NewzIntel.com

Category: Canada

  • MIL-Evening Report: Every 3 years, we play the election date waiting game. Are fixed terms the solution?

    Source: The Conversation (Au and NZ) – By Jill Sheppard, Senior Lecturer, School of Politics and International Relations, Australian National University

    With another election campaign unofficially underway, voters may feel it hasn’t been long since they were last at the voting booth.

    Australia’s Constitution dictates:

    every House of Representatives shall continue for three years from the first meeting of the House, and no longer, but may be sooner dissolved by the Governor-General.

    This allows the sitting government to call an election sooner than three years after taking office, but recent norms are for governments to use the full term length available to them.

    But how do politicians and the public feel about this format, and could this change anytime soon?

    Early elections

    In 1998, the John Howard Liberal government called an early election seeking voters’ support for its ambitious plans to introduce a goods and service tax. It came very close to defeat, but clawed its way to victory and nine more years of power.

    In 2016, the Malcolm Turnbull Liberal government took a similar punt, calling an early double dissolution election ostensibly on the issue of union corruption. Again, it came very close to defeat but clawed its way to victory (and six more years of power).

    Despite their reasons for calling early elections, both Howard and Turnbull faced declining global economic conditions and arguably moved tactically to avoid campaigning in the worst of the headwinds.

    Most governments have less appetite for capitalising on external events – like interest rate cuts – when calling an election. Voters already largely distrust politicians, and cynical early elections will only confirm their beliefs.

    Fixed versus non-fixed parliamentary terms

    The ability of a government to unilaterally decide the election date is unusual.

    The political systems most similar to Australia – New Zealand, Canada, the United Kingdom, the United States – all have fixed election dates. Australian states and territories have also increasingly moved to fixed dates, where the government of the day has no discretion over election timing.

    As prime minister, Julia Gillard effectively relinquished her right to manipulate the 2013 election date in her favour. She announced it more than seven months ahead of time. Her government lost the subsequent election.

    Unsurprisingly, there is little political will to move to fixed dates for federal elections. Only current Special Minister of State Don Farrell has expressed even passing support for the idea (and then, only if voters were clearly in favour).

    Fixed terms would undoubtedly benefit voters, who could plan their calendars well in advance. They would also benefit non-government parties and independent candidates, who could budget and plan campaigns around a known election date.

    Who wants longer terms?

    Prime Minister Anthony Albanese supports four-year terms, reflecting long-term Labor Party policy.

    The Liberal Party has generally been more ambivalent. Howard was supportive but “not mad keen” in 2005 and supportive, but resigned to failure in 2024.

    Current leader Peter Dutton also backs longer terms, but observes that, among voters, “generally, there is a reluctance to do anything that makes the life of a politician easier”.

    Beyond voters’ reluctance to grant a one-year extension to politicians’ tenure, the issue of senate term lengths is an obstacle to reform.

    Current tradition sets senate terms twice the length of House of Representatives terms, however, Penny Wong has argued that eight-year terms are too long.

    Both New South Wales and South Australia have experience with eight-year terms in their upper houses, but no other states have yet followed.

    How could (and will) terms be changed?

    Any change to federal parliamentary terms would require a successful referendum. The question has been put to Australians once before, in 1988. Only 33% of voters supported the proposal, and no state achieved majority support.

    Polling from April 2024 finds only 38% support, with 18% unsure. Independent and minor party voters – the fastest growing group in Australian politics – were also the most strongly opposed to longer terms.

    As Dutton noted, voters have been reluctant to support “politician-friendly” referendums in the past. There seems almost no chance the 48th parliament would consider a referendum on the issue.

    Would 4-year terms make politics better?

    David Coleman, recently promoted to the Liberal Party’s frontbench, has confidently declared “businesses and consumers tend to hold off on investment during election periods and the phoney war that precedes them”, and so longer terms would improve the domestic economy.

    The business sector seems to agree.

    Are they right? And what about non-economic outcomes?

    Academic research backs up the assumption governments are less likely to announce major tax reforms in the months leading into an election. Shorter terms might also make governments less likely to introduce austerity (strict cost-cutting) measures.

    The weight of academic evidence suggests that whichever party is in power matters far more than the length of the electoral cycle.

    Researchers have struggled to find differences in how politicians with longer terms (usually four years) behave from those with shorter terms (usually two years). Activity levels for the shorter-term politicians appear slightly more frenetic – more fundraising and expenditure, more campaigning – but the outcomes are similar.

    Longer terms do not seem destined to fix Australia’s political malaise.

    Jill Sheppard receives funding from the Australian Research Council.

    – ref. Every 3 years, we play the election date waiting game. Are fixed terms the solution? – https://theconversation.com/every-3-years-we-play-the-election-date-waiting-game-are-fixed-terms-the-solution-250273

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Canada: Commercial importers provided 30-day extension to submit financial security before the end of CARM transition period

    Source: Government of Canada News (2)

    March 26, 2025
    Ottawa, Ontario

    When the Canada Border Services Agency (CBSA) Assessment and Revenue Management (CARM) system was launched externally on October 21, 2024, a 180-day transition period was introduced to grant commercial importers additional time to post their financial security electronically while benefitting from the Release Prior to Payment (RPP) Program. In response to feedback received from stakeholders, the CBSA will grant a 30-day extension to the transition period.

    Importers will now have until 3 am EDT on May 20, 2025, to post their financial security in the CARM system. Importers who do not post financial security in CARM by May 20, 2025, will no longer be able to benefit from having their goods released electronically at the border prior to making payment of the duties and taxes. Without RPP, importers will have to pay all duties and taxes before goods can be released.

    Once enrolled in the RPP Program, importers are not required to visit a commercial office to pay for the duties and taxes owed at time of release of their commercial shipment. Electronic enrollment also means that importers can avoid longer paper-based processing times. As such, all importers are strongly encouraged to make arrangements to post financial security well before the deadline of May 20, 2025.

    MIL OSI Canada News –

  • MIL-OSI Canada: Alberta taps into Germany’s markets

    Source: Government of Canada regional news

    MIL OSI Canada News –

  • MIL-OSI Security: Upper Tantallon — RCMP seeking information in relation to an arson

    Source: Royal Canadian Mounted Police

    RCMP Halifax Regional Detachment is seeking information in relation to an arson that occurred in Upper Tantallon.

    Yesterday, at approximately 2:30 a.m., RCMP officers and fire services responded to a report of a 2016 Ford Mustang on fire on Hemlock Dr. Investigators learned that the vehicle was lit on fire by a woman who fled in a nearby sedan or small SUV.

    No injuries were reported.

    The woman involved is described as being between 5-foot-5 and 5-foot-7, 130 pounds.

    Investigators are asking anyone in the Westwood Hills area with security camera footage of suspicious vehicle activity to come forward.

    Anyone with information about this incident is asked to contact police at 902-490-5020. To remain anonymous, call Nova Scotia Crime Stoppers, toll-free, at 1-800-222-TIPS (8477), submit a secure web tip at www.crimestoppers.ns.ca, or use the P3 Tips app.

    File #: 25-41069

    MIL Security OSI –

  • MIL-OSI Canada: Indigenous women in Surrey will have new complex-care housing, support

    Source: Government of Canada regional news

    Indigenous women with complex mental-health and substance-use challenges in and around Surrey will soon have access to safe, culturally supportive housing and wraparound services to help them with their recovery. 

    “Combining culturally appropriate and trauma-informed care with safe, secure housing is essential in helping Indigenous women heal and rebuild their lives,” said Josie Osborne, Minister of Health. “These new complex-care housing units offer the supports needed to help people stabilize and improve their well-being, all under one roof and for as long as they need.”

    Starting in April 2025, complex-care housing services will be available for 10 Indigenous women living in Surrey with mental-health, substance-use and other concurrent health challenges. People living in this home will receive comprehensive, person-centred care that meets their specific needs, such as access to primary care, mental-health and substance-use services, counselling, cultural supports and daily living resources.

    “Complex-care housing has helped me tremendously,” said Kaitlynn, who has lived experience. “Not only was I able to get the right care to fit my needs, but it also allowed me and my daughter to be healthy, housed and together on my pathway to healing.”

    In partnership with the Province, this new initiative is led by the Aboriginal Housing Management Association (AHMA) and the Fraser Region Aboriginal Friendship Centre Association (FRAFCA). AHMA and FRAFCA will support the women accessing these specialized housing services to maintain a connection or reconnect to their culture.

    “There’s a critical need to provide more supportive housing and complex care for people experiencing homelessness in Surrey,” said Ravi Kahlon, Minister of Housing and Municipal Affairs. “We are working with Indigenous organizations and health-care partners to ensure that culturally safe, wraparound care is available for Indigenous women so they can live full, healthy lives.”

    As of March 1, 2025, the Province has expanded complex-care housing services to more than 500 people through 27 complex-care housing projects throughout B.C. Budget 2022 and Budget 2023 invested a total of $430 million to create and expand the complex-care housing program.

    Complex-care housing is a key action in Belonging in BC, the Province’s homelessness action plan. It is also a part of the Province’s Safer Communities Action Plan, which is taking action to address the biggest challenges to keep people safe and communities strong. Since 2017, the Province has nearly 92,000 homes that have been delivered or are underway, including approximately 2,050 homes in Surrey.

    Quotes:

    Amna Shah, parliamentary secretary for mental health and addictions —

    “Indigenous women in our community face unique challenges and these new housing units will provide the safe, supportive environment they need to thrive. By offering culturally appropriate care, we’re helping to create a foundation for healing and long-term well-being.”

