based price discrimination should be supported or restricted depends on who it targets. Flexibility-based price discrimination may require regulatory intervention or price subsidies to ensure ethical implementation. While ensuring the quality of low-end products is increasingly important, addressing the limitations on consumer flexibility caused by socioeconomic status is key.

    The U.S. has recently removed internet subsidies for rural customers, and its impacts have been dire. Without internet access, consumers lose digital flexibility.

    In Canada, Indigenous and rural communities similarly lack access to high-speed broadband and also must travel long distances to reach major shopping centres. Our results show that, as flexibility declines, so does consumer welfare for rural low-income populations.

    If there is a positive side to all of this, it’s that companies can adapt quickly to these shifts. Businesses like dollar stores are likely to benefit in the short term, although product quality will likely decline for people who can least afford it. This isn’t just an ethical choice made by these companies, but an economic inevitability in a system where people have unequal access to rapidly evolving technology.

    As trade tensions grow, mitigating consumer inflexibility should be a key policy focus for Canada. Support should start with low-income households by increasing their ability to choose how and where they shop.

    In the long term, price discrimination will continue to prey on the socioeconomic, geographic and literacy-based barriers that underlie the digital divide. The goal should be policy reform to empower flexibility for those most affected.

    Raymond A. Patterson currently receives funding from the Haskayne School of Business and the National Cybersecurity Consortium (NCC). Previous funding has been obtained from a variety of private and public sources.

    Emily Laidlaw receives funding from the Social Sciences and Humanities Research Council and the National Cybersecurity Consortium.

    Jian Zhang receives funding from the Social Sciences and Humanities Research Council of Canada.

    – ref. Price discrimination is getting smarter — and low-income consumers are paying the price – https://theconversation.com/price-discrimination-is-getting-smarter-and-low-income-consumers-are-paying-the-price-252723

    MIL OSI – Global Reports –

  • MIL-OSI Global: Tariffs don’t just affect the global economy, but create political instability as well

    Source: The Conversation – Canada – By James Horncastle, Assistant Professor and Edward and Emily McWhinney Professor in International Relations, Simon Fraser University

    United States President Donald Trump’s tariff policies have created economic chaos in their aftermath. The stock markets are off to their worst start to a presidential term in modern history.

    The economic implications of Trump’s actions are well-documented. Furthermore, despite Trump’s temporary halt to the tariffs, their impact will resonate well into the future.

    But it’s important to understand that the economy is not detached from broader society. Trump’s disruption of the global economy could also lead to an increase in global conflict.

    Economic prosperity and war

    Economic prosperity does not automatically equate with political stability. Europe prior to the First World War was both prosperous and integrated. Nevertheless, while scholars and activists at the time argued these favourable conditions made war impractical, one of the worst conflicts in human history came to pass.

    Domestic economic prosperity can bind societies together. But tensions that otherwise might not be brought into focus, such as regionalism, emerge in times of economic hardship and transition. Reform Party founder Preston Manning’s recent stoking of separatist sentiments in Canada’s West is a case in point.

    Trump’s tariffs, if fully implemented, will result in economic recession for dozens of countries throughout the world. They will first impact the world’s most vulnerable countries, many of which have institutions that are either unstable or lack the fiscal backing needed to weather the storm.

    An example of such a development in recent history was the emergence of the Arab Spring in 2011. The 2008 financial crisis and ongoing agricultural failure created political strain for authoritarian states in the Middle East. They could not absorb the increased cost of grain to stabilize their societies.

    Governments, cognizant of this fact, will look for any means of retaining their power. Redirecting local disappointment abroad can be one such measure, much as Saudi Arabia did by blaming Iran during the Arab Spring.

    Look outwards, point fingers

    Governments have, historically, used foreign affairs as a means of distracting their populations from domestic problems. This feature occurs regardless of a state’s ideology. The banality of its occurrence in international relations is such that Hollywood made a satirical film, Wag the Dog, on the subject.

    Authoritarian states, however, are more susceptible to this phenomenon. Their governments’ lack of popular legitimacy means that an economic downturn weakens one of the levers they use to buy acquiescence from its citizens.

    Furthermore, economic uncertainty undermines authoritarian governments’ patronage networks. Not only do such governments lose the support of a majority of citizens to the economic uncertainty, but they also lose the important minority groups they use to maintain their rule.

    As such, authoritarian governments in the face of economic uncertainty will look outwards to build their legitimacy. But these governments need an ideology that will motivate their societies. For contemporary governments, one of the most effective mechanisms is nationalism.



    Read more:
    Argentina’s Javier Milei is playing the democratic game, but using authoritarian tactics

    The power of nationalism

    Nationalism’s utility for authoritarian states is twofold. First, nationalism emphasizes the collective over the individual. States, by stressing the importance of the nation, can encourage individuals to overlook the personal struggles they face in times of economic uncertainty.

    Second, nationalism by its nature creates an “in group” and an “out group.” Governments can use the out group as a rallying cry for its local population. While there are several instances where such developments are possible, China’s increasingly antagonistic stance towards Taiwan is an example.

    Governments, by rallying nationalist sentiment, will either indirectly or actively stoke the potential for conflict.

    Extending conflict

    Economic downturns, furthermore, force governments to make difficult decisions on what programs to cut. Some of the first programs governments chop in uncertain times are those focused on international aid. This phenomenon was already occurring, but tariffs will exasperate it.

    These cuts pose a problem for several reasons. Right-wing politicians have alleged in recent months that international aid is ineffective. But that’s not accurate — international aid benefits the countries that provide it; it’s not just a moral imperative. Specifically, it facilitates trade as well as accruing political advantages to the giving state.

    The more immediate concern, however, is that many states were dependent upon foreign aid for political stability. The loss of international aid will increase internal instability in vulnerable countries. Just look to the current instability in South Sudan as declining aid weakens South Sudanese social and government institutions.

    Not only is this development bad for the societies in question, but it will invariably increase the number of refugees seeking aid and safety beyond their borders.

    Individual choice

    It’s not just state responses to the tariffs that will create instability. The unilateral application of tariffs, and resulting economic and political fallout, will significantly increase the number of people seeking a better life.

    Economic migration is not a new phenomenon. While conflict-centred migration remains the focus of international law, economic migration continues to occur unabated.

    The lost economic opportunities in various states affected by tariffs will cause their populations to seek economic prosperity, at first internally and then abroad. This is not to suggest that migration itself creates instability. Instead, large-scale and unplanned migration will create strain both in countries that people leave and in the nations receiving them.

    Economic affairs rarely stay within the realm of business. Instead, Trump’s tariffs will create greater instability in international affairs for the foreseeable future.

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

    – ref. Tariffs don’t just affect the global economy, but create political instability as well – https://theconversation.com/tariffs-dont-just-affect-the-global-economy-but-create-political-instability-as-well-254045

    MIL OSI – Global Reports –

  • MIL-OSI Canada: Empowering student growth in downtown Edmonton

    [. Through Budget 2025, Alberta’s government is investing $4 million in the planning and design of the new Career Skills Centre at NorQuest College. When finished, this centre will help NorQuest College accommodate the significant growth in their student enrolment.

    NorQuest College envisions a 35,000 square metre facility designed to accommodate up to 4,000 additional full-time learners. When completed, the new building will expand space for NorQuest College’s four core faculties – Faculty of Skills and Foundational Learning; Faculty of Health Studies; Faculty of Business, Environment and Technology; and Faculty of Arts and Science – and would include research hubs, community spaces and enhanced student amenities. Construction is anticipated to begin as early as 2027 and be completed as early as 2029.

    “Alberta’s government is committed to supporting projects like this that expand enrolment capacity and help create modern learning environments for students. We applaud NorQuest College’s vision for the Career Skills Centre and look forward to seeing its continued development. This investment will help ensure that Alberta is meeting the labour market needs of today and into the future.”

    Rajan Sawhney, Minister of Advanced Education

    The Career Skills Centre would also serve as the new home of the Indigenous House of Learning and Indigenous Career Centre, which helps Indigenous job seekers gain access to meaningful employment training, supports and mutually beneficial employer partnerships across sectors. 

    “The Career Skills Centre will be a beacon of opportunity, empowering and connecting Indigenous job seekers with skills and support to thrive in today’s workforce. The Indigenous House of Learning and the Indigenous Career Centre will help position Indigenous talent into meaningful employment across a number of Alberta’s core industries, transforming lives and fostering a brighter, more inclusive future for all.”

    Rick Wilson, Minister of Indigenous Relations

    Additionally, the new Career Skills Centre will act as a modern research hub to help students develop responsive solutions to the most pressing problems facing Alberta’s industries and communities.

    “In recent years, NorQuest has more than doubled the number of learners our campus was designed to serve. The Government of Alberta’s $4-million investment will help ensure the college continues to meet the growing demand for workforce-ready skills through the development of the new Career Skills Centre in the heart of Edmonton’s Education District.”

    Carolyn Campbell, president and CEO, NorQuest College

    “NorQuest College plays a foundational role in the continued revitalization of Edmonton’s downtown. The college attracts thousands of staff and students to our downtown while ensuring local employers have access to workforce-ready graduates. The Downtown Revitalization Coalition is delighted to see the Government of Alberta’s commitment to the vibrancy and success of Edmonton’s downtown by investing in NorQuest’s Career Skills Centre.”

    Cheryll Watson, chair, Downtown Recovery Coalition, and president & CEO, Junior Achievement Northern Alberta. 

    Budget 2025 is meeting the challenge faced by Alberta with continued investments in education and health, lower taxes for families and a focus on the economy.

    Quick Facts

    • NorQuest’s enrolment has tripled since 2010, with the equivalent of more than 10,000 full-time learners on a campus built for 5,000.
    • Projections suggest that by 2030, enrolment will exceed 15,000 full-time learners.
    • The total project cost is between $240 to $250 million.

    Multimedia

    • Watch the news conference

    MIL OSI Canada News –

  • MIL-OSI Canada: Hop Over to Government House for the Annual Easter Egg Hunt

    Source: Government of Canada regional news

    Released on April 17, 2025

    Government House’s annual Easter egg hunt is Saturday, April 19 from 9 a.m. to noon, with festive eggs hidden among the spring buds and blooms of the Edwardian Gardens.  

    “Everyone is invited to Government House to celebrate Easter and make lasting memories with family and friends,” Minister Responsible for the Provincial Capital Commission Eric Schmalz said. “No matter the weather, the Easter egg hunt is free, family fun in a beautiful and historic location.”  

    Children will have the opportunity to search high and low for six different coloured eggs. Once they have their eggs, they can collect a chocolate treat from a volunteer. 

    The number of baskets is limited, so families are encouraged to bring their own. In case of inclement weather, the event will move indoors.  

    Visitors are also encouraged to explore the Amédée Forget Museum and check out the newest exhibit in the Queen Elizabeth II Art Gallery. There is always something to see and do at Government House. 

    For more information, visit: https://governmenthousesk.ca/events/easter-egg-hunt-at-government-house.

    About Government House 

    Government House is a National Historic Site and Provincial Heritage Property with a mission to provide visitors with an?accessible historic place to preserve, promote and celebrate Saskatchewan’s living heritage. Government House is the steward of a vibrant collection and historic property that is living and ever-changing. Experience the story of Government House through educational experiences, engaging programs and collaborative partnerships. 

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI: BexBack Hits 500,000 Users Milestone With 100x Leverage, No KYC, and Massive Bonus Campaign

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, April 17, 2025 (GLOBE NEWSWIRE) — Crypto trading platform BexBack, which officially launched in May 2024, has rapidly surpassed 500,000 registered users globally, cementing its place as one of the fastest-growing derivatives exchanges in the industry. With up to 100x leverage, no KYC requirements, and an aggressive bonus-driven growth strategy, BexBack is transforming the way crypto enthusiasts engage with trading — putting speed, privacy, and profitability at the forefront.

    “BexBack was built for traders who value freedom, performance, and simplicity,” said David, Operations Director at BexBack. “Our platform removes friction without compromising power — no verification, no delays, just fast, secure trading and real rewards.”

    What Sets BexBack Apart?

    • 100x Leverage: Execute high-risk, high-reward strategies with maximum exposure.
    • No KYC: Trade anonymously from anywhere, with total privacy.
    • $50 Welcome Bonus: Instantly available after registration and first completed trade.
    • 100% Deposit Bonus: Double your trading capital (bonus funds are non-withdrawable but usable in trading).
    • $100 Flash Bonus Campaign: For a limited time only, users who deposit more than 0.01 BTC or 1000 USDT within 48 hours of joining the campaign will receive an extra $100 trading bonus. While the bonus itself is non-withdrawable, profits generated from using it are fully withdrawable.
    • Zero Spread, Zero Slippage: Enjoy institutional-grade execution with real price integrity.
    • Demo Mode: Practice with 10 BTC & 1 million USDT in virtual assets — ideal for beginners and strategists.

    In addition, BexBack’s affiliate program offers up to 50% commission on referred users’ trading fees — with no limit and permanent referral binding.

    Since launching, BexBack has earned a loyal global following across North America, Europe, and Asia, praised for its user-first approach, multilingual 24/7 support, and lightning-fast platform design.

    Sign Up Now on BexBack — Break the 100x Leverage and KYC Barriers, Get Double Deposit Bonus and $50 Welcome Bonus Instantly

    About BexBack?