    Margaret Pfoh, chief executive officer, Aboriginal Housing Management Association —

    “Complex-care housing is a direct response to the long-standing call for adequate, integrated health services in housing for Indigenous Peoples. Our approach is trauma-informed, culturally safe and proven to change lives. We know that it is crucial to respect people’s agency, dignity and choice when it comes to housing and services. People are living in encampments across B.C. for many reasons, and often it’s because of systemic racism and inter-generational poverty and trauma.”

    Kyla Painter, executive director, Fraser Region Aboriginal Friendship Centre Association (FRAFCA) —

    “Safe, stable housing that is rooted in culture and community is the foundation for healing. At FRAFCA, we see first-hand the barriers Indigenous women face in accessing the care and housing they need to rebuild their lives. This new complex-care housing project is a significant step forward in providing a supportive, culturally safe space where women can heal and thrive. We are proud to partner with AHMA and the Province to bring this critical service to Surrey.”

    Quick Facts:

    • In B.C., First Nations people are almost six times more likely to die from toxic-drug poisonings.
    • In 2023, 1,060 people experienced homelessness in Surrey, an increase of 65% from 2020.
    • In Metro Vancouver, approximately 33% of people experiencing homelessness identified as Indigenous.
    • A 2020 Point-in-Time Homelessness Count found Indigenous people experiencing homelessness in Surrey were more likely to be living with addiction, acquired brain injury, have a learning disability or cognitive impairment than non-Indigenous people experiencing homelessness.
    • Launched in 2022, complex-care housing is designed for those whose mental-health or substance-use challenges overlap with other serious health conditions, such as brain injuries or mobility impairments.

    Learn More:

    Learn about mental health and substance use supports in B.C.:
    https://helpstartshere.gov.bc.ca/

    To learn more about complex-care housing, visit:
    https://www2.gov.bc.ca/gov/content/health/managing-your-health/mental-health-substance-use/complex-care-housing

    To learn more about the Safer Communities Action Plan, visit:
    https://strongerbc.gov.bc.ca/safer-communities/

    To learn more about Homes for People plan, visit:
    https://news.gov.bc.ca/releases/2023HOUS0019-000436

    MIL OSI Canada News –

  • MIL-OSI Security: Ingramport — RCMP seeking information in relation to a theft of fishing nets

    Source: Royal Canadian Mounted Police

    RCMP Halifax Regional Detachment is seeking the public’s assistance in relation to a theft that occurred in Ingramport.

    Yesterday, at approximately 9:30 a.m., RCMP officers received a report of theft of licenced fishing gear from the Ingram Port river near Rivers End Rd. Investigators learned that two elver fishing nets were taken sometime in the early morning hours.

    Later that day, information and evidence gathered led RCMP officers to complete a search at a property in Sipekne’katik. The nets were not located.

    Investigators have obtained images of a person(s) of interest and are asking for the public’s assistance to identify them. The nets have an estimated value of $4,000.

    Anyone who can identify the person(s) of interest or with information about this incident is asked to contact police at 902-490-5020. To remain anonymous, call Nova Scotia Crime Stoppers, toll-free, at 1-800-222-TIPS (8477), submit a secure web tip at www.crimestoppers.ns.ca, or use the P3 Tips app.

    File #: 25-40673, 2025-386187

    MIL Security OSI –

  • MIL-OSI USA: IAM Urges U.S. Senate to Support End to Harmful, Misguided Tariffs on Canada

    Source: US GOIAM Union

    Brian Bryant, International President of the 600,000-member International Association of Machinists and Aerospace Workers (IAM) is urging members of the U.S. Senate to pass a resolution (S.J. Res. 37) introduced by U.S. Sen. Tim Kaine that would terminate the unjustified Trump tariffs imposed on Canadian imports.

    “The IAM firmly stands in support of fair-trade policy and the use of measures such as tariffs when used properly to help level the playing field for the workers we represent,” wrote Bryant in the letter to U.S. Senators. “The use of tariffs can be an effective enforcement measure to punish bad trade actors such as countries that do not respect the rights of workers. These new tariffs on Canada, one of our closest allies and largest trading partners, are unjust and will have lasting negative impacts on American and Canadian workers.”

    The letter from IAM International President Brian Bryant to U.S. Senators continues:

    “The IAM believes in fair trade and understands the necessity of tariffs when strategically deployed to protect workers and ensure equitable competition. However, the current tariffs on Canada—a vital ally and major trading partner—are not only misplaced but actively damaging to workers on both sides of the border.

    “The justification for these tariffs, citing fentanyl concerns, is demonstrably false. U.S. Customs and Border Protection data reveals that less than 1% of fentanyl seizures originate from the U.S.-Canada border, while over 96% stem from the southern border with Mexico. This stark discrepancy exposes the fallacy of targeting Canada and underscores the urgent need to reverse this detrimental policy.

    “The IAM represents workers in critical sectors such as aerospace, defense, and manufacturing, all of which rely heavily on seamless U.S.-Canada collaboration. These tariffs disrupt vital supply chains, destabilize economies, and threaten the livelihoods of tens of thousands of workers, including over 100,000 aerospace workers across both nations.

    “Based on a flawed premise, these tariffs inflict unnecessary harm on working families in both the United States and Canada.”

    Read the complete letter here.  

    The 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. 

    goIAM.org | @MachinistsUnion

    Share and Follow:

    MIL OSI USA News –

  • MIL-OSI: PIMCO Names Janet Yellen and Raghuram Rajan to its Global Advisory Board (GAB); Gordon Brown Becomes Chair

    Source: GlobeNewswire (MIL-OSI)

    • Janet Yellen served as Treasury Secretary in the Biden Administration and Chair of the Federal Reserve from 2014 to 2018
    • Raghuram Rajan served as the Governor of the Reserve Bank of India and as Chief Economist at the International Monetary Fund
    • Gordon Brown, former UK Prime Minister, becomes Chair of the GAB
    • Ben Bernanke, former Chair of the Federal Reserve, retiring from role as Chair of PIMCO’s GAB after 10 years service
    • Mark Carney, Canadian Prime Minister, also recently stepped down from GAB

    NEWPORT BEACH, Calif., March 26, 2025 (GLOBE NEWSWIRE) — PIMCO, one of the world’s premier fixed income investment managers, announces the addition of Janet Yellen, former U.S. Secretary of the Treasury and Chair of the Federal Reserve, and Raghuram Rajan, former Governor of the Reserve Bank of India and Chief Economist at the International Monetary Fund, to its Global Advisory Board. The Board provides PIMCO with insights on global economic, political, and strategic developments and their relevance for financial markets.

    In addition, Gordon Brown, former UK Prime Minister (2007-2010) and Chancellor of the Exchequer (1997-2007), becomes Chair of the Board. Mr. Brown, who has been a member of PIMCO’s GAB since its founding in 2015, replaces Ben Bernanke, who is retiring after serving 10 years as Chair of the GAB. Mark Carney, Prime Minister of Canada, previously announced his resignation from PIMCO’s GAB in January, when he announced his candidacy for political office. He had served on the Board since 2020.

    Before serving as the 78th U.S. Secretary of the Treasury from 2021-2025, Secretary Yellen was Chair of the Board of Governors of the Federal Reserve from 2014 to 2018 and Vice Chair 2010 to 2014. Secretary Yellen has also held positions at Harvard University, the London School of Economics, and the University of California, Berkeley, where she is now professor emeritus. Her extensive contributions to economic policy and research have established her as a leading figure in the field.

    Dr. Raghuram Rajan’s career is distinguished by his influential roles in global economic institutions. He was the 23rd Governor of the Reserve Bank of India from 2013 to 2016 – where he implemented key reforms to stabilize the Indian economy – and was Chief Economist and Director of Research at the International Monetary Fund from 2003 to 2006. He is also a Professor of Finance at the University of Chicago Booth School of Business.

    “Secretary Yellen and Dr. Rajan’s deep expertise in economic policy make them remarkable additions to our Global Advisory Board,” said Emmanuel Roman, PIMCO’s Chief Executive Officer. “Their insights will be crucial for us as we continue to navigate the complexities of the global economy and assess their potential impact on markets for our clients.”

    “Understanding the complexities and impact of central bank policymaking, international governance and economic conditions on fast-moving markets are critical components of our investment strategy. Secretary Yellen and Dr. Rajan’s invaluable insights and experience, and Prime Minister Brown’s leadership as chair, will provide PIMCO clients with deep expertise and knowledge in assessing investment risk and opportunity,” said Dan Ivascyn, PIMCO’s Group Chief Investment Officer.

    “We also want to thank Chair Ben Bernanke and Prime Minister Carney for their leadership and valued perspectives over many years on the Global Advisory Board during their constant presence at our investment forums and in guidance to our Investment Committee. We will miss their thoughtful insights and wish them well,” said Mr. Roman.

    The Global Advisory Board consists of a diverse group of experts who provide strategic insights into global economic, political, and strategic developments. Secretary Yellen and Dr. Rajan will join Gordon Brown, Joshua Bolten, former White House Chief of Staff, and Michele Flournoy, U.S. defense policy advisor in two U.S. presidential administrations.

    Janet Yellen
    Janet L. Yellen served as 78th Secretary of the Treasury from 2021 through 2025. Previously, she was a Distinguished Fellow in Residence at the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. She also served as Chairman of the Board of Governors of the Federal Reserve System from 2014 through February 2018, Vice Chair of the Board of Governors from 2010 to 2014 and president and chief executive officer of the Federal Reserve Bank of San Francisco from 2004 to 2010. Dr. Yellen previously served as a member of the Board of Governors of the Federal Reserve System from August 1994 through February 1997, whereupon she was appointed by President Bill Clinton to serve as chair of the Council of Economic Advisers, a post she held until August 1999. Dr. Yellen has written on a wide variety of macroeconomic issues, specializing in the causes, mechanisms, and implications of unemployment. She began her career as an assistant professor at Harvard University and then served as an economist with the Federal Reserve’s Board of Governors before joining the faculty of the London School of Economics in 1978. In 1980 she joined the faculty of the University of California at Berkeley, where she was named the Eugene E. and Catherine M. Trefethen Professor of Business and Professor of Economics, and where she is currently a professor emeritus. Dr. Yellen graduated from Brown University in 1967 and received her PhD in economics from Yale University in 1971. She received the Wilbur Cross Medal from Yale in 1997, honorary degrees from Brown, Bard College, NYU, the London School of Economics and Political Science, the University of Warwick, Yale, the University of Michigan and the University of Pennsylvania. She is a member of the Council on Foreign Relations and the American Academy of Arts and Sciences and has served as President of the American Economic Association and the Western Economic Association and a fellow of the Yale Corporation. She is a Distinguished Fellow of the American Economic Association.

    Raghuram Rajan

    Raghuram Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at Chicago Booth. He was the 23rd Governor of the Reserve Bank of India between September 2013 and September 2016. Between 2003 and 2006, Dr. Rajan was the Chief Economist and Director of Research at the International Monetary Fund. Dr. Rajan’s research interests are in banking, corporate finance, and economic development. The books he has written include Breaking the Mold: Reimagining India’s Economic Future with Rohit Lamba, The Third Pillar: How the State and Markets hold the Community Behind 2019 which was a finalist for the Financial Times Business Book of the Year prize and Fault Lines: How Hidden Fractures Still Threaten the World Economy, for which he was awarded the Financial Times prize for Business Book of the Year in 2010. Dr. Rajan is a member of the Group of Thirty. He was the President of the American Finance Association in 2011 and is a member of the American Academy of Arts and Sciences. In January 2003, the American Finance Association awarded Dr. Rajan the inaugural Fischer Black Prize for the best finance researcher under the age of 40. The other awards he has received include the Infosys prize for the Economic Sciences in 2012, the Deutsche Bank Prize for Financial Economics in 2013, Euromoney Central Banker Governor of the Year 2014, and Banker Magazine (FT Group) Central Bank Governor of the Year 2016. Dr. Rajan is the Chairman of the Per Jacobsson Foundation, the senior economic advisor to BDT Capital, and a managing director at Andersen Tax.

    About PIMCO
    PIMCO is a global leader in active fixed income with deep expertise across public and private markets. We invest our clients’ capital across a range of fixed income and credit opportunities, drawing upon our decades of experience navigating complex debt markets. Our flexible capital base and deep relationships with issuers have helped us become one of the world’s largest providers of traditional and nontraditional solutions for companies that need financing and investors who seek strong risk-adjusted returns.

    Except for the historical information and discussions contained herein, statements contained in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the investment performance of PIMCO’s sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. Readers should carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

    Contact:
    Michael Reid
    PIMCO – Media Relations
    Ph. 212-597-1301
    Email: Michael.Reid@pimco.com

    The MIL Network –

  • MIL-OSI Global: Trump’s America is facing an Andrew Jackson moment – and it’s bad news for the constitution

    Source: The Conversation – UK – By Sean Lang, Visiting Fellow in History, Anglia Ruskin University

    Statue of Andrew Jackson in Layfayette Square, Washington DC. Flickr

    How do you deal with an American president who does not obey the US constitution? The question has arisen because the recent episode where deportation flights carrying Venezuelans were dispatched to El Salvador, despite a court ruling that those flights must not proceed, suggests Donald Trump’s administration has a limited understanding of the separation of powers in the US. A president has no power to defy a court order.

    Similarly, a Brown University medical professor, Rasha Alawieh, was deported to Lebanon because of a perceived sympathy for Hezbollah, despite the fact she had a valid US work visa and despite a judge’s order blocking her removal from the US.

    This administration’s seemingly blatant disregarding of constitutional procedure is not the first time such a problem has arisen. Early in the life of the new republic it was posed by the election to the presidency in 1828 of Andrew Jackson. Jackson, an unashamed populist, harboured deep suspicion of all federal institutions. His belief in states’ rights sometimes trumped his commitment to the union.

    Trump echoes Jackson in many ways. Just as Trump reviles Joe Biden, so Jackson scorned his predecessor, John Quincy Adams. Trump’s attacks on institutions such as USAid and the Department of Education, is echoed by Jackson’s extraordinary war on the Bank of the United States, which he thought too big and grand for a democratic people.

    But the parallels come closest in relation to forced expulsion, whether of individuals in Trump’s case, or of whole peoples in Jackson’s.

    When Europeans established their colonies in the Americas, they justified their presence by asserting the philosopher John Locke’s principle that legal title to land belonged to those who farmed it. Since the native peoples were mostly nomadic hunters, this legal fiction enabled the Europeans and their American successors to seize land while claiming it was theirs “by right”.

    But the peoples of the American southeast – the Chickasaw, Choctaw, Creek, Seminole and Cherokee – took the Europeans at their word. They adopted a much more European lifestyle, establishing towns, wearing European clothing, even converting to Christianity. But above all, they started farming the land, even to the point of owning slaves to work on it. They were known, rather patronisingly, as the “five civilised tribes”.

    None of this adoption of western culture would save them, however, when Georgian cotton planters realised, first, that the tribes were sitting on prime cotton-growing land and, subsequently, that there was gold in Cherokee territory. In 1828 the state of Georgia claimed jurisdiction over all the land of the five tribes. Jackson, an old “Indian fighter” and a staunch states-rights southerner who was about to begin his stint as seventh US president, clearly sympathised.

    Jackson’s first State of the Union address made it clear that he intended to remove all the “Indian” tribes to the desert lands west of the Mississippi. In Congress, Jackson’s opponents accused him of betraying the very principles on which the republic had been founded. What had these people done that required their removal – and since they were indeed farmers, why was their right to their own land not to be respected in law?

    Despite these good reasons for these people to be allowed to stay, the 1830 Removal Act passed and the Chickasaw, Choctaw and Creek peoples packed up and left. The Seminole attempted armed resistance but were defeated.

    Supreme Court versus the US president

    The Cherokee took their case to the Supreme Court. The US Supreme Court had originally been intended merely as a final court of appeal, but under its long-sitting chief justice, John Marshall, it had established itself as the ultimate arbiter of what was and was not lawful according to the constitution. And this included acts of the president.

    The court’s new-found constitutional role was deeply resented in the White House as an unacceptable incursion on the rights of the president, even when it ruled in the president’s favour. Now Marshall was being asked to rule on the constitutional legality of Georgia’s claim to the land of the Cherokee people.

    The Cherokee had tried to declare they were a fully independent state, but the court ruled against that. It did, however, find that they constituted a dependent nation within the United States and that, therefore, the State of Georgia had no jurisdiction over them.

    ‘Trail of Tears’: a dark moment in US history.
    Wolfgang Sauber/Wikimedia Commons, CC BY-SA

    Georgia, however, simply ignored the Supreme Court and in 1838 sent in troops to round up and expel the Cherokee people. Some 13,000 people set off on what became known as the “Trail of Tears” – about one-third of them died of weakness, disease and hunger.

    One American officer commented later that: “I fought through the civil war and have seen men shot to pieces and slaughtered by thousands, but the Cherokee removal was the cruellest I ever knew.”

    Jackson was exultant, taunting Marshall that his judgement “has fell still born” and sneering that Marshall had no means of enforcing it. The Cherokee chief, the half-Scottish John Ross, summed up the situation: “We have a country which others covet. This is the only offence we have ever yet been charged with.”

    The Cherokee had found that, if the president chose to ignore it, the US constitution offered no protection to the innocent. It’s a history lesson Greenlanders, Mexicans and Canadians – and indeed many Americans who may fall foul of this administration and seek recourse to the law – would do well to study.

    Sean Lang 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. Trump’s America is facing an Andrew Jackson moment – and it’s bad news for the constitution – https://theconversation.com/trumps-america-is-facing-an-andrew-jackson-moment-and-its-bad-news-for-the-constitution-253047

    MIL OSI – Global Reports –

  • MIL-OSI Canada: Camping reservations will open for entire Berg Lake Trail in Mount Robson Park

    Source: Government of Canada regional news

    Camping reservations will soon open for the entire Berg Lake Trail in Mount Robson Park, marking the return of hikers this summer to one of B.C.’s most popular backcountry hiking destinations.

    Beginning at 7 a.m. on Wednesday, April 2, 2025, people can reserve tent pads at any of the seven backcountry campgrounds along the Berg Lake Trail for arrivals starting June 26, 2025, the same day the entire trail is scheduled to reopen. Reservations will open for the entire season and are required to stay at campgrounds along the trail until Sept. 29, 2025.

    “Mount Robson Park is a special place, drawing thousands of people from across Canada and the world to experience the natural beauty,” said Tamara Davidson, Minister of Environment and Parks. “Having undergone repairs to help withstand the impacts of climate change, we’re thrilled to welcome families and friends back to the entire Berg Lake Trail.”

    Located between Valemount and Jasper, the 23-kilometre Berg Lake Trail features views of waterfalls, turquoise-coloured lakes and massive glaciers. In June 2021, the trail was closed due to extensive flooding caused by heavy rain following the heat dome. The flooding washed away parts of the trail and caused significant damage to infrastructure, such as bridges, picnic tables and tent pads.