    BexBack is a leading cryptocurrency derivatives platform that offers 100x leverage on BTC, ETH, ADA, SOL, and XRP futures contracts. It is headquartered in Singapore with offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. It holds a US MSB (Money Services Business) license and is trusted by more than 500,000 traders worldwide. Accepts users from the United States, Canada, and Europe. There are no deposit fees, and traders can get the most thoughtful service, including 24/7 customer support.

    Website: www.bexback.com

    Contact: business@bexback.com

    Contact:
    Amanda
    business@bexback.com

    Disclaimer: This content is provided by BexBack. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.
    Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.
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    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/71abc268-4df7-4ec4-be94-c647dae843de

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2ceef4dc-3e06-4519-bf0a-e6bd4c00b743

    The MIL Network –

  • MIL-OSI USA: Welch Attends Event in Sherbrooke Celebrating Cooperation Between U.S. and Canada on Semiconductor Innovation

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    SHERBROOKE, QC – U.S. Senator Peter Welch (D-Vt.) traveled to Sherbrooke, Québec, Canada this week for an event celebrating semiconductor innovation and collaboration between Quebec and the Northeastern United States. Senator Welch joined the ribbon cutting for an expansion of the Interdisciplinary Institute for Technological Innovation (3IT) at the University of Sherbrooke.  
    “It is inspiring to see a strong commitment to innovation, collaboration, and cooperation,” said Senator Welch. “I’m committed, as a Vermonter and as a United States Senator, to sustaining what so many before us have built—a level of trust that is essential to creating a future that includes good jobs and advances in science—in Vermont and in Canada.” 
    Senator Welch joined students, staff, and leadership of the University of Sherbrooke, Members of the Quebec National Assembly, the Vermont Agency of Commerce and Community Development, and representatives from the University of Vermont. 
    “The Université de Sherbrooke generates annual spinoffs of over $1.1 billion for Sherbrooke and the surrounding area, while 3IT plays a first-tier role in the technological development of the region and of Québec and Canada. This Institute is at the core of the digital and quantum Integrated Innovation Chain, which acts as a bridge between fundamental research and commercialization. In addition to contributing to research and training, these new facilities will enhance synergy with the Institut quantique, with the MiQro Innovation Collaborative Centre (C2MI) in Bromont, and with companies that work in our two innovation zones (DistriQ and Technum Québec),” said Pierre Cossette, Rector of the Université de Sherbrooke. 
    “This expansion marks an important milestone in 3IT’s development, as it has considerably expanded the Institute’s holdings of advanced micro-nanofabrication equipment to support industrial innovation. With these new facilities, 3IT has bolstered its world-class research activities, which will attract the best talent to develop technological solutions that meet our society’s needs,” said Paul Charette, Director of 3IT. 
    “In these uncertain times, local innovation must be stimulated. We must also diversify and develop new markets. This is why it is essential for us to support our university network and its researchers. They are one of the best tools we have to rise above the rest in these fields. Thank you and congratulations to everyone who worked on this amazing project,” said Pascale Déry, Minister of Higher Education. 
    “The current geopolitical context impels us to invest in expansions like the one at 3IT to strengthen our capacity for innovation and competitiveness both here and internationally. Here in the Eastern Townships is where the next breakthroughs in quantum science, photonics, and biomedical technologies are coming together,” said Christopher Skeete, Minister for the Economy, Minister Responsible for the Fight Against Racism, and Minister Responsible for the Laval Region. 
    “At 3IT, ideas take shape and create vectors for growth for all of Québec. This expansion will also boost our ability to innovate here in Sherbrooke and turn today’s discoveries into tomorrow’s concrete solutions. Here, we are inventing the technologies that will reshape how we experience, care for, and connect with the world,” said Geneviève Hébert, MNA for Saint-François and Assistant Government Whip. 
    View photos from the event below: 
    In January, Vermont signed a Memorandum of Understanding (MOU) with organizations in Vermont and Québec, including the University of Vermont and the University of Sherbrooke, which aims to establish a hub for innovation and advanced manufacturing, called the Northeast Semiconductor Manufacturing Corridor. The MOU is focused on several key areas of understanding, including the shared goals of developing resilient supply chains for uninterrupted access to critical components, and mitigating trade barriers by enacting mutually beneficial policies across the border.  
    Senator Welch has been a longtime supporter of semiconductor and chips innovation. The Senator helped pass the CHIPS and Science Act as a member of the U.S. House of Representatives. The CHIPS and Science Act includes landmark investments to support domestic semiconductor and chip manufacturing research and development; bolster the STEM workforce; strengthen our 21st Century security, tech defense, and wireless supply chains; and advance innovation in the advanced manufacturing industry.  

    MIL OSI USA News –

  • MIL-OSI Canada: Remembering April 18-19, 2020

    Source: Government of Canada regional news

    NOTE: The following is a statement from Premier Tim Houston.

    This week marks five years since the events of April 18-19, 2020. As each day, month and year passes, we continue to reflect and remember those lost, and we continue to support survivors.

    These events were deeply felt by all Nova Scotians, but no one can truly understand the depth of the loss for those most impacted.

    To the families, survivors and communities – I want you to know that Nova Scotians continue to have you all in our thoughts and close to our hearts.

    I continue to be inspired by your courage and your strength. Know that we stand with you today and every day. We remain Nova Scotia Strong.

    We will continue to work with municipalities, the federal government and the RCMP to make our communities safer. We are unwavering in our commitment to make real change.

    To all Nova Scotians – I encourage you to observe a moment of silence at noon on April 18 and April 19. I also ask that you continue to be compassionate and supportive during this difficult time, honouring the privacy of the families and communities impacted and giving them space to grieve, reflect and remember.

    Remembering and reflecting on the events of April 2020 may affect Nova Scotians in different ways. If you are struggling and need support, the provincial mental health crisis line is available 24 hours a day, 7 days a week at 1-888-429-8167.

    The flags at Province House and all provincial government buildings and institutions will fly at half-mast on these days. I encourage citizens, businesses and community organizations that fly flags to join us.

    We will never forget:

    Tom Bagley

    Kristen Beaton and her unborn child

    Greg Blair

    Jamie Blair

    Joy Bond

    Peter Bond

    Lillian Campbell

    Corrie Ellison

    Gina Goulet

    Dawn Gulenchyn

    Frank Gulenchyn

    Alanna Jenkins

    Sean McLeod

    Lisa McCully

    Heather O’Brien

    Jolene Oliver

    Aaron Tuck

    Emily Tuck

    Const. Heidi Stevenson

    E. Joanne Thomas

    John Zahl

    Joey Webber

    MIL OSI Canada News –

  • MIL-OSI: Advisory: Boralex to hold annual meeting of shareholders on May 14

    Source: GlobeNewswire (MIL-OSI)

    MONTREAL, April 17, 2025 (GLOBE NEWSWIRE) — Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) announces that it will hold its Annual Meeting of Shareholders at 11:00 a.m. EDT on Wednesday, May 14, 2025, in a hybrid format, i.e. in person with a live audio webcast.

    Simultaneous interpretation will also be available for English-speaking participants to the online meeting. The online and in-person access to the event will start at 10:30 a.m. EDT.

    Registered shareholders and duly appointed proxyholders will be able to attend the meeting, ask questions and vote in person or online if they fulfill the conditions set out in the Management proxy Circular. Non-registered shareholders (being shareholders who hold their Boralex shares through a broker, investment dealer, bank, trust company, custodian, nominee or other intermediary) who have not duly appointed themselves as proxyholder will be able to attend the meeting as guests, but will not be able to participate in or vote at the meeting.

    For additional information on how to access the Annual Meeting of Shareholders, registered and non-registered shareholders, and duly appointed proxyholders, please refer to the Notice of Meeting.

    Note that Boralex’s Management Information Circular, Corporate Social Responsibility (CSR) Report and Annual Report are available on boralex.com and sedarplus.com.

    About Boralex

    At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has more than doubled to over 3.1 GW. Our pipeline of projects and growth path total over 78GW in wind, solar and electricity storage projects. We develop those projects guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.  

    For more information, visit boralex.com or sedarplus.com. Follow us on Facebook, Twitter, and LinkedIn.

    For more information

    MEDIA INVESTOR RELATIONS
    Camille Laventure
    Senior Advisor, Public Affairs and External Communications    		 Stéphane Milot
    Vice President, Investor Relations & Financial Planning and Analysis
       
    Boralex Inc.

    438-883-8580
    camille.laventure@boralex.com    		 Boralex Inc.514-213-1045
    stephane.milot@boralex.com
       

    Source: Boralex inc.        

    The MIL Network –

  • MIL-OSI USA: IAM Union Urges Congressional Support for C-130J Program

    Source: US GOIAM Union

    WASHINGTON, April 15, 2025 — The IAM Union (International Association of Machinists and Aerospace Workers) wrote a letter urging members of Congress to sign a bipartisan letter supporting the C-130J Super Hercules program in the Fiscal Year 2026 (FY26) Defense Appropriations bill.

    The bipartisan letter, led by U.S. Reps. Barry Loudermilk (R-Ga.), Julia Brownley (D-Calif.), David Scott (D-Ga.) and Claudia Tenney (R-N.Y.), calls on the Chair and Ranking Member of the House Defense Appropriations Subcommittee to ensure continued investment in the C-130J — the only U.S.-made military airlifter currently in production.

    The letter requests the following additions in the FY26 defense budget:

    • +8 C-130J aircraft for the Air National Guard (ANG)/Air Force Reserve Command (AFRC)
    • +3 to +5 KC-130J aircraft for the Navy Reserve (USNR) to continue C/KC-130T recapitalization
    • +2 LC-130J ski-equipped aircraft for the ANG
    • +2 KC-130Js for the U.S. Marine Corps to replace operational losses
    • +$100 million for fleetwide Diminishing Manufacturing Sources (DMS)
    • +$71 million for non-recurring engineering related to the ANG’s LC-130J variant

    “The C-130J is the only U.S.-made airlift currently in production, and a stable and efficient production line is vital in supporting current and future Department of Defense and allied nation airlift requirements,” wrote IAM Union International President Brian Bryant. “In addition, the C-130J production line provides for thousands of high-skilled Machinists Union jobs and supports more than 27,000 jobs across its nationwide supply chain”

    The IAM Union strongly urges every member of Congress to join this bipartisan effort to help maintain a stable and efficient C-130J production line, which is essential for meeting current and future U.S. and allied airlift needs.

    Read the complete letter here.

    The IAM Union (International Association of Machinists and Aerospace Workers) is one of North America’s largest and most diverse industrial trade unions, representing approximately 600,000 active and retired members in the aerospace, defense, airlines, railroad, transit, healthcare, automotive, and other industries across the United States and Canada.

    Share and Follow:

    MIL OSI USA News –

  • MIL-OSI Global: Reckoning and resistance: The future of Black hiring commitments on campus

    Source: The Conversation – Canada – By Cornel Grey, Assistant Professor in Department of Gender, Sexuality, and Women’s Studies, Western University

    In the wake of George Floyd’s murder in May 2020, a global reckoning on anti-Black racism ignited protests, conversations and demand for action. Across North America, universities scrambled to make public commitments to racial justice. They pledged to make changes and address systemic inequalities.

    One of the most significant commitments was what’s known as cluster hiring. Recruiting multiple Black scholars at the same time can foster a thriving intellectual community. Research shows cluster hires improve Black faculty representation and retention.

    This strategy can also help combat the isolation, hostility and lack of support that Black faculty often face in predominantly white institutions.

    Many universities pledged lofty and hopeful equity initiatives at the time. These included similar commitments to hiring Indigenous faculty in clusters, developing or expanding Black Studies programs and implementing campus-wide anti-racism strategies.

    But these pledges now face a challenging landscape.

    The United States is witnessing a growing backlash against diversity, equity and inclusion (DEI) and higher education in general. And Canada is not immune.

    In Canada, hiring freezes are now gripping several Canadian post-secondary institutions.

    As austerity measures as well as political shifts impact students, faculty and administrators, a big question looms. What programs will institutions cut in these times of fiscal restraint and shifting cultural values?



    Read more:
    The world is in crisis – what role should our universities play?

    The true test to racial justice committment

    In 2020, McGill made a powerful pledge: to hire 40 Black tenure-track or tenured professors by 2025 and 85 by 2032.

    According to McGill University, it has increased the number of Black tenure-track or tenured professors from 14 in 2021 to 50 in 2025. This marks a significant step toward addressing longstanding gaps in representation.

    But as public support for DEI initiatives wanes and universities face growing financial pressures, will these efforts to build a more equitable faculty be sustained?

    Several Canadian universities also pledged to create or expand Black Studies programs.

    New programs were launched at Toronto Metropolitan University, Western University, the University of Guelph and the University of Waterloo. Existing initiatives at Queen’s University, Dalhousie University and York were expanded.

    Yet the development and funding of Black Studies in Canada largely remains fragile. Administrative support is often lacking and dependent on broader institutional priorities.

    Black studies programs are fragile

    Disciplines like Black Studies, Indigenous Studies and Gender Studies are not just academic pursuits. They provide students with essential analytical tools to understand our most pressing issues, including economic precarity, the erosion of civil freedoms and land sovereignty.

    These university programs are at the forefront of equity education. They are crucial to foster the ability of students and scholars to critically engage with the key challenges we face today.



    Read more:
    Afua Cooper: My 30-year effort to bring Black studies to Canadian universities is still an upward battle

    The U.S. is a warning

    Recent developments in the U.S. serve as a cautionary tale. Canadian politicians and agencies often take cues from American trends.