    “Hiking the Berg Lake Trail is an unforgettable experience, with nearly 20,000 backcountry hikers and campers coming to this special part of B.C. every year,” said Spencer Chandra Herbert, Minister of Tourism, Arts, Culture and Sport. “Having the entire trail open again is important for local businesses, communities and visitors, and I encourage everyone to get out this summer and explore beautiful B.C.”

    The trail has been rebuilt in three phases. Phase 1 focused on various upgrades from the parking lot to Kinney Lake campground and reopened in 2023 for day use and overnight camping. Phase 2, from Kinney Lake to Whitehorn campground, reopened in 2024 and included a new trail route and new bridges at the far end of Kinney Lake and over the Robson River.

    Phase 3, from Whitehorn campground to Berg Lake, included various campground upgrades, along with a significant amount of trail rebuilding and realignment to reduce the amount of time the trail is in the flood plain or crosses the river. The total cost of restoring the trail is estimated at $5 million.

    “The Village of Valemount is thrilled to be part of the wonderful news that nature enthusiasts and hikers alike have been eagerly awaiting,” said Owen Torgerson, mayor of Valemount. “The Berg Lake Trail and Mount Robson Park is important for tourism, contributing about 25% to our local economy every year. I encourage everyone to plan a trip to experience the beauty of Berg Lake, and I appreciate the extensive work that has gone into restoring this beloved trail.”

    The Berg Lake Trail is open for winter recreation. From May 15 until June 25, the trail will be open for first-come, first-served camping at Kinney Lake and Whitehorn campgrounds. Permits for campsites can be purchased at the Mount Robson Welcome Centre before heading up the trail.

    “The Berg Lake Trail offers outdoor enthusiasts an unparalleled hiking and camping experience, while also boosting visitation and driving tourism revenue to the Robson Valley and our welcoming community,” said Eugene Runtz, mayor of McBride. “Reopening this iconic trail strengthens McBride’s position as a premier destination for nature lovers and adventure seekers, showcasing the breathtaking beauty of the Canadian Rockies and inviting travellers to explore all that the Robson Valley has to offer.”

    Ellen Walker-Matthews, chief executive officer for the Thompson Okanagan Tourism Association, said: “We are thrilled that the Berg Lake Trail, one of the iconic experiences in the Thompson Okanagan region, is reopening. The Berg Lake Trail not only draws visitors to its unique experience but helps to attract and welcome Canadian and international visitors to the spectacular North Thompson Valley and surrounding communities.”

    People are encouraged to check the park webpage for updates about the final phase of construction: https://bcparks.ca/mount-robson-park/

    Quick Facts:

    • The Berg Lake Trail gains 800 metres of elevation in 23 kilometres.
    • On average, the trail has nearly 20,000 backcountry hikers and campers each year.
    • Mount Robson is the highest peak in the Canadian Rockies at 3,954 metres.
    • Mount Robson Park is the second-oldest provincial park in B.C. and was established in 1913 to protect the Fraser River’s headwaters.

    Learn More:

    Reservations can be made here: https://camping.bcparks.ca/ 

    More information about backcountry camping and policies can be found here: https://bcparks.ca/reservations/backcountry-camping/reservations/

    For more information about Mount Robson Park and the Berg Lake Trail, visit: https://bcparks.ca/mount-robson-park/

    MIL OSI Canada News –

  • MIL-OSI United Kingdom: Andy’s career change journey earns a place in national final A University of Aberdeen geology student has reached the final of the UK Career Change Awards after embarking on a degree following service as a Royal Marine Commando and rope access technician on offshore installations.

    Source: University of Aberdeen

    A University of Aberdeen geology student has reached the final of the UK Career Change Awards after embarking on a degree following service as a Royal Marine Commando and rope access technician on offshore installations.
    Andy Rycroft, who lives in Turriff, had written off his chances of succeeding in education with a succession of school reports citing that he was ‘easily distracted, doesn’t listen to instructions, presentation is poor’.
    With no qualifications he enlisted in the Royal Marines and after 32 weeks of the most arduous basic military training in the world, became a Royal Marines Commando serving in Afghanistan and on operations in Canada and the UK.
    The military gave him his first taste of formal training and he gained and NVQ and apprenticeship in engineering.
    But when he left in 2012 he again turned to his practical skills training as a Rope Access Inspection Technician and later worked in the Oil and Gas industry as a project planner.
    It was not until Covid slowed down the pace of the world that he asked what really inspired him and decided to follow his passion for earth and planetary science, signing up to a part-time distance learning course with the University of London Birkbeck.
    During the enrolment process he took a learning differences screening and was diagnosed with dyslexia, making sense of the negative school reports.
    Andy said: “With correct allowances in place and modern technology like recording lectures, Grammarly, reading back aloud and extra reading time in exams, I unlocked the cheat code in my mind.
    “After achieving a distinction in the planetary science certificate, I was eager to complete the degree but decided to come closer to home and accelerate it to full-time learning.
    “So, after 11 years in the Oil industry, I left and the University of Aberdeen accepted me to year two of BSc Geology, where I achieved my proudest grade to date. A 3500 report on the history of earth life with an A1 grade, has given me a huge confidence boost going into my honours years.
    “I am currently in year 3 and getting ready to undertake my mapping project dissertation in the summer of 2025. After I complete my degree in 2026, I will become the first in my family to have a university degree.”
    This remarkable career change has secured him a place as one of only 10 finalists the targetjobs UK Career Change Award Grand Final to be held in London April 25.
    And Andy has plans to put his academic passion for earth sciences to practical use once he has completed his degree.
    “I want to be part of something that makes a tangible impact on people’s lives,” he added. “The current energy crisis in the UK, where some people have to choose between heating and eating, is not something we can sit by and do nothing about. This can only be achieved by investing in wind, battery storage, and electric car charging infrastructure using clean energy sources. I am keen to transition into an industry where I can apply these passions.
    “I’m honoured to be selected for the final out of hundreds of nationwide applications. I had the privilege of meeting representatives from Clifford Chance, the award sponsor and seeing first-hand how seriously they value career changers.
    “Being invited to their stunning HQ in Canary Wharf along with 20 other shortlisted candidates was an incredible and humbling experience. I had the opportunity to pitch my career change journey and present an innovation that breaks down barriers for career changers, showcasing its benefits for both individuals and organisations.”

    MIL OSI United Kingdom –

  • MIL-OSI Canada: Improving food safety in Alberta

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI Canada: New framework introduced for First Nations consultation on mining claims

    Source: Government of Canada regional news

    Before the Mineral Claims Consultation Framework (MCCF), a free miner would select available cells and pays a registration fee to automatically register a claim in Mineral Titles Online (MTO). No consultation would be conducted with First Nations.

    The MCCF will establish the process for applying for a claim and consulting with First Nations before claims are registered. This process ensures the Province fulfils its duty to consult.

    The duty to consult is a legal obligation of the Crown to consult and, where appropriate, accommodate First Nations before decisions are made that may impact First Nations’ rights and title, and treaty rights.

    What is staying the same?

    Claim holders can maintain their registered mineral and placer claims. They can also conduct activities on registered claims that do not require a Mines Act permit – for example, collecting rocks and soil samples by hand or performing airborne surveys. MTO will continue to be the platform for managing claims.

    What is changing?

    As of March 26, 2025, the Province must consult First Nations before new claims are registered in MTO to understand how a claim may impact First Nations’ rights and title. A decision will be made by a statutory decision maker whether to register the claim, register the claim with accommodations, or deny the claim application.

    Have there been similar court challenges in other provinces?

    In Ontario, two legal actions were launched in 2024, challenging its Mining Act and arguing that Ontario has a constitutional duty to consult First Nations before granting new mining claims, similar to B.C.’s Gitxaala case.

    An October 2024 court decision in Quebec found that province has a duty to consult on the registration of mineral claims under its Mining Act and accommodate any adverse impacts, if necessary. The Province of Quebec has appealed the court ruling.

    MIL OSI Canada News –

  • MIL-OSI Global: Spring statement: defence spending boosted as further disability benefit cuts announced – experts react

    Source: The Conversation – UK – By Shampa Roy-Mukherjee, Vice Dean and Professor in Economics, University of East London

    Not even six months on from Labour’s first budget, and the world is a much-changed place. Geopolitical tensions and uncertainties, already high last year, have risen further, and with them the cost of the UK’s debt, while economic growth has stalled. As such, Chancellor Rachel Reeves has confronted an array of unpalatable choices – notably cutting disability benefits – to enable her to increase defence spending and stabilise the public finances. Here’s what our panel of experts made of the statement:

    Falling inflation wasn’t enough to prevent further disability cuts

    Shampa Roy-Mukherjee, Vice Dean and Professor in Economics, University of East London

    The independent Office for Budget Responsibility (OBR) has halved the UK’s 2025 growth forecast to 1%, down from the previously projected 2%. This sluggish growth, coupled with increased borrowing costs, has effectively eliminated the government’s £9.9 billion “fiscal headroom” – its financial buffer – resulting in a £4.1 billion shortfall by 2029-30.

    There was some short-term relief in the latest inflation figures. These showed a slowdown in price rises in February (2.8% against 3% in January). The dip was caused by discounting of items like clothing. But given around half of businesses are considering price rises to combat tax hikes and the national living wage increase coming in April, this relief is likely to be short-lived. The OBR forecasts that inflation will climb back up to 3.2% this year.