    Republican lawmakers have aggressively targeted DEI initiatives on campuses in several states. And new legislation bans race-conscious hiring and rewrites curricula.

    Canadian researchers receiving funding from U.S. federal agencies are being pressured to conform their scholarship to the ideological agendas of the White House.

    At the University of Alberta, the move away from DEI discourses to more neutral language like “access, community, and belonging” has marked a fundamental shift.

    In Alberta, the Provincial Priorities Act (Bill 18) now requires federal research funds to align with provincial government priorities. And in Nova Scotia, Bill 12 threatens to link university funding decisions to the government’s social and economic priorities.

    In this climate, ideas of curtailing DEI in research are no longer speculative.

    Within these changes are urgent questions about how research and funding agencies like the Social Sciences and Humanities Research Council (SSHRC), Natural Sciences and Engineering Research Council of Canada (NSERC) and Canadian Institutes of Health Research (CIHR) will respond.

    Research shows that including DEI frameworks in funding applications has had some positive impacts for researchers in science, technology, engineering and mathematics (STEM) fields, but its focus on personal responsibility and metrics can obscure the deeper forces behind inequality.

    Retaining its political edge

    Universities often frame their commitments to Black faculty hiring and Black Studies programs as part of broader DEI agendas.

    However, as scholars have long pointed out, DEI policies prioritize representation over structural transformation, reducing the presence of Black faculty to a matter of optics rather than a meaningful shift in institutional power.

    When Black Studies is treated as an administrative deliverable rather than a radical intellectual tradition grounded in resistance to oppression, it is stripped of its political edge.

    Institutional integrity

    As Canadian universities face financial pressures and shifting political tides, the commitments will now be put to the test.

    Anti-Black racism and equity cannot be a temporary trend that universities go through during times of public scrutiny. It must remain at the core of academic values, regardless of political or financial pressure.

    The fight for Black and Indigenous hiring initiatives continues and the 2020-21 promises made by universities need to be held to the highest standard. This is about sustained commitment to structural change in our institutions. The stakes couldn’t be higher.

    Cornel Grey receives funding from the Social Sciences and Humanities Research Council (SSHRC).

    Muna-Udbi Abdulkadir Ali receives funding from the Social Sciences and Humanities Research Council (SSHRC).

    Stephanie Latty receives funding from Social Sciences and Humanities Research Council (SSHRC).

    – ref. Reckoning and resistance: The future of Black hiring commitments on campus – https://theconversation.com/reckoning-and-resistance-the-future-of-black-hiring-commitments-on-campus-253676

    MIL OSI – Global Reports –

  • MIL-OSI: DTE Energy schedules first quarter 2025 earnings release, conference call

    Source: GlobeNewswire (MIL-OSI)

    DETROIT, April 17, 2025 (GLOBE NEWSWIRE) — DTE Energy (NYSE:DTE) will announce its first quarter 2025 earnings before the market opens Thursday, May 1, 2025.

    The company will conduct a conference call to discuss earnings results at 9:00 a.m. ET the same day.

    Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in number in the U.S. and Canada toll free is: (888) 510-2008. The telephone dial-in USA toll is: (646) 960-0306 and the Canada dial-in toll is: (289) 514-5035. The passcode is 4987588. The webcast will be archived on the DTE Energy website at dteenergy.com/investors.

    About DTE Energy  
    DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.3 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers across Michigan. The DTE portfolio also includes energy businesses focused on custom energy solutions, renewable energy generation, and energy marketing and trading. DTE has continued to accelerate its carbon reduction goals to meet aggressive targets and is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy, emission reductions and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, x.com/DTE_Energy and facebook.com/dteenergy. 

    For more information, members of the media may contact:
    Dan Miner, DTE Energy: 313.235.5555

    For further information, analysts may call:
    Matt Krupinski, DTE Energy: 313.235.6649
    John Dermody, DTE Energy: 313.235.8750

    The MIL Network –

  • MIL-OSI: Climb Global Solutions Sets First Quarter 2025 Conference Call for May 1, 2025 at 8:30 a.m. ET

    Source: GlobeNewswire (MIL-OSI)

    EATONTOWN, N.J., April 17, 2025 (GLOBE NEWSWIRE) — Climb Global Solutions, Inc. (NASDAQ:CLMB) (“Climb” or the “Company”), a value-added global IT channel company providing unique sales and distribution solutions for innovative technology vendors, will host a conference call on Thursday, May 1, 2025 at 8:30 a.m. Eastern time to discuss its financial results for the first quarter ended March 31, 2025. The Company’s results will be reported in a press release prior to the call.

    Climb’s management will host the conference call, followed by a question-and-answer period. Interested parties may submit questions to the Company prior to the call by emailing CLMB@elevate-ir.com.

    Date: Thursday, May 1, 2025
    Time: 8:30 a.m. Eastern time
    Toll-free dial-in number: (800) 267-6316
    International dial-in number: (203) 518-9783
    Conference ID: CLIMB
    Webcast: Climb’s Q1 2025 Conference Call

    If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.

    The conference call will also be available for replay on the investor relations section of the Company’s website at www.climbglobalsolutions.com.

    About Climb Global Solutions

    Climb Global Solutions, Inc. (NASDAQ:CLMB) is a value-added global IT distribution and solutions company specializing in emerging and innovative technologies. Climb operates across the US, Canada and Europe through multiple business units, including Climb Channel Solutions, Grey Matter and Climb Global Services. The Company provides IT distribution and solutions for companies in the Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & ALM industries.

    Additional information can be found by visiting www.climbglobalsolutions.com.

    Company Contact

    Matthew Sullivan
    Chief Financial Officer
    (732) 847-2451
    MatthewS@ClimbCS.com

    Investor Relations Contact

    Sean Mansouri, CFA or Aaron D’Souza
    Elevate IR
    (720) 330-2829
    CLMB@elevate-ir.com

    The MIL Network –

  • MIL-OSI: Western Financial Group Champions Earth Day with Community Cleanup Initiatives

    Source: GlobeNewswire (MIL-OSI)

    HIGH RIVER, Alberta, April 17, 2025 (GLOBE NEWSWIRE) — The Western Communities Foundation, the non-profit arm of Western Financial Group, is proud to participate in multi-location community clean-up and tree planting initiatives celebrating Earth Day (April 22). Thanks to an unwavering commitment to sustainability and care for our staff, customers, and the communities in which we live and work, Canada’s Insurance Broker works to create safe places across the country.

    As Western’s CEO Grant Ostir recently announced, our bold 2025 strategy and growth plans require company-wide dedication to providing a sense of security and care for our customers and local communities.

    “Ambitious goals and growth only happen when we’re taking care of each other, our customers and our environments in which we live, play and work,” said Nancy Green-Bolton, Western Communities Foundation Board Chair and Western Financial Group Chief Operating Officer. “As a proudly Canadian company, these Earth Day activities reflect our dedication to creating safe places and thriving communities across the country.”

    Our local teams will participate in various cleanup activities across the regions we serve, including British Columbia, Alberta and Ontario.

    Cleanup Event Details – PHOTO OPP:

    British Columbia

    • Oak Bay (Victoria), BC
      • Event: Earth Day Power Hour Community Clean-Up
      • Date & Time: April 22, 12pm-1pm
      • Location: Oak Bay Brach, 2067 Cadboro Bay Rd
    • Kelowna, BC
      • Event: City of Kelowna Adopt a Stream Clean-up
      • Date & Time: April 22, 9am-11:30am and 2:30-5pm
      • Location: Kelowna Harvey Branch, 2025 Harvey Ave
    • Cranbrook, BC
      • Event: Wildsight Co-Community Clean-Up
      • Date & Time: April 26, 10am-1pm
      • Location: Western Financial Place, 1777 2 St N

    Alberta

    • Okotoks, AB
      • Event: Town of Okotoks Community Clean-Up and Tree Planting
      • Date & Time: May 10, 9am-12pm
      • Location: Sheep River Shelter (Lions Campground), 99 Woodhaven Dr
    • Spruce Grove, AB
      • Event: Spruce Up Spruce Grove Community Clean-Up and Tree Planting
      • Date & Time: May 24, 1-4pm
      • Location: 455 King Street, adjacent to the Community Gardens

    Ontario

    • King City, ON
      • Event: King City Community Tree Planting
      • Date & Time: May 10, 1am-3pm
      • Location: Dean Plummer Park, Nobleton

    “Sustainability and social impact play a big role in our everyday operations at Western,” said Michelle Mak, Director, Western Communities Foundation. “We actively support a variety of inclusive and environmental initiatives throughout the year that positively impact local communities, and we encourage team members, regardless of role or location, to get involved. It’s an opportunity to demonstrate care and kindness in action.”

    For more information about our Earth Day initiatives and Western Communities Foundation, visit westerngives.ca. To learn more about Western Financial Group and our commitment to social impact and sustainability, visit westernfinancialgroup.ca.

    Western Financial Group Communities Foundation

    Founded in 2001, the Western Financial Group Communities Foundation serves to give back to the communities where Western employees live and work and play, and foster employee pride and engagement. The Foundation’s core donation programs include Community Infrastructure Grants, the Western Inspirational Awards for graduating high school students, and The Western Community Care Program where our teams actively raise funds for local causes. Since its inception, the Western Communities Foundation has granted more than $9 million to support local communities.

    About Western Financial Group Inc.

    Headquartered in High River, Alberta, Western Financial Group is a diversified insurance services company that has provided over one million Canadians with protection for over 100 years. Western, a proudly Canadian company, is committed to community service, customer service, innovation, growth, and people while providing personal and business insurance through our engaged team of over 2,000 people in over 200 communities, affiliates, and various connected channels.

    Since the very beginning, supporting our local communities has guided everything we do—it’s who we are. In 2001, the Western Financial Group Communities Foundation (our non-profit charity) was created as a way for our team members to give back and positively impact the people and pride in the places where we live, work, and play. To date, we have granted over $9 million back into our communities.

    Western Financial Group is a subsidiary of Trimont Financial Ltd., a subsidiary of The Wawanesa Mutual Insurance Company. Visit https://westernfinancialgroup.ca for more.

    For more information, contact Nichola Petts, PR Manager, Nichola.petts@westernfg.ca

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2c860a30-3681-4c06-b64f-6bc459ec68f5

    The MIL Network –

  • MIL-OSI Security: St. John’s — Meet Doug Chafe, a RCMP Telecommunications Officer!

    Source: Royal Canadian Mounted Police

    Doug Chafe has been a police telecommunications officer working in the Operational Communications Centre (OCC) with the RCMP in Newfoundland and Labrador for three years, and every day brings something new!

    His job involves answering 911, emergency, and non-emergency calls from the public and anyone who needs police assistance. He’s also the direct link for police officers working the field; tracking their location, dispatching them to calls, conducting safety checks, and running important queries to support their work.

    Doug says the most interesting part of his day is not knowing what’s on the other end of a call. Something that might sound routine at first can quickly evolve into a much more serious or complex situation – it definitely keeps you on your toes.

    For Doug, the best part of working in the OCC is without a doubt the team. He says he’s lucky to work alongside some incredible OCC operators and police officers who all share the same goal of public safety. They rely on each other, especially during stressful situations, and sometimes see each other more than they see their own families. As a result, he’s built solid friendships.

    So, what does it take to be a telecommunications operator? Doug says it takes someone who can stay calm under pressure and think quickly. In the OCC, they deal with a lot of emotionally charged or high stress situations, and it’s crucial to be able to provide steady, clear support to both callers, and officers.

    MIL Security OSI –

  • MIL-OSI: NowVertical Launches DataCatalyst on Microsoft Azure Marketplace, Unlocking Enterprise AI at Scale

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 17, 2025 (GLOBE NEWSWIRE) — NowVertical Group Inc. (TSXV: NOW) (“NowVertical” or the “Company”), a leading data and AI solutions provider, today announced the launch of its flagship DataCatalyst Solution on the Microsoft Azure Marketplace, reinforcing the Company’s strategic positioning at the intersection of enterprise AI, data infrastructure modernisation, and Microsoft ecosystem expansion.

    Built to address the growing urgency around AI adoption, DataCatalyst is a ready-to-deploy, Azure-native solution designed to unify, enrich, and operationalise enterprise data – propelling clients forward on their data journey. It enables seamless, secure, and real-time data movement, cutting time-to-value on data products by up to 50% and reducing integration costs by up to 30%, laying the essential groundwork for Generative AI, automation, and real-time analytics.

    “Many enterprises are eager to embrace AI, but they’re held back by fragmented systems, poor data quality, and the complexity and cost of maintaining well governed data pipelines across their organisation. We developed DataCatalyst in direct response to this growing demand for real-world AI enablement,” said Sandeep Mendiratta, CEO of NowVertical. “Reports show 74% of companies struggle to realise meaningful ROI from their AI initiatives, DataCatalyst gives our clients a secure and accelerated path to operationalising their AI investments, while delivering measurable ROI from their existing data estate.”

    This launch builds on NowVertical’s strategic initiative to create a Microsoft Center of Excellence (COE) launched 26th November 2024 — a global unit comprising more than 50 certified Azure professionals across India, LATAM, and the UK. NowVertical has delivered over 50 large scale Azure-based projects for enterprise clients, helping organisations optimise operations, reduce costs, and fast-track their data transformation journey.