    The government had previously set out its controversial plans for £5 billion in welfare cuts. But the OBR rejected the claim that the reforms would save that much, estimating the savings at £3.4 billion, leaving Reeves with a £1.6 billion shortfall. As such, she has had to announce additional welfare reforms.

    These include freezing the universal credit health element until 2030 and reducing it to £50 a week for new claimants. This is aimed at saving an additional £500 million by 2030 – and combined with other planned welfare reforms could affect more than 3 million people. But the standard allowance for universal credit will see an above-inflation increase from 2026-27 and the incomes of those with the most severe lifelong conditions will be protected.

    Civil service administrative budgets are also to be reduced – by 15% by 2029-30. This, along with other efficiency and productivity improvements, will lead to annual savings of £3.5 billion. These cuts will focus on areas like human resources, policy advice, and office management, rather than frontline services.

    Reeves resorted to tricks and ‘efficiency savings’

    Steve Schifferes, Honorary Research Fellow, City St George’s, University of London

    Reeves has announced a series of tweaks to her spending plans to address the economic situation which has meant that she is in danger of breaking her self-imposed fiscal rules. The chancellor was at pains to say that these rules are “non-negotiable”.

    But these are unlikely to tackle the deeper problem – that in the short term she cannot rely on economic growth to square the circle of Labour’s three contradictory election pledges. These were more spending on public services, lower taxes and strict fiscal rules.

    The UK, in fact, is particularly vulnerable to the disruption of global trade that is likely to result from US president Donald Trump’s tariff wars. And the productivity gains from her long-term infrastructure plans will take years – if not a decade – to translate into higher growth.

    Like many chancellors, Reeves has resorted to various tricks – such as counting money moved to the defence budget to build tanks and aircraft as capital spending (and therefore exempt from the borrowing rules). And she has called for “efficiency savings” in the civil service and government departments that are unlikely to be realised.

    But the biggest savings are coming from deeper than expected cuts in disability payments and other welfare payments, reducing the income of more than 3 million people. This is upsetting many Labour MPs. Her big sweetener – £2 billion for social housing next year – is actually less than that already allocated by the previous Conservative government.

    Crucially, the further savings likely to be demanded in the spending review (announced on June 11) from unprotected departments including local government, justice and environment, will certainly look a lot like a return to austerity.

    In the end – and possibly as soon as the autumn budget – the chancellor will have to accept that as well as spending cuts, she will have to consider tax increases and possibly even a revision of the fiscal rules.

    Otherwise, she will remain at the mercy of the markets and the forecasters. Any long-term strategy will be strangled by the need to continually adjust policy to meet the fiscal “headroom” target she has set which leaves little room for manoeuvre. This requires an implausibly accurate prediction of the state of the economy in five years’ time by the OBR.

    The Civil Service could see 10,000 jobs axed.
    pxl.store/Shutterstock

    Commitment to financial stability is actually increasing uncertainty

    Linda Yueh, Fellow and Adjunct Professor of Economics, University of Oxford

    The chancellor’s self-imposed fiscal rules are intended to provide stability – one of the foundations of economic growth. One of those rules, which Rachel Reeves has said she will not bend, is that government day-to-day spending must be balanced by tax receipts by the end of this parliament.

    This is intended to provide transparency on fiscal policy. And Reeves clearly understands the importance of how international financial markets react to the UK’s level of spending – and its public debt (currently about 100% of GDP).

    But the world is not a stable place. And with the OBR halving its 2025 GDP growth forecast from 2% to 1%, unplanned cuts to public spending followed.

    Consistency in fiscal policy helps households and business to plan for the future. But during times of heightened uncertainty with global tariffs looming, GDP is likely to remain volatile. This makes not changing the government’s fiscal stance particularly challenging.

    It is also challenging for chancellor personally, as she would prefer to have one “fiscal event” a year, rather than two. But the OBR is obliged to provide economic forecasts twice a year, and when it slashes expected growth, she is duty bound to respond.

    Somewhat ironically then, the government’s stability rule is having the unintended consequence of adding policy uncertainty to an already uncertain overall economic environment – and more frequent changes to fiscal policy.

    ‘Let’s shake on increasing defence spending, bigly.’
    Joshua Sukoff/Shutterstock

    Modest defence spending boost will struggle to reverse years of decline

    Jamie Gaskarth, Professor of Foreign Policy and International Relations, the Open University

    In two months, the UK defence sector has been turned upside down – primarily by Donald Trump. His administration has made implied threats to invade a NATO ally (Denmark), challenged the sovereignty of another (Canada) and pulled support for Ukraine, openly siding with Russia in ceasefire negotiations. There is a real chance the US will draw down its security presence in Europe.

    If European countries are to meet the full cost of their own security, this will have to mean a dramatic increase in defence budgets. So far, the UK has redistributed aid money to help fund an increase in defence spending to 2.5% of GDP (from 2.3%) by 2027, with the ambition to raise it to 3% in the next parliament.

    It has also offered an extra £2 billion to underwrite defence exports. But this is small beer.

    As with many areas of public spending, dramatic cuts to the defence budget during the years of austerity (22% in real terms) have meant delays to procurement, crumbling estates and a chronic lack of investment.

    This will take a substantial uplift to redress. Recent increases under the Conservatives were eaten up by capital costs and inflation.

    And while ideas such as the £400 million ringfenced to support innovation in AI and new technology are welcome, these are tiny amounts in the grand scheme of things. The UK is not going to be a “defence industrial superpower” any time soon if budget announcements are this small, and increases so modest.

    Promise to disabled people in tatters

    William E. Donald, Associate Professor of Sustainable Careers and Human Resource Management, University of Southampton

    In November, social security and disability minister Sir Stephen Timms spoke passionately at the Shaw Trust Disability Power 100 awards, vowing to undo past injustices and declaring: “We now want to put that right.” As a disabled person, I cheered. That promise now lies in ruins.

    Despite government claims there will be no return to austerity, sick and disabled people face a real-terms cut to their incomes and the criteria for claiming personal independence payment (Pip) will become stricter than ever. This isn’t just a policy to save £5 billion, it’s cruelty and a devastating attack on disabled people.

    Pip isn’t means-tested and is paid regardless of whether you work. It exists because, according to disability charity Scope, disabled households need an additional £1,010 a month to achieve the same standard of living as others. Stripping this support away while NHS mental health waiting lists grow, energy and food prices rise, and the disability pay gap sits at 12.7% won’t push people into work. It will push them into crisis.

    Last year, Labour promised to break barriers for disabled people. Instead, they are building new ones. These cuts come at the expense of society’s most vulnerable. The consequences will be catastrophic.

    Building a future?
    Ian Dyball/Shutterstock

    Social housing boost – but homes could be improved now

    Nicky Shaw, Senior Lecturer in Operations Management, Leeds University Business School, and Simon Williams, Associate Faculty, Leeds University Business School

    The chancellor’s £2 billion investment in new homes will certainly help to increase the availability of affordable social housing. Everyone agrees that access to decent, affordable homes is important, but the quality and maintenance of existing social houses remains critical. Replacing cladding, for example, is stubbornly challenging.

    But beyond just building more social housing, our research has explored key measures of tenant satisfaction. The potential ways for digital tools such as AI to improve the efficiency of tasks like repairs and maintenance in future are numerous.

    But social housing’s tenant demographic includes many people who are more vulnerable, some of whom prefer not to – or simply cannot – engage with digital services. This means that sustaining face-to-face contact with tenants is critical. Investing in tenants’ experience now could really deliver tangible benefits for some of Britain’s most vulnerable people.

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

    – ref. Spring statement: defence spending boosted as further disability benefit cuts announced – experts react – https://theconversation.com/spring-statement-defence-spending-boosted-as-further-disability-benefit-cuts-announced-experts-react-253149

    MIL OSI – Global Reports –

  • MIL-OSI: Sidetrade Annual Results for 2024: Operating Margin exceeds 15% of Revenue and Net Profit up 40%

    Source: GlobeNewswire (MIL-OSI)

    New record in year-over-year bookings (+13% in ACV)

    Strong revenue growth: up 26% with SaaS subscriptions up 22%

    Operating margin (3)exceeds 15% of revenue (+45%)

    Surge in net profit to €7.9 million, up 40%

    Operating cash flow strongly supporting the acquisition of SHS Viveon

    Recognized ESG commitment: Platinum by EthiFinance and Silver by EcoVadis

    Sidetrade, the global leader in AI-powered Order-to-Cash applications, today announces a 26% increase in revenue for 2024, with a surge in operating margin (3)of €8.4 million (+45%) and in net profit of €7.9 million (+40%).

    Sidetrade

    (€m)

    		 2024 2023 Change
           
    Revenue 55.0 (1) 43.7 +26%
    SaaS subscriptions 45.5 (2) 36.6 +22%
           
    Gross margin 43.1 35.3 +22%
           
    Operating expenses (OPEX) (34.6) (29.4) +18%
           
    Operating margin (3) 8.4 5.8 +45%
    as a % of revenue 15% 13%  
    Net profit 7.9 5.6 +40%

    2024 information is from consolidated, unaudited data.
    (1) includes €4.4m in SHS Viveon revenue
    (2) includes €3.0m in SHS Viveon recurring revenue
    (3) Operating margin corresponds to operating profit based on 2024 accounting standards in France, including the French Research Tax Credit.

    Olivier Novasque, CEO of Sidetrade commented:

    “2024 once again illustrates the strength of Sidetrade’s business model, combining growth with profitability. Our 26% revenue increase was driven by a major breakthrough in the North American market, a leading-edge AI offering embraced by large enterprises, and the acquisition of SHS Viveon in Germany, which has further solidified our leadership in Order-to-Cash solutions across Europe. For the first time in our history, we have surpassed €8 million in operating profit, a significant 45% increase, highlighting the effectiveness and balance of our expansion strategy. But the real story goes beyond this impressive performance. We are witnessing an accelerated revolution in how businesses leverage artificial intelligence, marked by the emergence of specialized AI agents. Unlike traditional automation models that rely on rigid rule-based programming and constant human oversight, AI agents bring a new level of autonomous decision-making and real time operational optimization. These are no longer mere automation tools; they are intelligent entities capable of anticipating needs and acting independently within a company’s IT infrastructure, with minimal human intervention. Where traditional software simply organizes workflows using pre-defined rules, an AI agent trains, learns, adapts, and executes complex processes on its own. And this agentic revolution is only just beginning! At Sidetrade, Aimie represents the next generation of AI, evolving into an agentic AI that will orchestrate a network of AI agents, each managing a specific link in the Order-to-Cash cycle: risk, disputes, collections, cash application, and more. Aimie will direct, coordinate, and interconnect these high-specialized agents. Backed by the Sidetrade Data Lake, the most unique in the Order-to-Cash market and built on $7.2 trillion in B2B transactions spanning over 39.9 million businesses, Aimie is already powered by a one-of-a-kind training dataset in our field that will give its AI agents unmatched intelligence. Thanks to intensified R&D investments in 2024, we are set to launch our first next-gen AI agent in 2025, one that will redefine the boundaries of autonomy and capability. Companies that fail to embrace this paradigm shift will be rapidly outpaced by those that embed AI agents at the core of their operational excellence. With Aimie, Sidetrade is fully aligned with this AI agent revolution and is uniquely positioned to lead the race in its field.”

    New record in year-over-year bookings (+13% in ACV)
    Sidetrade maintained its growth trajectory in 2024 and set a new record with Annual Contract Value (ACV) reaching €12.73 million, up 13% compared to 2023. Annual Recurring Revenue (New ARR), increased by 6%, amounting to €6.53 million while Services bookings grew by 21%, totaling €6.2 million.

    Bookings by new customers (“New Business”) accounted for 63% of total new bookings in 2024, while contract extensions (“Cross-sell”) and additional modules to existing customers (“Upsell”) contributed 18% and 19% of bookings, respectively.

    Strong revenue growth in 2024: up 26% with SaaS subscriptions up 22%

    In 2024, Sidetrade reported annual revenue of €55.0 million, marking a 26% increase compared to the previous year, and a 16% increase on a reported basis (excluding the acquisition of SHS Viveon finalized in June 2024). Several factors contributed to this strong performance:

    • Sustained organic growth: Overall revenue (excluding the acquisition of SHS Viveon) grew by 16%, while SaaS subscriptions increased by 15%. Meanwhile, Services showed impressive growth of 24%, driven by global implementation projects.
    • Strategic acquisition of SHS Viveon opening the DACH region: Since July 1, 2024, SHS Viveon has contributed €4.4 million to Sidetrade’s revenue, now accounting for 15% of total revenue in the second half of 2024.
    • Expanding international reach: The integration of SHS Viveon has increased the share of revenue generated outside of France to 65%. With 70% of its workforce now based internationally, Sidetrade demonstrates its ability to scale globally while maintaining strong local client relationships, key to building trust and driving operational efficiency.
    • Outstanding performance in North America: North America recorded the highest growth in 2024, with a 36% increase, bringing annual revenue to €16.6 million. This strategic market is central to Sidetrade’s ambitions.

    Sidetrade continues to strengthen its position among multinationals, with a 44% increase in subscriptions from companies generating over €2.5 billion in revenue. These contracts now represent 50% of total subscriptions. More broadly, companies generating over €1 billion in revenue account for 79% of the portfolio, cementing Sidetrade’s status as a preferred partner for large enterprises.

    Gross margin and operating margin: strongly accelerating performance

    • Strong growth in gross margin: +22% with an increase of €7.8 million

    The sustained momentum in subscription growth continued to drive the expansion of the gross margin in 2024. On a like-for-like basis (excluding SHS Viveon), the gross margin rate for subscriptions remained particularly high at 92%, compared to 93% in 2023. SaaS subscriptions now represent 97% of the total gross margin.

    Sidetrade’s overall gross margin rate on a like-for-like basis stood at 80%, versus 81% the previous year. Including the impact of SHS Viveon acquisition, the consolidated gross margin rate reached 78% of total revenue for the 2024 fiscal year.

    In total, in 2024, Sidetrade delivered an incremental gross margin increase of €7.8 million compared to 2023, representing a +22% year-over-year growth.

    • Operating margin exceeding 15% of revenue (vs 13% in 2023)

    Sidetrade’s operating margin showed a remarkable increase, reaching €8.4 million in 2024, up 45% from €5.8 million in 2023. This profitability is driven by sustained business growth, an excellent gross margin and disciplined cost management.

    Thanks to this momentum, Sidetrade has continued its investment strategy, with an increase in expenditure of €5.2 million over 2023, and a particular focus on R&D (+€2.4 million), notably to accelerate the integration of generative AI into its core product offering.

    The 2024 operating margin includes a French Research Tax Credit of €2.6 million (versus €2.4 million in 2023) as well as activation of €0.16 million in marginal R&D costs, i.e., 2% of R&D costs for the full year.

    As a result, Sidetrade’s operating margin stands at 15% of revenue versus 13% in 2023, representing a 2-point gain year-over-year.

    Surge in net profit to €7.9 million: up 40%

    Sidetrade’s financial income, recorded as of December 31, 2024, stands at €0.7 million, up significantly from 2023 (€0.4 million). This performance is mostly due to interest earned on short-term investments during the year and the foreign exchange gains realized over the period.

    Corporate income tax for 2024 is estimated at €1.1 million, versus €0.6 million in 2023.

    All told, Sidetrade’s net profit for 2024 was €7.9 million, an increase of 40%, confirming the solid balance between growth and profitability.

    Operating cash flow strongly supporting the acquisition of SHS Viveon

    In 2024, Sidetrade generated a solid operating cash flow of €9.6 million, up €3.3 million (excluding the timing impact of the French Research Tax Credit refund). This level of cash generation enabled the Company to fully self-finance the acquisition of SHS Viveon, with a net cash outlay of €5.2 million (€6.6 million for the purchase of shares, offset by €1.4 million in available cash held by SHS Viveon).

    As of December 31, 2024, Sidetrade reported €25.2 million in gross cash, up €1.3 million compared to year-end 2023.

    In addition, Sidetrade held 85,437 of its own shares, valued at €19.1 million as of December 31, 2024.

    Financial debt stood at €7.9 million, down €2.3 million year-over-year. Even after the SHS Viveon acquisition, Sidetrade retains substantial investment capacity, well-positioned to support its continued expansion strategy.

    Recognized ESG commitment: Platinum by EthiFinance and Silver by EcoVadis

    In 2024, Sidetrade accelerated its transition toward becoming a more responsible company and was awarded a Platinum medal from EthiFinance and a Silver medal from EcoVadis, with respective scores of 84/100 and 70/100. Now ranked among the top 15% of the most highly rated companies audited by EcoVadis, demonstrating its leadership in social responsibility.

    These accolades confirm the relevance of Sidetrade’s strategy and its ability to anticipate the environmental and social challenges of tomorrow.

    Sidetrade looks ahead to the fiscal year 2025 with confidence and a clear vision, and has the resources to fulfill its ambitions.

    Next financial announcement
    First Quarter Revenue for 2025: April 15, 2025, after the stock market closes.
    Investor relations
    Christelle Dhrif                00 33 6 10 46 72 00           cdhrif@sidetrade.com
    Media relations @Sidetrade
    Becca Parlby                  00 44 7824 5055 84           bparlby@sidetrade.com

    About Sidetrade (www.sidetrade.com)
    Sidetrade (Euronext Growth: ALBFR.PA) provides a SaaS platform designed to revolutionize how cash flow is secured and accelerated. Leveraging its next-generation AI, nicknamed Aimie, Sidetrade analyzes $7.2 trillion worth of B2B payment transactions daily in its Cloud, thereby anticipating customer payment behavior and the attrition risk of 39.9 million buyers worldwide. Aimie recommends the best operational strategies, dematerializes and intelligently automates Order-to-Cash processes to enhance productivity, results and working capital across organizations.
    Sidetrade has a global reach, with 400+ talented employees based in Europe, the United States and Canada, serving global businesses in more than 85 countries. Amongst them: Bidcorp, Biffa, Bunzl, Engie, Inmarsat, KPMG, Lafarge, Manpower, Page, Randstad, Saint-Gobain, Securitas, Tech Data, UGI, and Veolia.
    Sidetrade is a participant of the United Nations Global Compact, adhering to its principles-based approach to responsible business.

    For further information, visit us at www.sidetrade.com and follow @Sidetrade on LinkedIn.
    In the event of any discrepancy between the French and English versions of this press release, only the French version is to be taken into account.