    For more information or to explore DataCatalyst on Azure Marketplace, visit:
    https://azuremarketplace.microsoft.com/en-us/marketplace/apps/nowvertical.nowvertical_datacatalyst_solution?tab=Overview

    About NowVertical Group Inc.
    The Company is a global data and analytics company which helps clients transform data into tangible business value with AI, fast. Offering a comprehensive suite of solutions and services the Company enables clients to quickly harness the full potential of their data, driving measurable outcomes and accelerating potential return on investment. Enterprises optimize decision-making, improve operational efficiency, and unlock long-term value from their data using the Company’s AI-Infused first party and third-party technologies. NowVertical is growing organically and through strategic acquisitions.

    For further details about NowVertical, please visit www.nowvertical.com.

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

    For further information, please contact:

    Andre Garber, CDO
    IR@nowvertical.com

    Investor Relations: Bristol Capital Ltd.
    Stefan Eftychiou
    stefan@bristolir.com
    (905) 326-1888 x60

    Forward-Looking Statements

    This news release contains forward-looking information and forward-looking statements within the meaning of applicable Canadian securities laws (together “forward-looking statements”). Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies, certain of which are unknown. Forward-looking statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements are qualified in their entirety by inherent risks and uncertainties, including: adverse market conditions; risks inherent in the data analytics and artificial intelligence sectors in general; regulatory and legislative changes and other risk factors identified in documents filed by the Company under its profile at www.sedarplus.com, including the Company’s management’s discussion and analysis for the year ended December 31, 2024. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

    The MIL Network –

  • MIL-OSI: YieldMax™ Launches the Target 12™ Real Estate Option Income ETF (RNTY)

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO and MILWAUKEE and NEW YORK, April 17, 2025 (GLOBE NEWSWIRE) — YieldMax™ announced the launch today of the following Target 12™ ETF:

    YieldMax™ Target 12™ Real Estate Option Income ETF (NYSE Arca: RNTY)

    RNTY Overview

    RNTY is an actively managed ETF that seeks a target annual income level of 12% and capital appreciation via direct investments in a select portfolio of Real Estate Companies (“Real Estate Companies”) operating in the real estate industry and other real estate related investments, including Real Estate Investment Trusts (“REITs”), and/or Real Estate ETFs. RNTY aims to generate a target annual income level of 12% primarily by selling options contracts on some or all of its Real Estate Companies.

    RNTY Equity Portfolio

    RNTY seeks capital appreciation via direct investments in its portfolio of Real Estate Companies. To enable RNTY to effectively implement its options strategies (see below), RNTY’s Adviser evaluates the liquidity of a potential company’s common stock and the liquidity of its options contracts. The Advisor will also evaluate such company’s price level and implied volatility (i.e., a measure of how much the market believes the stock price will move in the future) and will monitor these factors when determining whether to select new companies or remove existing companies from the portfolio. Any dividend paid by its Real Estate companies will contribute to RNTY’s income generation.

    RNTY Options Portfolio

    RNTY seeks to generate a target annual income level of 12% primarily by writing (selling) options contracts on some or all of its Real Estate Companies. Depending on the Advisor’s outlook, it will select one or more options strategies that it believes will best provide RNTY with current income while generally also attempting to participate in a portion of the share price increases experienced by its Real Estate Companies. By strategically entering and exiting options positions, the Advisor seeks to enhance RNTY’s income potential and performance.

    RNTY Distribution Schedule

    RNTY is the newest member of the YieldMax™ ETF family and like all YieldMax™ ETFs, RNTY aims to deliver current income to investors. RNTY’s first distribution is expected to be announced on June 3, 2025, and along with the Target 12™ ETFs, will thereafter aim to announce its distributions on the first Tuesday of every month.

    Why Invest in RNTY?

    • RNTY seeks to generate a target annual income level of 12%, which is not dependent on the value of its portfolio of Real Estate Companies.
    • RNTY seeks to participate in some of the potential share price gains experienced by its Real Estate Companies.

    Please see the table below for distribution and yield information for all outstanding YieldMax™ ETFs.

    ETF Ticker1 ETF Name Distribution Frequency Distribution per Share Distribution Rate2,4 30-Day
    SEC Yield3    		 ROC5
    CHPY YieldMax™ Semiconductor Portfolio Option Income ETF Weekly $0.3627 – – 84.42%
    GPTY YieldMax™ AI & Tech Portfolio Option Income ETF Weekly $0.2545 35.61% 0.00% 63.04%
    LFGY YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF Weekly $0.4307 65.56% 0.00% 35.49%
    QDTY YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF Weekly $0.3320 45.17% 0.00% 100.00%
    RDTY YieldMax™ R2000 0DTE Covered Call Strategy ETF Weekly $0.3745 46.99% 0.00% 100.00%
    SDTY YieldMax™ S&P 500 0DTE Covered Call Strategy ETF Weekly $0.3085 39.77% 0.00% 100.00%
    ULTY YieldMax™ Ultra Option Income Strategy ETF Weekly $0.0852 78.42% 2.21% 99.18%
    YMAG YieldMax™ Magnificent 7 Fund of Option Income ETFs Weekly $0.0943 35.03% 69.89% 65.96%
    YMAX YieldMax™ Universe Fund of Option Income ETFs Weekly $0.1334 55.21% 96.57% 54.97%
    BIGY YieldMax™ Target 12™ Big 50 Option Income ETF Monthly $0.4582 12.78% 0.71% 0.00%
    SOXY YieldMax™ Target 12™ Semiconductor Option Income ETF Monthly $0.4266 12.95% 0.26% 0.00%
    ABNY YieldMax™ ABNB Option Income Strategy ETF Every 4 weeks $0.3665 42.28% 3.62% 0.00%
    AIYY YieldMax™ AI Option Income Strategy ETF Every 4 weeks $0.2301 69.42% 4.89% 93.15%
    AMDY YieldMax™ AMD Option Income Strategy ETF Every 4 weeks $0.2765 54.51% 2.97% 93.13%
    AMZY YieldMax™ AMZN Option Income Strategy ETF Every 4 weeks $0.4877 43.74% 4.40% 89.31%
    APLY YieldMax™ AAPL Option Income Strategy ETF Every 4 weeks $0.3023 29.68% 3.44% 44.35%
    BABO YieldMax™ BABA Option Income Strategy ETF Every 4 weeks $0.7578 61.39% 1.92% 0.00%
    CONY YieldMax™ COIN Option Income Strategy ETF Every 4 weeks $0.4381 79.15% 4.42% 94.62%
    CRSH YieldMax™ Short TSLA Option Income Strategy ETF Every 4 weeks $0.5616 97.15% 1.79% 0.00%
    CVNY YieldMax™ CVNA Option Income Strategy ETF Every 4 weeks $2.9684 108.50% 2.44% 99.08%
    DIPS YieldMax™ Short NVDA Option Income Strategy ETF Every 4 weeks $0.5851 61.83% 2.36% 96.87%
    DISO YieldMax™ DIS Option Income Strategy ETF Every 4 weeks $0.3254 35.28% 4.03% 0.00%
    FBY YieldMax™ META Option Income Strategy ETF Every 4 weeks $0.5506 50.96% 4.38% 0.00%
    FEAT YieldMax™ Dorsey Wright Featured 5 Income ETF Every 4 weeks $1.6435 62.08% 108.54% 0.00%
    FIAT YieldMax™ Short COIN Option Income Strategy ETF Every 4 weeks $0.9240 140.28% 1.73% 98.90%
    FIVY YieldMax™ Dorsey Wright Hybrid 5 Income ETF Every 4 weeks $1.0283 38.27% 69.37% 0.00%
    GDXY YieldMax™ Gold Miners Option Income Strategy ETF Every 4 weeks $0.6394 48.17% 2.77% 0.00%
    GOOY YieldMax™ GOOGL Option Income Strategy ETF Every 4 weeks $0.3729 40.79% 4.67% 90.74%
    JPMO YieldMax™ JPM Option Income Strategy ETF Every 4 weeks $0.3717 31.55% 4.01% 42.17%
    MARO YieldMax™ MARA Option Income Strategy ETF Every 4 weeks $1.4783 89.19% 4.90% 95.22%
    MRNY YieldMax™ MRNA Option Income Strategy ETF Every 4 weeks $0.1827 93.80% 4.65% 94.71%
    MSFO YieldMax™ MSFT Option Income Strategy ETF Every 4 weeks $0.3337 28.35% 3.75% 0.00%
    MSTY YieldMax™ MSTR Option Income Strategy ETF Every 4 weeks $1.3356 83.27% 0.50% 0.48%
    NFLY YieldMax™ NFLX Option Income Strategy ETF Every 4 weeks $0.6020 46.74% 3.58% 59.10%
    NVDY YieldMax™ NVDA Option Income Strategy ETF Every 4 weeks $0.7874 70.46% 4.01% 100.00%
    OARK YieldMax™ Innovation Option Income Strategy ETF Every 4 weeks $0.2923 52.35% 3.51% 93.61%
    PLTY YieldMax™ PLTR Option Income Strategy ETF Every 4 weeks $5.3257 118.21% 2.78% 97.91%
    PYPY YieldMax™ PYPL Option Income Strategy ETF Every 4 weeks $0.3521 38.50% 4.19% 0.00%
    SMCY YieldMax™ SMCI Option Income Strategy ETF Every 4 weeks $1.5012 108.91% 3.01% 67.02%
    SNOY YieldMax™ SNOW Option Income Strategy ETF Every 4 weeks $0.6864 60.19% 3.01% 94.51%
    TSLY YieldMax™ TSLA Option Income Strategy ETF Every 4 weeks $0.6598 106.59% 3.87% 96.85%
    TSMY YieldMax™ TSM Option Income Strategy ETF Every 4 weeks $0.5635 53.48% 3.61% 16.38%
    WNTR* YieldMax™ Short MSTR Option Income Strategy ETF Every 4 weeks – – – –
    XOMO YieldMax™ XOM Option Income Strategy ETF Every 4 weeks $0.3500 34.72% 3.18% 90.74%
    XYZY YieldMax™ XYZ Option Income Strategy ETF Every 4 weeks $0.4412 56.34% 6.32% 89.82%
    YBIT YieldMax™ Bitcoin Option Income Strategy ETF Every 4 weeks $0.4110 52.74% 1.52% 30.49%
    YQQQ YieldMax™ Short N100 Option Income Strategy ETF Every 4 weeks $0.4437 33.17% 3.08% 0.00%


    Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling     (833) 378-0717.

    Note: DIPS, FIAT, CRSH, YQQQ and WNTR are hereinafter referred to as the “Short ETFs.”

    Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

    Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

    *The inception date for WNTR is March 26, 2025.

    1All YieldMax™ ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX, YMAG and FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. ULTY has a gross expense ratio after the fee waiver of 1.30%. The Advisor has agreed to a fee waiver of 0.10% through at least February 28, 2026.
    2The Distribution Rate shown is as of close on April 16, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.
    3The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended March 31, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.
    4Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.
    5ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor’s original investment.

    Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

    Standardized Performance

    For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For XYZY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here. For BIGY, click here. For SOXY, click here. For MARO, click here. For FEAT, click here. For FIVY, click here. For LFGY, click here. For GPTY, click here. For CVNY, click here. For SDTY, click here. For QDTY, click here. For RDTY, click here. For WNTR, click here. For CHPY, click here.

    Important Information

    This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs.

    THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures

    Investing involves risk. Principal loss is possible.

    Referenced Index Risk. The Fund invests in options contracts that are based on the value of the Index (or the Index ETFs). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index.

    Russell 2000 Index Risks. The Index, which consists of small-cap U.S. companies, is particularly susceptible to economic changes, as these firms often have less financial resilience than larger companies. Market volatility can disproportionately affect these smaller businesses, leading to significant price swings. Additionally, these companies are often more exposed to specific industry risks and have less diverse revenue streams. They can also be more vulnerable to changes in domestic regulatory or policy environments.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other Index (or ETFs that track the Index’s performance)holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary Index (or ETFs that track the Index’s performance) securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, monthly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time.

    High Index (or Index ETF) Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high Index (or Index ETF) turnover rate increases transaction costs, which may increase the Fund’s expenses.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Risk Disclosures (applicable only to GPTY)

    Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

    Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

    Risk Disclosure (applicable only to MARO)

    Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

    Risk Disclosures (applicable only to BABO and TSMY)

    Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

    Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

    Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

    Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

    Risk Disclosures (applicable only to GDXY)

    Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

    Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

    The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

    Risk Disclosures (applicable only to YBIT)

    YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

    Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

    Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

    Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

    Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

    Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

    Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA, MSTR), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to CHPY)

    Semiconductor Industry Risk. Semiconductor companies may face intense competition, both domestically and internationally, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services.

    The products of semiconductor companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Capital equipment expenditures could be substantial, and equipment generally suffers from rapid obsolescence. Companies in the semiconductor industry are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights would adversely affect the profitability of these companies.

    Risk Disclosures (applicable only to YQQQ)

    Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

    Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

    Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, or YieldMax™ ETFs.

    © 2025 YieldMax™ ETFs

    The MIL Network –

  • MIL-OSI Asia-Pac: President Lai meets New Zealand delegation from All-Party Parliamentary Group on Taiwan  

    Source: Republic of China Taiwan

    Details
    2025-04-15
    President Lai meets delegation led by Tuvalu Deputy Prime Minister Panapasi Nelesone 
    On the afternoon of April 15, President Lai Ching-te met with a delegation led by Tuvalu Deputy Prime Minister and Minister of Finance and Economic Development Panapasi Nelesone and his wife. In remarks, President Lai thanked Tuvalu for its staunch and long-term backing of Taiwan’s international participation. The president said he looks forward to our nations deepening bilateral ties in such areas as agriculture, medicine, education, and information and communications technology and working together toward greater peace, prosperity, and development in the Pacific region. A translation of President Lai’s remarks follows: I extend a very warm welcome to Deputy Prime Minister Nelesone and Madame Corinna Ituaso Laafai as they lead this delegation to Taiwan. Our distinguished guests are the first delegation from Tuvalu that I have received at the Presidential Office this year. During my visit to Tuvalu last year, I met and exchanged views with Deputy Prime Minister Nelesone and the ministers present. I am delighted to meet you again today and thank you once again for the hospitality you accorded my delegation. The culture of Tuvalu and the warmth of its people are not easily forgotten. Tuvalu’s support for Taiwan has also touched us deeply. I want to take this opportunity to thank Tuvalu for staunchly backing Taiwan’s international participation over the past several decades. Our two countries have supported each other like family and have together made contributions in the international arena. Last Tuesday, I received the credentials of Ambassador Lily Tangisia Faavae and expressed my hope for Taiwan and Tuvalu continuing to deepen bilateral relations. This visit by Deputy Prime Minister Nelesone is an important step in that regard. Our two countries will be signing a labor cooperation agreement and an agreement concerning the recognition of training and certification of seafarers. This will expand bilateral cooperation at multiple levels and bring our relations even closer. Taiwan and Tuvalu are maritime nations and share the values of democracy and freedom. Our two countries have stood shoulder to shoulder to protect marine resources and address the challenges posed by climate change and authoritarianism, and we aspire to work toward greater peace, prosperity, and development in the Pacific region. Our nations have produced fruitful results in such areas as agriculture, medicine, education, and information and communications technology. I anticipate that, with the support of Deputy Prime Minister Nelesone and our distinguished guests, we can continue to employ a more diverse range of strategies to begin a new chapter in our diplomatic partnership. Together, we can make even greater and more concrete contributions to regional development. Deputy Prime Minister Nelesone then delivered remarks, first thanking President Lai for his kind words of welcome and the warm hospitality extended to his delegation. On behalf of the government and people of Tuvalu, he conveyed their gratitude to the president and the people of Taiwan for the generous support, as well as for the enduring friendship we share. He said that Taiwan’s steadfast commitment to our bilateral relationship has been instrumental in advancing our shared values of democracy, resilience, and sustainable development. From vital development assistance to cooperation in health, education, and climate change resilience, he added, Taiwan’s contributions have made a significant impact on the lives of the people of Tuvalu.  For Taiwan’s recent generous donation of shoes for Tuvaluan primary school students, Deputy Prime Minister Nelesone expressed thanks to President Lai. He commented that these gifts, which underscore a deep commitment to the welfare of their youth, transcend mere material support; they are symbols of care, friendship, and hope for the future generations. Noting that our bilateral relationship is built on mutual respect, shared values, and a common vision for sustainable development in the Pacific, he expressed confidence that this partnership will continue to flourish and will serve as a beacon of cooperation and solidarity within our region.  The delegation also included Tuvalu Minister of Foreign Affairs, Labour, and Trade Paulson Panapa; Minister of Public Works, Infrastructure Development and Water Ampelosa Tehulu, and was accompanied to the Presidential Office by Tuvalu Ambassador Faavae.

    Details
    2025-04-10
    President Lai pens Bloomberg News article on Taiwan’s response to US reciprocal tariffs
    On April 10, an article penned by President Lai Ching-te entitled “Taiwan Has a Roadmap for Deeper US Trade Ties” was published by Bloomberg News, explaining to a global audience Taiwan’s strategy on trade with the United States, as well as how Taiwan will engage in dialogue with the aim of removing bilateral trade barriers, increasing investment between Taiwan and the US, and reducing tariffs to zero. The following is the full text of President Lai’s article: Last month, the first of Taiwan’s 66 new F-16Vs rolled off the assembly line in Greenville, South Carolina. Signed during President Donald Trump’s first term, the $8 billion deal stands as a testament to American ingenuity and leadership in advanced manufacturing. Beyond its economic impact – creating thousands of well-paying jobs across the US – it strengthens the foundations of peace and stability in the Indo-Pacific.  This deal is emblematic of the close interests shared between Taiwan and the US. Our bond is forged by an unwavering belief in freedom and liberty. For decades, our two countries have stood shoulder-to-shoulder in deterring communist expansionism. Even as Beijing intensifies its air force and naval exercises in our vicinity, we remain resolute. Taiwan will always be a bastion of democracy and peace in the region. This partnership extends well beyond the security realm. Though home to just 23 million people, Taiwan has in recent years become a significant investor in America. TSMC recently announced it will raise its total investment in the US to $165 billion – an initiative that will create 40,000 construction jobs and tens of thousands more in advanced chip manufacturing and R&D. This investment will bolster the emergence of a new high-tech cluster in Arizona. Taiwan is committed to strengthening bilateral cooperation in manufacturing and innovation. As a trade-dependent economy, our long-term success is built on trade relationships that are fair, reciprocal and mutually beneficial. Encouraging Taiwanese businesses to expand their global footprint, particularly in the US, is a vital part of this strategy. Deepening commercial ties between Taiwanese and American firms is another. These core principles will guide our response to President Trump’s reciprocal tariffs. First, we will seek to restart trade negotiations with a common objective of reducing all tariffs between Taiwan and the US. While Taiwan already maintains low tariffs, with an average nominal rate of 6%, we are willing to further cut this rate to zero on the basis of reciprocity with the US. By removing the last vestiges to free and fair trade, we seek to encourage greater trade and investment flows between our two countries. Second, Taiwan will rapidly expand procurement of American goods. Over the past five years, rising demand for semiconductors and AI-related components has increased our trade surplus. In response to these market trends, Taiwan will seek to narrow the trade imbalance through the procurement of energy, agriculture and other industrial goods from the US. These efforts will create thousands of new jobs across multiple sectors.  We’ll also pursue additional arms procurements that are vital to our self-defense and contribute to peace and stability over the Taiwan Strait. During President Trump’s first term, we secured $18 billion in arms deals, including advanced fighter jets, tanks and anti-ship missiles. Future purchases, which are not reflected in trade balances, build on our economic and security partnership while being essential to Taiwan’s “Peace Through Strength” approach. Third, new investments will be made across the US. Already, Taiwanese firms support 400,000 jobs throughout all 50 states. Beyond TSMC, we also see emerging opportunities in electronics, ICT, energy and petrochemicals. We will establish a cross-agency “US Investment Team” to support bilateral trade and investment – and we hope that efforts will be reciprocated by the Trump administration. Fourth, we are committed to removing non-tariff trade barriers. Taiwan will take concrete steps to resolve persistent issues that have long impeded trade negotiations. And finally, we will strongly address US concerns over export controls and improper transshipment of low-cost goods through Taiwan. These steps form the basis of a comprehensive roadmap for how Taiwan will navigate the shifting trade landscape, transforming challenges in the Taiwan-US economic relationship into new opportunities for growth, resilience and strategic alignment. At a time of growing global uncertainty, underpinned by growing Chinese assertiveness, closer trade ties are more than sound economics; they are a critical pillar of regional security. Our approach is long-term and principled, grounded in a lasting commitment to our friendship with the US, a firm belief in the benefits of fair and reciprocal trade, and an unwavering dedication to peace and stability across the Taiwan Strait. We are confident that our shared economic and security interests will not only overcome turbulence in the international trade environment – they will define the future of a free and open Indo-Pacific.

    Details
    2025-04-08
    President Lai receives credentials from new Tuvalu Ambassador Lily Tangisia Faavae  
    On the morning of April 8, President Lai Ching-te received the credentials of new Ambassador Extraordinary and Plenipotentiary of Tuvalu to the Republic of China (Taiwan) Lily Tangisia Faavae. In remarks, President Lai welcomed the ambassador to her new post and thanked Tuvalu for its long-term support for Taiwan’s international participation. The president also noted that joint efforts between our two countries have produced fruitful results in such areas as medicine and public health, agricultural and fisheries technology, and information and communications technology. He expressed his hope that we will continue to deepen our bilateral relations so as to generate even greater well-being for our peoples and promote peace, stability, and prosperity in the Pacific region. A translation of President Lai’s remarks follows: It is a great pleasure today to receive the credentials of Ambassador Extraordinary and Plenipotentiary of Tuvalu Lily Tangisia Faavae. On behalf of the Republic of China (Taiwan), I extend my warmest welcome to you. Last year, the Republic of China (Taiwan) and Tuvalu celebrated 45 years of diplomatic relations. Prime Minister Feleti Teo visited Taiwan in May last year for the inauguration of myself and Vice President Bi-khim Hsiao and again in October for our National Day celebrations. When I visited Tuvalu last December, I was warmly received by the government and people of Tuvalu, and I deeply felt that our two countries were like family. Ambassador Faavae’s posting to Taiwan demonstrates the importance Prime Minister Teo places on our ties. Widely recognized for her exceptional talent, Ambassador Faavae is an outstanding official with extensive experience in public service. Moreover, during her term as Permanent Secretary of the Ministry of Health and Social Welfare, she voiced support for Taiwan at the World Health Assembly. I believe that with her assistance, our two nations will further advance cooperation and exchanges. I want to thank the government of Tuvalu for long supporting Taiwan’s international participation. Furthermore, joint efforts between our two countries have produced fruitful results in such areas as medicine and public health, agricultural and fisheries technology, and information and communications technology. Last year, Prime Minister Teo and I signed a joint communiqué on advancing the comprehensive partnership between Taiwan and Tuvalu. Going forward, we will stand together in tackling the challenges we face, including climate change and expanding authoritarianism. And we will continue to deepen our bilateral relations so as to generate even greater well-being for our peoples and promote peace, stability, and prosperity in the Pacific region. Once again, I warmly welcome Ambassador Faavae to her new post in Taiwan. Please convey warmest regards from Taiwan to Prime Minister Teo and all of our friends in Tuvalu. I wish you all the best in work and life during your term in Taiwan. Ambassador Faavae then delivered remarks, saying that it is a great honor and privilege to meet with President Lai today as the new Ambassador Extraordinary and Plenipotentiary of Tuvalu to Taiwan, and to present to him her letter of credence. She then extended, on behalf of the government and people of Tuvalu, her warmest greetings and deep respect to the president and people of Taiwan. The letter of credence, she noted, signifies the trust and confidence that her government and governor-general have placed in her to represent their nation and to foster and strengthen the bonds of friendship and cooperation between our countries. Ambassador Faavae said that our two countries have enjoyed a longstanding relationship of 45 years based on mutual respect, cooperation, and shared values. She added that we have collaborated, and continue to do so, in such fields as education, health, climate change adaptation and sea level rise mitigation, agriculture, clean energy, and internet connectivity.  Ambassador Faavae pointed out that Tuvalu remains committed to deepening ties with Taiwan and that it values people-to-people connections and our shared Austronesian heritage. She noted that the people of Tuvalu, a small developing nation, have greatly benefited from Taiwan’s advanced technical expertise and diverse financial assistance. She said she believes Tuvalu and Taiwan share a common interest and are united in our efforts and commitment to upholding democracy, peace, stability, and prosperity for our people and making the world better and safer.  Ambassador Faavae stated that as ambassador of Tuvalu to Taiwan, she pledges to work diligently and respectfully to enhance our bilateral relations, promote mutual understanding, and facilitate collaboration in areas of shared concern. The ambassador said she looks forward to collaborating closely with the Taiwan government and other stakeholders to achieve our common objectives and to continue building a more prosperous and harmonious future for our nations. In closing, she thanked President Lai for the opportunity to serve and to further the enduring friendship between our two countries.  