    Attachment

    The MIL Network –

  • MIL-OSI: Quadient SA: FY 2024 results: Solid 1st year delivery of “Elevate to 2030” strategic plan, with Digital Solution achieving €267m in revenue and 61% EBITDA growth to €47m

    Source: GlobeNewswire (MIL-OSI)

    Quadient FY 2024 results:
     Solid 1st year delivery of “Elevate to 2030” strategic plan, with Digital Solution achieving €267m in revenue and 61% EBITDA growth to €47m

    Key highlights

    • FY 2024 financial targets achieved
    • Two operating profitability milestones reached:
    • Digital EBITDA margin at 17.5%, up 5.7pts yoy, reflecting strong profitability improvement
    • All three solutions are EBITDA positive
    • Consolidated sales of €1,093 million, up +2.8% on a reported basis, including the contribution of the latest acquisitions
    • FY 2024 subscription-related revenue up +10.2% in Digital and up +11.5% in Lockers
    • FY 2024 subscription-related revenue of €777m, representing 71% of total revenue, up +€30m yoy,
      vs. +      €90m 2026 target
    • FY 2024 Group current EBIT of €146 million, up +2.2% organically
    • Proposed dividend of €0.70 per share, up by €0.05 for the fourth consecutive year
    • FY 2025 outlook: acceleration both in organic revenue growth and in current EBIT organic growth vs. 2024

    Paris, 26 March 2025

    Quadient S.A. (Euronext Paris: QDT), an Intelligent automation platform powering secure and sustainable business connections, today announces its 2024 fourth-quarter consolidated sales and full-year results (period ended on 31 January 2025). The full year 2024 results were approved by the Board of Directors during a meeting held on 25 March 2025.

    Geoffrey Godet, Chief Executive Officer of Quadient S.A., stated: “We have delivered a solid first year of our Elevate to 2030 strategic plan.

    Our Digital Automation platform has reached the record level of c.€270 million in revenue thanks to both the addition of 2,600+ new customers and the contribution from the increased usage and upsell from our existing 16,500 customer base. This strong revenue increase has been delivered together with a significant improvement in profitability with EBITDA rising by 61% to reach €47 million. We are now in a good position to exceed the 20% EBITDA margin ambition set for 2026.

    2024 also saw the highest level of Digital cross-sold deals into our Mail customer base while at the same time our Mail business continues to outpace competition. In Lockers, investments made over the past couple of years are paying off, contributing to a strong performance in H2 with double digit growth in revenue thanks to increased usage of the locker base across all regions. In addition, Lockers have reached EBITDA breakeven over the full year and profitability will further improve as we continue to increase the size of our network, grow its usage and take advantage of the recent addition of Package Concierge in the US residential sector.

    At Company level, this solid performance translates into a €30 million increase in annual recurring revenue, well on track to deliver the €90 million increase targeted by 2026. Based on this solid start to the strategic plan, we are confident in our ability to continue building a €1bn recurring revenue platform by 2030, generating €250 million current EBIT. Therefore, we are proposing to increase our dividend for the fourth consecutive year in a row, to €0.70.

    While macro uncertainties have recently been growing, we are expecting an acceleration of organic growth in revenue and current EBIT in 2025 against 2024 levels.”

    Comments on FY 2024 performance

    Group sales came in at €1,093 million in FY 2024, a +2.8% increase on a reported basis, and +0.4% organic growth compared to FY 2023, in line with Quadient’s expectations. The reported growth includes a positive currency impact of €2 million and a positive scope effect of €24 million, which is related to the acquisitions of Daylight (September 2023), Frama (February 2024) and Package Concierge (December 2024).

    In the fourth quarter of 2024, reported revenue growth stood at +4.1% and organic revenue growth was broadly flat, at -0.2%, compared to Q4 2023.

    Subscription-related revenue reached €777 million in FY 2024, growing +1.6% organically, and representing 71% of total sales. This represents a €30 million increase year-on-year (compared to the +€90 million target by 2026), progressing toward the €1 billion subscription-related revenue target by 2030. Performance in the fourth quarter of 2024 was steady, up 2.1% organically against Q4 2023, driven by a double-digit organic increase in Digital and in Lockers. Non-recurring revenue declined by 2.4% organically in FY 2024, including a 5.1% decline in Q4 2024, essentially due to a high comparison basis in Mail hardware sales.

    By geography, North America (58% of revenue) continued to outperform other regions with a +2.8% organic growth achieved in FY 2024.

    Consolidated sales and EBITDA by Solution

    FY 2024 consolidated sales

    In € million FY 2024 FY 2023 Change Organic change
    Digital 267 245 +9.1% +7.7%
    Mail 732 729 +0.4% (2.5)%
    Lockers 94 88 +5.7% +4.3%
    Group total 1,093 1,062 +2.8% +0.4%

     

    EBITDA and EBITDA margin

      FY 2024 FY 2023
    In € million EBITDA EBITDA margin EBITDA EBITDA margin
    Digital 47 17.5% 29 11.8%
    Mail 200 27.4% 218 29.9%
    Lockers 1 0.6% (3) (3.0)%
    Group total 247 22.6% 244 23.0%
     

    Digital

    In FY 2024, revenue from Digital reached €267 million, up 7.7% organically (+10.1% in Q4 2024 vs. Q4 2023) and up 9.1% on a reported basis (including the contribution from Daylight) compared to FY 2023.

    This solid performance was driven by a strong 10.2% organic growth in subscription-related revenue in FY 2024 (+10.5% in Q4 2024 vs. Q4 2023), including a good contribution from North America and continued positive commercial trends across the platform with further solid cross-selling and up-selling. In FY 2024, subscription-related revenue was representing 82% of Digital total sales, a further increase compared to 80% in FY 2023.

    At the end of FY 2024, annual recurring revenue (ARR), which is a forward-looking indicator of future subscription-related revenue, reached €232 million, up from €206 million at the end of FY 2023, representing a 12.7% organic growth.

    EBITDA for Digital was €47 million in FY 2024, up +61% year-on-year. EBITDA margin was at 17.5%, a strong improvement of 5.7 points compared to FY 2023. In H2 2024, EBITDA margin further improved, reaching 19.1%, after 15.7% in H1 2024. This positive evolution in profitability reflects the combination of subscription-related revenue growth and platform maturity. The Digital solution is well on track to reach its target of EBITDA margin greater than 20% in 2026.

    As part of its customer acquisition strategy, Digital continues to demonstrate strong commercial momentum. Over
    2,600 new customers were added     in FY 2024 thanks in particular to robust cross-selling with Mail, especially in North America. Digital experienced a dynamic fourth quarter, with several key deals secured in the US. Additionally, a new partnership was established with Avaloq to deliver Customer Communications Management capabilities to the financial services industry.

    As part of the customer expansion process, the focus continues to be on further increasing up-selling, notably in financial automation process. Several platform innovations have been made, to bring added value to customers, including the ramp-up and extension of Repay for direct supplier invoice payments in the US and Canada, and new electronic invoice formats (UBL, CII, Factur-X) to align with upcoming European e-invoicing regulation.

    In Quadient’s core geographies, the addressable demand for its Digital automation platform is set to grow from
    c.€6 billion in 2023 to c.€9 billion in 2027, representing a +10% CAGR, creating substantial growth opportunities in both communication and financial automation.

    To capture this growth, Quadient is strongly positioned, leveraging on:

    • a sound base of highly predictable business, with over 16,500 customers, 82% subscription-based revenue,
      and a churn rate well below 5%,
    • a highly recognized platform in financial & communication automation, and 84.5% of Saas customers,
      across three regions,
    • a fully scalable and modulable platform, for small to large customers, driving new client acquisition (+2,600 in FY 2024) and record cross-sell of Digital solutions into Quadient Mail customers and increased upsell opportunities among existing customers,
    • an efficient go-to-market organisation that driving a 34% year-on-year increase in bookings in Q4 2024 and +12.7% growth of ARR at the end of the year.

    Mail

    Mail revenue reached €732 million in FY 2024, down 2.5% on an organic basis (-4.6% in Q4 2024 vs. Q4 2023). The reported growth stood at +0.4%, including the contribution of Frama.

    Hardware sales recorded a minor -1.7% organic decline in FY 2024, despite a 7.3% drop registered in Q4 2024, mainly reflecting a high comparison basis related to deals signed in H2 2023.

    Subscription-related revenue (68% of Mail sales) recorded a 2.9% organic decline in FY 2024.

    EBITDA for Mail was €200 million for FY 2024. EBITDA margin reached 27.4%, down 2.5 points compared to FY 2023. Mail EBITDA margin was impacted by the dilutive effect of Frama acquisition, including integration costs. Frama’s performance is due to improve significantly from 2025 onward, with positive current EBIT already reached in FY 2024 and payback of the acquisition expected in FY 2025.

    Thanks to its strong focus on customer acquisition, Quadient’s Mail business continues to outperform the market. In Q4 2024, commercial performance remained resilient in North America, particularly in highly regulated industries where secure mail communications are key.

    As part of the customer expansion focus, outlook remains strong driven by a high customer satisfaction rate of 95.7% and robust cross-selling performance, especially in the US where a record-breaking performance in placement of Digital solutions was recorded in Q4 2024. Mail business also benefited from the positive impact of the ongoing US mailing systems decertification, though this impact is expected to conclude in Q1 2025. Lastly, Quadient aims at upgrading Frama’s installed base and initiating some cross-selling to promote its Digital offer to Frama’s customers.

    At the end of January 2025, already 42.4% of Quadient installed base has been upgraded with its newest technology.

    Lockers

    Lockers revenue reached €94 million in FY 2024, a +4.3% increase on an organic basis, with strong momentum in the latter part of the year (+8.0% in Q4 2024 vs. Q4 2023, after a strong Q3 2024, up +14.3% year-on-year) and a +5.7% increase on a reported basis compared to FY 2023, including a marginal contribution from Package Concierge.