    Details
    2025-03-28
    President Lai meets British Office Taipei Representative Ruth Bradley-Jones
    On the afternoon of March 28, President Lai Ching-te met with British Office Taipei Representative Ruth Bradley-Jones. In remarks, President Lai welcomed Representative Bradley-Jones as she takes up her post in Taiwan, and thanked the United Kingdom government and parliament for demonstrating staunch support for Taiwan. The president indicated that Taiwan and the UK enjoy close economic and trade ties, and our industries complement each other well, with great potential for collaboration in such fields as semiconductors, AI, unmanned vehicles, and medium- and low-orbit satellites. He stated that he looks forward to expanding exchanges with the UK across all domains so as to enhance democratic and economic resilience, jointly advancing the prosperous development of the Indo-Pacific region and economic security around the world. A translation of President Lai’s remarks follows: It is a pleasure to meet Representative Bradley-Jones here at the Presidential Office for this exchange. I understand that she has proactively called at many government agencies since taking up her post last month. On behalf of the people of Taiwan, I extend a warm welcome. Taiwan and the UK are partners that share the values of freedom and democracy. In recent years, our bilateral relations have continued to deepen. With the efforts of Representative Bradley-Jones and our respective governments, I look forward to the expansion of dialogue and cooperation between Taiwan and the UK. This will further elevate our bilateral ties. Especially in the face of expanding authoritarianism, the UK is not only playing an important role in crafting a unified European response; it is also demonstrating staunch support for Taiwan through various channels. For example, joint statements released after the Australia-UK ministerial consultations, as well as the G7 foreign ministers’ meeting, underlined a high level of concern for peace and stability across the Taiwan Strait. The UK government has publicly expressed support for Taiwan’s international participation on multiple occasions. And last November, the UK House of Commons passed a motion clearly asserting that United Nations General Assembly Resolution 2758 does not mention Taiwan. These actions attest to the UK’s belief in supporting democracy and peace, and have further solidified our countries’ friendship. I would like to convey my deepest gratitude to the UK government and parliament.  Currently, the UK is Taiwan’s fourth largest trading partner in Europe and second largest source of investment from Europe. We enjoy close economic and trade ties, and our industries complement each other well. There is also great potential for collaboration in such fields as semiconductors, AI, unmanned vehicles, and medium- and low-orbit satellites. We look forward to expanding exchanges with the UK across all domains so as to enhance democratic and economic resilience. We also hope the UK will continue to support Taiwan’s bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership so that together, we can work with more like-minded partners, jointly advancing the prosperous development of the Indo-Pacific region and economic security around the world. Once again, I welcome Representative Bradley-Jones to Taiwan and wish her all the best with her work. I anticipate that Taiwan-UK relations will continue to steadily advance through our joint efforts. Representative Bradley-Jones then delivered remarks, first saying in Mandarin that she is honored to meet with President Lai to discuss topics of mutual concern and jointly deepen Taiwan-UK relations, promoting mutual understanding, respect, and cooperation. She went on to say that she came to Taiwan last August to study Mandarin, and began her post as British Office Taipei representative in February this year, noting that every day she learns more about and gains a deeper understanding of Taiwan. Last year, she said, she visited Tainan and Wanli, and found Tainan’s wetlands and the scenery in Wanli very impressive. She added that she has also tried many different Taiwanese foods, and is looking forward to experiencing even more of Taiwan’s local culture and customs over the next four years. Continuing her remarks in English, Representative Bradley-Jones stated that since taking up her post, she has borne witness to the strength of the relationship between Taiwan and the UK and the potential for it to continue to grow. She said that on trade and investment, there is significant complementarity between Taiwan’s Five Trusted Industry Sectors and the UK’s Industrial Strategy, particularly in areas such as digital technologies, advanced manufacturing, and clean energy. Both governments are also together supporting Taiwan and UK businesses through our Enhanced Trade Partnership and annual trade talks, she said. Representative Bradley-Jones went on to say that on science and technology, Taiwan and the UK can and should do more together. She noted that the UK has the third largest tech sector in the world and is valued at over US$1.1 trillion, while Taiwan is the center of the semiconductor and AI hardware world. Given our complementary strengths, especially in areas such as semiconductors, space, and communications technology, she said, the UK has stepped up its level of activity in Taiwan, including by regularly hosting a UK Pavilion at SEMICON and funding 18 joint R&D programs through our new collaborative R&D fund, and looks forward to doing more together in the future.  In support of Taiwan’s whole-of-society resilience, the representative said, the UK is supporting valuable exchanges, co-hosting GCTF (Global Cooperation and Training Framework) workshops, sharing lessons on financial sector resilience, and reaching out to mayors and community leaders across Taiwan. From financial resilience to cyber resilience, she said, the UK’s public sector and private industries have plenty to share and learn. Representative Bradley-Jones stated that on people-to-people links, parliamentarians, civil society, and academics are continuing to deepen contact, and that she is particularly excited by a new smart parliament partnership agreed upon by the Taiwan Foundation for Democracy and the UK’s Westminster Foundation for Democracy, which aims to facilitate cross-party, cross-society, and cross-border exchanges on issues such as democratic governance, AI, inclusive policy-making, and public safety. The representative indicated that the examples she mentioned just scratch the surface of the full potential of the Taiwan-UK relationship. She said that the UK’s longstanding policy remains unchanged, and fundamentally, that is because we share a common set of values and interests. We are together focused on how to make our societies safer and more prosperous tomorrow than they are today, she said, and as like-minded democracies, innovative economies, and practical partners, the sincere and pragmatic cooperation between Taiwan and the UK is bringing material benefits to the prosperity and well-being of our people every day. 

    Details
    2025-03-21
    President Lai meets Alaska Governor Mike Dunleavy
    On the morning of March 21, President Lai Ching-te met with a delegation led by Alaska Governor Mike Dunleavy. In remarks, President Lai said that Alaska has long been an important trading partner of Taiwan, and that we have built a solid foundation for cooperation in such fields as energy, fisheries, and tourism. The president expressed hope that Taiwan and Alaska will have more frequent engagement and exchanges so that our relations can continue to grow to create prosperous development for both sides. A translation of President Lai’s remarks follows: On behalf of the people of Taiwan, I extend my sincerest welcome to our guests. This is Governor Dunleavy’s first visit to Taiwan, and last night, we both attended the Hsieh Nien Fan (謝年飯) banquet hosted by the American Chamber of Commerce in Taiwan. I am delighted to have this opportunity to meet with Governor Dunleavy today at the Presidential Office for further dialogue. Alaska has long been an important trading partner of Taiwan. Our sister-state relationship was established in 1988, and we have built a solid foundation for cooperation in such fields as energy, fisheries, and tourism. Currently, Taiwan is Alaska’s eighth largest export market and ninth largest source of imports. This goes to show just how close our trade and economic ties are and how much potential there is for further growth. As I said in my remarks at last night’s Hsieh Nien Fan banquet, Taiwan is interested in buying Alaskan natural gas. I am sure that Governor Dunleavy’s visit will help us explore even more opportunities for cooperation and continue to deepen Taiwan-United States relations. In the face of such challenges as expanding authoritarianism, climate change, and pandemics, we look forward to strengthening collaboration between Taiwan and the US. By drawing on our strengths, we can jointly build non-red supply chains to bolster our economic resilience and drive the advancement of global technology. I want to thank the US government for reiterating the importance it attaches to peace and stability across the Taiwan Strait and its opposition to any attempt to change the status quo by force or coercion. These statements backing Taiwan help in maintaining stability across the Taiwan Strait and in the Indo-Pacific region. Once again, I thank Governor Dunleavy for traveling such a long way to Taiwan. We hope to see more frequent engagement and exchanges between Taiwan and Alaska so that our relations can continue to grow, and we can create prosperous development for both sides. Governor Dunleavy then delivered remarks, saying that their trip to visit friends in Taiwan has been fantastic, thanking President Lai for the invitation to meet, and thanking all the staff. Governor Dunleavy said that as the pandemic was raging, the world went from “before COVID” to “after COVID.” Before COVID, he said, the world relied on a number of systems that were in place for decades after World War II involving supply chains, alliances, sources of energy, trading partners, and friends. He went on to say that as we go beyond COVID, we are reestablishing and reevaluating who our friends are, where we are going to get our energy, and who our trading partners are going to be. The governor said that we are creating a new world for the next 50 years with the new administration in Washington, and this is an opportunity for us to reevaluate and reinvest with our friends for the next 50 years in each other, our futures, and our security. Governor Dunleavy stated that one thing is for certain: that Taiwan is a friend of the US and a friend of Alaska, and has been for many, many decades. He said that it is their hope in this trip and subsequent trips to establish an even tighter bond among their friends in Taiwan, the US, and Alaska. The governor also said that we have much in common in that we are members of the Pacific family, are democracies, and believe in freedom, free speech, and capitalism. He indicated that he has much optimism for the future, and that as we reestablish relationships throughout the world, energy is going to be the key and the basis for our economic development, our national security, and our friendship. Governor Dunleavy said that he believes this trip is going to lay the groundwork for a fantastic future between Taiwan, Alaska, and the US, and that with President Lai’s support as well as the support of the US administration, we can work together to build even better relationships.

    Details
    2025-04-06
    President Lai delivers remarks on US tariff policy response
    On April 6, President Lai Ching-te delivered recorded remarks regarding the impact of the 32 percent tariff that the United States government recently imposed on imports from Taiwan in the name of reciprocity. In his remarks, President Lai explained that the government will adopt five response strategies, including making every effort to improve reciprocal tariff rates through negotiations, adopting a support plan for affected domestic industries, adopting medium- and long-term economic development plans, forming new “Taiwan plus the US” arrangements, and launching industry listening tours. The president emphasized that as we face this latest challenge, the government and civil society will work hand in hand, and expressed hope that all parties, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. A translation of President Lai’s remarks follows: My fellow citizens, good evening. The US government recently announced higher tariffs on countries around the world in the name of reciprocity, including imposing a 32 percent tariff on imports from Taiwan. This is bound to have a major impact on our nation. Various countries have already responded, and some have even adopted retaliatory measures. Tremendous changes in the global economy are expected. Taiwan is an export-led economy, and in facing future challenges there will inevitably be difficulties, so we must proceed carefully to turn danger into safety. During this time, I want to express gratitude to all sectors of society for providing valuable opinions, which the government regards highly, and will use as a reference to make policy decisions.  However, if we calmly and carefully analyze Taiwan’s trade with the US, we find that last year Taiwan’s exports to the US were valued at US$111.4 billion, accounting for 23.4 percent of total export value, with the other 75-plus percent of products sold worldwide to countries other than the US. Of products sold to the US, competitive ICT products and electronic components accounted for 65.4 percent. This shows that Taiwan’s economy does still have considerable resilience. As long as our response strategies are appropriate, and the public and private sectors join forces, we can reduce impacts. Please do not panic. To address the reciprocal tariffs by the US, Taiwan has no plans to adopt retaliatory tariffs. There will be no change in corporate investment commitments to the US, as long as they are consistent with national interests. But we must ensure the US clearly understands Taiwan’s contributions to US economic development. More importantly, we must actively seek to understand changes in the global economic situation, strengthen Taiwan-US industry cooperation, elevate the status of Taiwan industries in global supply chains, and with safeguarding the continued development of Taiwan’s economy as our goal, adopt the following five strategies to respond. Strategy one: Make every effort to improve reciprocal tariff rates through negotiations using the following five methods:  1. Taiwan has already formed a negotiation team led by Vice Premier Cheng Li-chiun (鄭麗君). The team includes members from the National Security Council, the Office of Trade Negotiations, and relevant Executive Yuan ministries and agencies, as well as academia and industry. Like the US-Mexico-Canada free trade agreement, negotiations on tariffs can start from Taiwan-US bilateral zero-tariff treatment. 2. To expand purchases from the US and thereby reduce the trade deficit, the Executive Yuan has already completed an inventory regarding large-scale procurement plans for agricultural, industrial, petroleum, and natural gas products, and the Ministry of National Defense has also proposed a military procurement list. All procurement plans will be actively pursued. 3. Expand investments in the US. Taiwan’s cumulative investment in the US already exceeds US$100 billion, creating approximately 400,000 jobs. In the future, in addition to increased investment in the US by Taiwan Semiconductor Manufacturing Company, other industries such as electronics, ICT, petrochemicals, and natural gas can all increase their US investments, deepening Taiwan-US industry cooperation. Taiwan’s government has helped form a “Taiwan investment in the US” team, and hopes that the US will reciprocate by forming a “US investment in Taiwan” team to bring about closer Taiwan-US trade cooperation, jointly creating a future economic golden age.  4. We must eliminate non-tariff barriers to trade. Non-tariff barriers are an indicator by which the US assesses whether a trading partner is trading fairly with the US. Therefore, we will proactively resolve longstanding non-tariff barriers so that negotiations can proceed more smoothly. 5. We must resolve two issues that have been matters of longstanding concern to the US. One regards high-tech export controls, and the other regards illegal transshipment of dumped goods, otherwise referred to as “origin washing.” Strategy two: We must adopt a plan for supporting our industries. For industries that will be affected by the tariffs, and especially traditional industries as well as micro-, small-, and medium-sized enterprises, we will provide timely and needed support and assistance. Premier Cho Jung-tai (卓榮泰) and his administrative team recently announced a package of 20 specific measures designed to address nine areas. Moving forward, the support we provide to different industries will depend on how they are affected by the tariffs, will take into account the particular features of each industry, and will help each industry innovate, upgrade, and transform. Strategy three: We must adopt medium- and long-term economic development plans. At this point in time, our government must simultaneously adopt new strategies for economic and industrial development. This is also the fundamental path to solutions for future economic challenges. The government will proactively cooperate with friends and allies, develop a diverse range of markets, and achieve closer integration of entities in the upper, middle, and lower reaches of industrial supply chains. This course of action will make Taiwan’s industrial ecosystem more complete, and will help Taiwanese industries upgrade and transform. We must also make good use of the competitive advantages we possess in such areas as semiconductor manufacturing, integrated chip design, ICT, and smart manufacturing to build Taiwan into an AI island, and promote relevant applications for food, clothing, housing, and transportation, as well as military, security and surveillance, next-generation communications, and the medical and health and wellness industries as we advance toward a smarter, more sustainable, and more prosperous new Taiwan. Strategy four: “Taiwan plus one,” i.e., new “Taiwan plus the US” arrangements: While staying firmly rooted in Taiwan, our enterprises are expanding their global presence and marketing worldwide. This has been our national economic development strategy, and the most important aspect is maintaining a solid base here in Taiwan. We absolutely must maintain a solid footing, and cannot allow the present strife to cause us to waver. Therefore, our government will incentivize investments, carry out deregulation, and continue to improve Taiwan’s investment climate by actively resolving problems involving access to water, electricity, land, human resources, and professional talent. This will enable corporations to stay in Taiwan and continue investing here. In addition, we must also help the overseas manufacturing facilities of offshore Taiwanese businesses to make necessary adjustments to support our “Taiwan plus one” policy, in that our national economic development strategy will be adjusted as follows: to stay firmly rooted in Taiwan while expanding our global presence, strengthening US ties, and marketing worldwide. We intend to make use of the new state of supply chains to strengthen cooperation between Taiwanese and US industries, and gain further access to US markets. Strategy five: Launch industry listening tours: All industrial firms, regardless of sector or size, will be affected to some degree once the US reciprocal tariffs go into effect. The administrative teams led by myself and Premier Cho will hear out industry concerns so that we can quickly resolve problems and make sure policies meet actual needs. My fellow citizens, over the past half-century and more, Taiwan has been through two energy crises, the Asian financial crisis, the global financial crisis, and pandemics. We have been able to not only withstand one test after another, but even turn crises into opportunities. The Taiwanese economy has emerged from these crises stronger and more resilient than ever. As we face this latest challenge, the government and civil society will work hand in hand, and I hope that all parties in the legislature, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. Let us join together and give it our all. Thank you.

    MIL OSI Asia Pacific News –

  • MIL-OSI: BlackRock® Canada Announces April Cash Distributions for the iShares® ETFs

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 17, 2025 (GLOBE NEWSWIRE) — BlackRock Asset Management Canada Limited (“BlackRock Canada”), an indirect, wholly-owned subsidiary of BlackRock, Inc. (NYSE: BLK), today announced the April 2025 cash distributions for the iShares ETFs listed on the TSX or Cboe Canada which pay on a monthly basis. Unitholders of record of the applicable iShares ETF on April 25, 2025 will receive cash distributions payable in respect of that iShares ETF on April 30, 2025.

    Details regarding the “per unit” distribution amounts are as follows:

    Fund Name Fund
    Ticker    		 Cash
    Distribution
    Per Unit
    iShares 1-10 Year Laddered Corporate Bond Index ETF CBH $0.049
    iShares 1-5 Year Laddered Corporate Bond Index ETF CBO $0.051
    iShares S&P/TSX Canadian Dividend Aristocrats Index ETF CDZ $0.128
    iShares Equal Weight Banc & Lifeco ETF CEW $0.066
    iShares 1-5 Year Laddered Government Bond Index ETF CLF $0.032
    iShares 1-10 Year Laddered Government Bond Index ETF CLG $0.037
    iShares S&P/TSX Canadian Preferred Share Index ETF CPD $0.058
    iShares US Dividend Growers Index ETF (CAD-Hedged) CUD $0.102
    iShares Convertible Bond Index ETF CVD $0.071
    iShares Global Monthly Dividend Index ETF (CAD-Hedged) CYH $0.078
    iShares Canadian Financial Monthly Income ETF FIE $0.040
    iShares U.S. Aggregate Bond Index ETF XAGG $0.105
    iShares U.S. Aggregate Bond Index ETF(1) XAGG.U $0.076
    iShares U.S. Aggregate Bond Index ETF (CAD-Hedged) XAGH $0.096
    iShares Core Canadian Universe Bond Index ETF XBB $0.079
    iShares Core Canadian Corporate Bond Index ETF XCB $0.069
    iShares ESG Advanced Canadian Corporate Bond Index ETF XCBG $0.119
    iShares U.S. IG Corporate Bond Index ETF XCBU $0.122
    iShares U.S. IG Corporate Bond Index ETF(1) XCBU.U $0.088
    iShares Core MSCI Global Quality Dividend Index ETF XDG $0.074
    iShares Core MSCI Global Quality Dividend Index ETF(1) XDG.U $0.044
    iShares Core MSCI Global Quality Dividend Index ETF (CAD-Hedged) XDGH $0.057
    iShares Core MSCI Canadian Quality Dividend Index ETF XDIV $0.115
    iShares Core MSCI US Quality Dividend Index ETF XDU $0.064
    iShares Core MSCI US Quality Dividend Index ETF(1) XDU.U $0.046
    iShares Core MSCI US Quality Dividend Index ETF (CAD-Hedged) XDUH $0.055
    iShares Canadian Select Dividend Index ETF XDV $0.108
    iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) XEB $0.059
    iShares S&P/TSX Composite High Dividend Index ETF XEI $0.136
    iShares Core Canadian 15+ Year Federal Bond Index ETF XFLB $0.112
    iShares Flexible Monthly Income ETF XFLI $0.192
    iShares Flexible Monthly Income ETF(1) XFLI.U $0.138
    iShares Flexible Monthly Income ETF (CAD-Hedged) XFLX $0.179
    iShares S&P/TSX Capped Financials Index ETF XFN $0.169
    iShares Floating Rate Index ETF XFR $0.052
    iShares Core Canadian Government Bond Index ETF XGB $0.050
    iShares Global Government Bond Index ETF (CAD-Hedged) XGGB $0.042
    iShares Canadian HYBrid Corporate Bond Index ETF XHB $0.074
    iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) XHD $0.077
    iShares U.S. High Dividend Equity Index ETF XHU $0.074
    iShares U.S. High Yield Bond Index ETF (CAD-Hedged) XHY $0.084
    iShares U.S. IG Corporate Bond Index ETF (CAD-Hedged) XIG $0.075
    iShares 1-5 Year U.S. IG Corporate Bond Index ETF (CAD-Hedged) XIGS $0.106
    iShares Core Canadian Long Term Bond Index ETF XLB $0.062
    iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged) XPF $0.065
    iShares High Quality Canadian Bond Index ETF XQB $0.053
    iShares S&P/TSX Capped REIT Index ETF XRE $0.062
    iShares ESG Aware Canadian Aggregate Bond Index ETF XSAB $0.048
    iShares Core Canadian Short Term Bond Index ETF XSB $0.072
    iShares Conservative Short Term Strategic Fixed Income ETF XSC $0.056
    iShares Conservative Strategic Fixed Income ETF XSE $0.052
    iShares Core Canadian Short Term Corporate Bond Index ETF XSH $0.060
    iShares ESG Advanced 1-5 Year Canadian Corporate Bond Index ETF XSHG $0.120
    iShares 1-5 Year U.S. IG Corporate Bond Index ETF XSHU $0.137
    iShares 1-5 Year U.S. IG Corporate Bond Index ETF(1) XSHU.U $0.099
    iShares Short Term Strategic Fixed Income ETF XSI $0.061
    iShares ESG Aware Canadian Short Term Bond Index ETF XSTB $0.048
    iShares 0-5 Year TIPS Bond Index ETF (CAD-Hedged) XSTH $0.271
    iShares 0-5 Year TIPS Bond Index ETF XSTP $0.299
    iShares 0-5 Year TIPS Bond Index ETF(1) XSTP.U $0.215
    iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) XTLH $0.113
    iShares 20+ Year U.S. Treasury Bond Index ETF XTLT $0.131
    iShares 20+ Year U.S. Treasury Bond Index ETF(1) XTLT.U $0.102
    iShares Diversified Monthly Income ETF XTR $0.040
    iShares S&P/TSX Capped Utilities Index ETF XUT $0.110


    (1    ) Distribution per unit amounts are in U.S. dollars for XAGG.U, XCBU.U, XDG.U, XDU.U, XFLI.U, XSHU.U, XSTP.U, XTLT.U

    Estimated April Cash Distributions for the iShares Premium Money Market ETF

    The April cash distributions per unit for the iShares Premium Money Market ETF are estimated to be as follows:

    Fund Name Fund Ticker Estimated
    Cash
    Distribution
    Per Unit
    iShares Premium Money Market ETF CMR $0.121

    BlackRock Canada expects to issue a press release on or about April 24, 2025, which will provide the final amounts for the iShares Premium Money Market ETF.

    Further information on the iShares Funds can be found at http://www.blackrock.com/ca.

    About BlackRock

    BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @BlackRockCA

    About iShares ETFs

    iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 1500+ exchange traded funds (ETFs) and US$4.3 trillion in assets under management as of March 31, 2025, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

    iShares® ETFs are managed by BlackRock Asset Management Canada Limited.

    Commissions, trailing commissions, management fees and expenses all may be associated with investing in iShares ETFs. Please read the relevant prospectus before investing. The funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.

    Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”). Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). TSX is a registered trademark of TSX Inc. (“TSX”). All of the foregoing trademarks have been licensed to S&P Dow Jones Indices LLC and sublicensed for certain purposes to BlackRock Fund Advisors (“BFA”), which in turn has sub-licensed these marks to its affiliate, BlackRock Asset Management Canada Limited (“BlackRock Canada”), on behalf of the applicable fund(s). The index is a product of S&P Dow Jones Indices LLC, and has been licensed for use by BFA and by extension, BlackRock Canada and the applicable fund(s). The funds are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, any of their respective affiliates (collectively known as “S&P Dow Jones Indices”) or TSX, or any of their respective affiliates. Neither S&P Dow Jones Indices nor TSX make any representations regarding the advisability of investing in such funds.

    MSCI is a trademark of MSCI, Inc. (“MSCI”). The ETF is permitted to use the MSCI mark pursuant to a license agreement between MSCI and BlackRock Institutional Trust Company, N.A., relating to, among other things, the license granted to BlackRock Institutional Trust Company, N.A. to use the Index. BlackRock Institutional Trust Company, N.A. has sublicensed the use of this trademark to BlackRock. The ETF is not sponsored, endorsed, sold or promoted by MSCI and MSCI makes no representation, condition or warranty regarding the advisability of investing in the ETF.

    Contact for Media:
    Sydney Punchard
    Email: Sydney.Punchard@blackrock.com

    The MIL Network –

  • MIL-OSI USA: SCHUMER: CHEMUNG COUNTY IS ON FRONTLINES OF TARIFF WAR, RAISING PRICES FOR SMALL BUSINESSES & FAMILIES ACROSS UPSTATE NY; STANDING AT WARD APPARATUS, SENATOR REVEALS HOW TARIFFS ARE HURTING LOCAL…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Ward Apparatus Manufactures Emergency Response & Rescue Vehicles For Fire Departments; Due To Tariffs On Aluminum From Canada And Materials From Other Countries They Along With Dozens Of Other Local Businesses Are Seeing Costs SKY-ROCKET – This Means Higher Prices For Customers And Firefighters Due To Tariffs
    Over 17,000 New Yorkers Across The Southern Tier – Including 5,100 In Chemung, Steuben & Schuyler Counties – Work In Industries Directly Impacted By Tariffs, With Thousands More In Adjacent Fields Like Tourism That Are Seeing Huge Drops As Canadians Cancel Trips To Upstate NY
    Schumer: We Need To Save Our Small Businesses From The Administration’s Tariff War That Is Raising Prices On Everyone And Killing Jobs
    With Trump’s tariff war hitting Main Street businesses across Upstate NY, U.S. Senator Chuck Schumer today stood with Southern Tier business leaders like Ward Apparatus, a company that builds emergency rescue and response vehicles for fire departments and is feeling the pain with major hits to their bottom line due to tariffs on Canada and other countries. The senator said this destructive and un-strategic tariff war that Trump has started has Upstate NY businesses, seniors and working- and middle-class families footing the bill with increased costs.
    Schumer said every day this chaos continues, it risks 17,000 jobs in the Southern Tier in industries impacted by the tariffs and even more jobs in Upstate NY’s vital tourism sector, and revealed he will push for the Senate to vote on a resolution to end this destructive trade war.
    “Chemung County and the Southern Tier are on the frontlines of the destructive Trump tariff war. Let’s be clear: these tariffs are a tax increase on Upstate NY. This trade war is raising costs up for families, small businesses, and in the case of Chemung County’s Ward Apparatus, which manufactures emergency vehicles, it is raising costs for first responders, fire departments, and municipalities that need this lifesaving machinery,” said Senator Schumer. “If this tariff war continues, it could devastate Upstate NY’s economy in ways we haven’t seen since the height of the pandemic. Small businesses are struggling to figure out how to make ends meet and being forced into difficult decisions, including if the increase in costs means they will need to lay off staff or even close their business altogether, and that is unacceptable. That’s why when the Senate returns, I will force a vote to end this reckless trade war that is hurting families and small businesses throughout the Southern Tier and across Upstate New York.”
    Schumer explained that Ward Apparatus operations in Chemung County, along with dozens of other businesses in the area, and thousands across Upstate NY, have been rattled by the trade war. Aluminum is a key component in the emergency response vehicles they build for firefighters, and it currently faces a 25% tariff, as the majority of aluminum comes from Canada. With more tariffs on the way, and through no fault of their own, prices for Ward Apparatus’s trucks could go up 10% for customers – as much as $30,000 or $40,000 – a cost which gets footed by the firefighters and municipalities that need to purchase them.
    Schumer added, “We don’t want to see departments and agencies compromising on the safety of the fleets their first responders operate, or the ability they have to adequately meet and respond to the needs of the public they are tasked to protect, because Trump’s tariffs have made it too cost-prohibitive. Our first responders deserve the best, and the public should not be worried about impacts to their safety.”
    Scott Beecher, CEO/Owner of Ward Apparatus/Ward Diesel stated, “We try to source domestic parts, materials, and components as local as possible, but there are many not available or cannot be 100% sourced domestically.  Having tariff uncertainty makes it very difficult to plan out production over an extended period of time.  I agree with efforts to bolster manufacturing in the US, but unintended negative consequences hurt business’s and add to already long lead-times.  These costs will have to be passed on to the end users and in our case that’s local fire departments, municipalities, and communities. The more predictability and stability we can have, the better we can supply our incredible firefighters with our trucks and equipment we manufacture.”
    Ward Apparatus is one of many Southern Tier-based businesses struggling to prepare for the impacts of tariffs to their bottom line. Schumer was also joined by Rimco Plastic and Swift Glass, local businesses that are feeling the impacts.
    Rimco Plastics Corporation, also located in Chemung County, manufactures and supplies thermoformed plastic trays and lids for businesses’ shipping, handling, and production needs. The uncertainty of market conditions as a result of tariffs has created challenges for the business in obtaining the raw material, polyvinyl chloride (PVC), needed to produce their products. Suppliers of PVC have halted their orders due to the uncertainty of pricing. As a result, Rimco has had to decline orders, even from long-standing customers, because this material is unavailable.
    For almost 100 years, Swift Glass has been a fabricator of quality and custom glass, providing a variety of custom glass parts for biomedical, appliance, industrial and commercial, optical, and aerospace applications. Given the custom nature of their products, a large segment of the glass and materials they purchase are sourced around the globe to accommodate the unique needs of their product’s applications, items that will be subjected to tariff increases in the coming months.
    “For Swift Glass, the brunt of the tariff issue will be felt with our far material purchases. About 50% of glass we buy comes from Europe and we were notified that starting in June, there would be an 8% increase added to what we have been paying,” said Charlie Burke, Vice President of Sales at Swift Glass. “This material is specifically used for defense applications, medical diagnostics, and the semiconductor industry. Unfortunately, there is no equivalent made in the United States so this tariff increase, if it does occur, will be passed on to these customers.”   
    According to the Main Street Alliance, a network of small businesses, 81.5% of small business respondents to a recent survey indicated they would raise prices for consumers due to tariffs and 31.5% indicated they would lay off employees as a result of the increased costs from tariffs. Tariffs are also creating uncertainty for families and jobs. If implemented again, tariffs are expected to increase costs for the average American family by as much as $5,000 a year, and families are struggling to plan for the future without assurances about their jobs. According to a New York Times analysis, over 17,000 New Yorkers across the Southern Tier including 2,500 in Chemung County work in industries targeted by the administration’s tariffs, which does not even account for all the related jobs, such as jobs in the tourism industry, that are also being impacted by the damage of this trade war.
    Schumer explained that planned tariffs hurt small businesses across the country, especially because they can’t stockpile raw materials for future orders before tariffs take effect and often have very slim margins to adapt to increased costs. The whiplash and uncertainty over tariffs have also sent the economy into a tailspin. Trump previously delayed the start of his tariffs twice and canceled across-the-board tariffs six days after implementing them. Uncertainty is causing the stock market to fall, causing chaos for small businesses to operate, and shaking the job market.
    Schumer said the Senate has a plan to end this dangerous trade war and protect Upstate NY businesses. Earlier this month, the Senate passed a bipartisan resolution to end tariffs on Canada and urged the House to pass it as well. Schumer also said when the Senate returns it will vote on a resolution to reverse these new taxes of 10% on all imported goods and end the looming threat of additional tariffs of up to 49% on products Americans buy from other countries. Schumer said ending this costly trade war is key to protecting New York from price increases and job losses as a result of tariffs on Canada.
    “I am all for addressing trade imbalances, I have always been a China hawk and have long fought against unfair trade practices, but these sweeping, ill-conceived tariffs are creating chaos and undermining those goals. Rather than uniting the world against China, Trump has united them against us! No matter which way you slice it, costs are going to skyrocket for consumers. If you’re in Upstate New York, you’ll feel it first, and worse than just about anywhere in the country. We need everyone, especially NY Republicans, to stand up against Trump’s senseless, job-killing, cost-increasing tax on Upstate New Yorkers,” concluded Schumer.

    MIL OSI USA News –

  • MIL-Evening Report: Could you accidentally sign a contract by texting an emoji? Here’s what the law says

    Source: The Conversation (Au and NZ) – By Jennifer McKay, Professor in Business Law, University of South Australia

    Parkova/Shutterstock

    Could someone take you to court over an agreement you made – or at least appeared to make – by sending a “👍”?

    Emojis can have more legal weight than many people realise. A search of the Australasian Legal Information Institute database reveals emojis have been part of evidence in at least 240 cases in the past few years.

    Their use in texts and emails has been considered in unfair dismissals, wills, family law and criminal cases.

    Australian law does not explicitly address the use of emojis in contracts. And although emojis have been accepted in evidence, the context in which they are used is always a crucial part of the picture.

    Here’s what you need to know about what makes a contract under the law – and why you might want to be especially cautious with the “🤝” button.

    Is it a casual agreement or a contract?

    Contracts don’t have to be printed on paper and signed in a lawyer’s office.

    In Australia, a contract is generally considered legally binding if it meets certain requirements. There has to be:

    • an intention to create legal relations
    • a clear unequivocal offer
    • certainty and completeness of terms
    • “consideration” – the price exchanged for the promise made
    • clearly communicated acceptance
    • no “vitiating factors” – things that could spoil the contract such as unconscionable conduct or duress.

    Indeed, case law supports the notion that contracts can be partly oral and partly written. But the oral terms cannot contradict the terms of the written agreement.

    Contracts can also incorporate graphics. The former chief justice of the High Court of Australia, Robert French AC, said in December 2017:

    There is no reason in principle why pictorial contracts explained orally or supplemented textually or contextually could not be enforceable in the same way as any other contract.

    Contracts don’t always have to be written.
    PeopleImages.com – Yuri A/Shutterstock

    ‘I hereby accept’

    In contract cases, courts often use what’s called an objective test to consider whether a reasonable person would conclude the parties intended to create a binding contract.

    In Australian law, parties to a contract must clearly communicate that they accept its terms.

    Social and domestic agreements are presumed not to create legal intent, unless proven otherwise. But with extensive use of texts and emails with emojis now, there is less clarity about what is a social and domestic agreement.

    Commercial and business contracts are presumed to have contractual intent. However, even in business contracts, emojis may be deemed to amount to acceptance, depending on the past behaviour of the parties.

    That’s because many emojis are ambiguous.

    In one situation, a thumbs up (👍) might mean “I have something”, but in another it could mean “I agree to it”. A smiley face is the same so context is crucial. The least ambiguous is arguably the handshake emoji – 🤝.

    Careful of the handshake emoji – it generally signals agreement.
    Yuri A/Shutterstock

    The experience overseas

    A number of cases from overseas show how emojis sent in response to an offer can lead to unintended contracting.

    They can induce what the law calls “reasonable reliance” of one party on the other, more than “bare hope” an agreement can be relied upon. This can subject the sender to liability if that reliance is misplaced.

    One 2023 case in Canada centred on a thumbs-up emoji sent in response to a proposal for the purchase of flax.

    Here, the court ruled that the emoji did signify agreement to the terms, similar to a written signature. It had been habitually used between the buyer and seller in a longstanding business relationship.

    Because of this repeated use, the court ruled, a reasonable bystander would conclude the emoji response created a binding agreement.

    Borrowing a big boat

    A subsequent case, in the United Kingdom, centred on an alleged four-year “charterparty” agreement to hire a large crude oil tanker called the “Aquafreedom” between Southeaster, its owners and the logistics company Trafigura.

    Trafigura claimed a binding agreement to charter the ship had been reached, following a period of offers and counteroffers. But the vessel’s owner Southeaster disagreed. Trafigura claimed it had suffered about US$15 million in lost business as a result.

    The evidence in this case was principally a bundle of written communications between the parties, including email, telephone and WhatsApp communications.

    While the court ultimately ruled no contract had been entered into, it found that more informal communications used in evidence, including WhatsApp messages containing emojis, shouldn’t be given less weight than email communications.

    The court found WhatsApp messages – including those with emojis – shouldn’t be disregarded.
    BigTunaOnline/Shutterstock

    What can you do?

    Here are some helpful hints for navigating the use of emojis, especially when buying or selling anything, running your own business or sending messages at work:

    • be careful when discussing services or purchase of goods over text
    • when acknowledging receipt of a contract, it’s safest to clearly state that you will review the terms and get back to the sender
    • do not use an emoji on its own
    • do not use the handshake emoji
    • keep business-like arrangements on a more formal footing.

    Remember, context remains important and past behaviour is critical.

    The author would like to acknowledge the contribution of Mark Giancaspro, senior lecturer in law at the University of Adelaide, for assistance in the preparation of this article.

    Jennifer McKay receives research funding from CRC Race 2030.

    – ref. Could you accidentally sign a contract by texting an emoji? Here’s what the law says – https://theconversation.com/could-you-accidentally-sign-a-contract-by-texting-an-emoji-heres-what-the-law-says-252287

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: In the trade war, China has moved to curb supply of critical minerals. Can Australia seize the moment?

    Source: The Conversation (Au and NZ) – By Marina Yue Zhang, Associate Professor, Technology and Innovation, University of Technology Sydney

    China has placed curbs on exports of rare germanium and gallium which are critical in manufacturing. Shutterstock

    In the escalating trade war between the United States and China, one notable exception stood out: 31 critical minerals, including rare earth elements, were strategically exempted from tariffs.

    This was not a gesture of goodwill. It was a tacit acknowledgment of the United States’ deep dependence on China for materials essential to its technological competitiveness, clean energy transition and national defence.

    Beijing’s response was swift and calculated. China’s Ministry of Commerce announced expanded export controls and a shift in pricing principles. The move reflects China’s long-standing effort to shift rare earth pricing from market supply and demand to pricing based on their strategic value.

    The impact was immediate. Rare earth exports from China effectively ground to a halt, as exporters awaited approvals under a new, opaque licensing regime.

    The announcement prompted President Trump to issue a new executive order directing a review of national security risks stemming from the US reliance on imported, processed critical minerals.

    As global supply chains reel from these disruptions, Australia finds itself in a unique strategic position. As a trusted US ally, it possesses the resources, partnerships and political capital to step into the breach. But can Australia seize this opportunity – or will it come with strings attached?

    China’s new playbook

    China’s latest restrictions target seven rare earths – such as dysprosium and terbium – crucial for electric vehicles, wind turbines, fighter jets and missile systems.

    While stopping short of a full export ban, the policy functions as a chokepoint. It leverages China’s near-total global control of rare earth refining (around 90%) and its monopoly on heavy rare earth processing (98%).

    Domestically, China’s rare earth sector is dominated by two state-owned giants which together control nearly 100% of national mining quotas.

    These measures have exposed the vulnerability of Western supply chains. The US has only one operational rare earth mine – Mountain Pass in California – and minimal domestic refining capacity. A new processing facility in Texas owned by Australia’s Lynas is under development, but it will take years to establish a self-sufficient supply chain.

    Rare earths have become a source of contention in the tariff war.
    Shutterstock

    Europe faces similar challenges. While rare earths are vital to the EU’s green transition, domestic production remains limited. Efforts to diversify through partners like Australia and Canada show promise but are hindered by high production costs and continued reliance on Chinese technology.

    China is also working to redefine how rare earths are priced. One proposal would tie the value of key elements like dysprosium to the price of gold, elevating them from industrial inputs to geopolitical assets. Another would settle rare earth transactions in yuan rather than US dollars, advancing Beijing’s broader ambition to internationalise its currency.

    For China, this strategy goes beyond economics. It is a deliberate national resource policy comparable to OPEC’s management of oil, designed to link pricing to the strategic significance of critical minerals.

    Australia’s window?

    Investors
    are closely watching Australian producers. Strategic deposits such as Mt Weld in Western Australia have drawn renewed interest from Japan, Europe and the US.

    Industry observers argue Australia is better positioned than the US to develop secure supply chains, due to its rich geological endowment and transparent regulatory environment.

    To seize this opportunity, the government has begun to act.

    Under its Future Made in Australia initiative, the federal government is considering measures such as strategic stockpiling, production tax credits and expanded support for domestic processing. Iluka Resources has secured A$1.65 billion to build a rare earth refinery, due to be operational by 2026.

    Emerging projects like Browns Range and Lynas’s Malaysian refinery already serve as alternative nodes in the global rare earth supply chain network.

    However, structural barriers remain. The Western allies, including Australia, still lack key processing technologies and have potentially high environmental compliance costs. Lynas’s Texas plant was intended to expand allied capacity but has faced delays due to environmental approvals.

    Walking a diplomatic tightrope

    Geopolitical tensions add another layer of complexity. Australia’s dual role – as a major upstream supplier to China and a strategic ally of the US – places it on a diplomatic tightrope.

    Aligning too closely with the US could invite Chinese retaliation. Appearing overly aligned with China may provoke scrutiny from Washington.

    Ownership concerns are also rising. The government has blocked or forced divestment of Chinese stakes in rare earth and lithium companies including Northern Minerals.

    Market volatility compounds these challenges. Prices are currently buoyed by geopolitical risk, but have been volatile. Moreover, China’s ability to undercut global prices could erode the competitiveness of Australian exports.

    A strategic opportunity – but with strings attached

    Australia stands at the centre of a rare strategic inflection point. It is both a beneficiary of China’s retreat and a potential casualty of intensifying great power competition.

    In a world where resources confer influence, the question for Australia is not simply whether it has the mineral deposits but whether it has the strategy to match.

    If the government can capitalise on this moment – diversifying partnerships, investing in capabilities, and navigating allies and rivals with strategic care – it could emerge as a leader in a more diverse critical minerals landscape.

    In the era of mineral geopolitics, possessing the resources is no longer enough. The real test is whether Australia has the foresight and the will to lead.

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

    – ref. In the trade war, China has moved to curb supply of critical minerals. Can Australia seize the moment? – https://theconversation.com/in-the-trade-war-china-has-moved-to-curb-supply-of-critical-minerals-can-australia-seize-the-moment-254574

    MIL OSI Analysis – EveningReport.nz –