    Subscription-related revenue was up 11.5% organically in FY 2024 (+19.6% in Q4 2024 vs. Q4 2023), benefiting from:

    • the continued strong volumes ramp up in the British and the French open networks;
    • the sustained strong momentum in the US, driven by higher monetization of usage fees;
    • a resilient performance in Japan, despite an unfavorable e-commerce environment.

    Overall, subscription-related revenue stood at 64% of total revenue in FY 2024, up from 61% in FY 2023.

    Non-recurring revenue (license & hardware sales and professional services) were down 6.8% organically in FY 2024. Hardware sales were still impacted by slower new installations in North America.

    Quadient’s global locker installed base reached c.25,700 units at the end of FY 2024, including c. 3,000 units from Package Concierge, vs. c.20,200 units at the end of FY 2023. This is reflecting an acceleration in the pace of installation of new lockers, notably in the UK, fueled by the partnerships signed by Quadient to host parcel lockers in new suitable locations.

    EBITDA for Lockers was above breakeven, at €1 million in FY 2024. EBITDA margin stood at 0.6%, up by 3.6 points compared to FY 2023. This significant profitability improvement, illustrated by a 6.7% EBITDA margin in H2 2024, was driven by growing recurring revenue and increased usage. Additionally, the revised commercial agreement with Yamato for the Japanese installed base was implemented at the beginning of H2 2023.

    As part of the customer acquisition focus, Quadient is accelerating the pace of installation for new lockers in its open networks in Europe, mostly in France and the UK, with installed base up 145% year-on-year. This is supported by the additional deals signed for premium locations (including Morrisons Daily Stores and ScotRail…). Additionally, the trend for new installations in North America has turned positive in Q4, where market share leadership position in Residences and Universities remains robust.

    As part of the customer expansion strategy, volumes from both pick-up and drop-off in European open networks saw a significant increase, growing sevenfold between Q4 2023 and Q4 2024. The momentum in North America for the locker network, particularly across the multifamily sector and higher education campuses was strong in Q4 2024. In Japan, macroeconomic conditions have impacted parcel volumes, but new initiatives, such as the new partnership with Japan Post, are aimed at driving volume growth and increasing adoption.

    REVIEW OF 2024 FULL-YEAR RESULTS

    Simplified P&L

    In € million FY 2024 FY 2023 Change
    Sales 1,093 1,062 +2.8%
    Gross profit 818 788 +3.7%
    Gross margin 74.8% 74.2%  
    EBITDA 247 244 +1.2%
    EBITDA margin 22.6% 23.0%  
    Current EBIT 146 147 (0.5)%
    Current EBIT margin 13.4% 13.8%  
    Optimization expenses and other operating income & expenses (23) (15) +58.0%
    EBIT 123 132 (7.0)%
    Financial income/(expense) (39) (31) +24.8%
    Income before tax 84 101 (16.8)%
    Share of results of associated companies 1 (0) n/a
    Income taxes (17) (17) +2.8%
    Net income of continued operations 68 84 (19.4)%
    Net income from discontinued operations (0) (14) (98.7)%
    Net attributable income 66 69 (3.4)%
    Earnings per share 1.94 2.02  
    Diluted earnings per share 1.94 2.01  
     

    Gross margin stood at 74.8% in FY 2024 slightly up compared to FY 2023, due to lower cost of sales.

    EBITDA(1) for the Group reached €247 million in FY 2024, up €3 million compared to FY 2023. EBITDA grew by 3.0% organically, driven by strong growth of 80% in Digital and improved profitability in Lockers, which more than compensated for the softer EBITDA performance in Mail. The EBITDA margin reached 22.6% in FY 2024. It was almost stable compared to FY 2023: despite the impact of the change in revenue mix and the dilutive effect of Frama acquisition, the Group EBITDA margin was supported by significant profitability gains in Digital and Lockers.

    Depreciation and amortization stood at €101 million in FY 2024, compared to €98 million in FY 2023. This slightly higher depreciation mainly reflects the increase in Lockers’ asset base.

    Current operating income (current EBIT) reached €146 million in FY 2024 compared to €147 million in FY 2023, up 2.2% on an organic basis. Current EBIT margin stood at 13.4% of sales in FY 2024 compared to 13.8% in FY 2023.

    Optimization costs and other operating expenses stood at €23 million in FY 2024, versus €15 million in FY 2023. This increase mainly relates to the write-off of an IT project, additional office optimization and Frama restructuring costs.

    Consequently, EBIT reached €123 million in FY 2024, versus €132 million recorded in FY 2023.

    Net attributable income

    Net cost of debt was up from €29 million in FY 2023 to €39 million in FY 2024, impacted by higher interest rates. The currency gains & losses and other financial items was broadly flat in FY 2024, compared to a loss of €2 in FY 2023. Overall, net financial result was a loss of €39 million in FY 2024 compared to a loss of €31 million in FY 2023.

    Income tax expense was stable year-on-year at €17 million.

    Net income from discontinued operations of the Mail Italian subsidiary was null in FY 2024, compared to a €14 million loss in FY 2023. This loss included exceptional charges related to the sale process for this subsidiary, which was sold to a local mail distribution company in October 2024.

    Net attributable income after minority interests amounted to €66 million in FY 2024 compared to €69 million in FY 2023.

    Earnings per share(2) stood at €1.94 in FY 2024 compared to €2.02 in FY 2023. The fully diluted earnings per share(2) was €1.94 in FY 2024 compared to €2.01 in FY 2023.

    Cash flow generation

    The change in working capital was a net cash inflow of €9 million in FY 2024 compared to a net cash outflow of €6 million in FY 2023, mostly reflecting the positive impact from timing on prepaid expenses and customers deposits.

    The leasing portfolio and other financing services stood at €623 million as of 31 January 2025, compared to €598 million as of 31 January 2024, up on an organic basis (i.e. excluding currency impact of €18 million) for the first time in several years thanks to good hardware placements in Mail. While generating future subscription-related revenue, this increase in lease receivables resulting from the good performance in the placement of new equipment translates into a cash outflow of
    €7 million in FY 2024. At the end of FY 2024, the default rate of the leasing portfolio stood at around 1.1% compared to c.1.3% at the end of FY 2023.

    Interest and taxes paid increased to €67 million in FY 2024 versus the amount of €55 million paid in FY 2023. The difference was mostly explained by higher interest rates in FY 2024.

    Capital expenditure reached €108 million in FY 2024, up €7 million compared to FY 2023, mostly due to UK locker open network deployment. Capex for Digital reached €24 million in FY 2024, slightly up compared to €22 million in FY 2023 and was mainly focused on R&D and platform development. Capex for Mail remained at fairly high level of €51 million
    (vs. €53 million in FY 2023), due to continued high placement of machines related to the US decertification, which is expected to end in Q1 2025. Capex for Lockers increased from €26 million to €33 million to support the ramp-up of the deployment of the open network in the UK. The sale of Frama real estate in Switzerland generated €6 million in cash inflows in FY 2024.

    All in all, cash flow after capital expenditure (free cash flow) reached €66 million in FY 2024, compared to €64 million in FY 2023.

    Leverage and liquidity position

    Net debt stood at €741 million as of 31 January 2025, a slight increase against €709 million as of 31 January 2024. In FY 2024, Quadient successfully raised approximately €325 million in new facilities, including the following transactions in H2 2024:

    • in October 2024, the Company secured EBRD financing, including a €25 million Schuldschein;
    • in December 2024, the Company secured a USD 50 million bank loan;
    • in January 2025, Quadient further strengthened its financial position with the issuance of a USD 100 million USPP.

    These new facilities enabled Quadient to repay post-closing its €260 million bond due in February 2025 and settle the repayment of Schuldschein loans for €29 million, also due in early 2025. As a result of these transactions, the Company’s average debt maturity has been extended to four years as of the end of February 2025, compared to three years at the end of FY 2023.

    The leverage ratio (net debt/EBITDA) remained broadly stable at 3.0x(3) as of 31 January 2025 compared to 2.9x(3) as of 31 January 2024. Excluding leasing, Quadient leverage ratio remained stable at 1.7x(3) as of 31 January 2025, despite the acquisitions of Frama and Package Concierge in 2024, as well as the implementation of a share buyback programs.

    As of 31 January 2025, the Group had a strong liquidity position of €667 million, split between €367 million in cash and a €300 million undrawn credit line, maturing in 2029.

    Shareholders’ equity stood at €1,113 million as of 31 January 2025 compared to €1,069 million as of 31 January 2024. The gearing ratio(4) stood at 66.6% as of 31 January 2025.

    SHAREHOLDER’ RETURN

    Proposed dividend for FY 2024 stands at €0.70 per share, representing an 8% increase against FY 2023, and a payout ratio of 36.1% of net income, higher than Quadient’s minimum 20% pay-out ratio of net income as per the Group’s dividend policy. This represents a €0.05 year-on-year increase, for the fourth consecutive year. The dividend is subject to approval by the Annual General Meeting, scheduled for 13 June 2025, and will be paid in cash in one instalment on 6 August 2025.

    In addition, Quadient’s announced in September 2024 the launch of a share buyback program for a total consideration of up to €30 million. To date, €10 million worth of shares have been repurchased, with the program set to be executed over an
    18-month(5) period. This operation demonstrates Quadient’s confidence in the value creation potential of its “Elevate to 2030” strategic plan, its ability to reach its FY 2026 leverage ratio target(6) and is in line with the capital allocation policy of the Company, while improving shareholders’ return.

    OUTLOOK

    The evolving dynamics within Quadient’s business portfolio, characterized by strong growth in Digital and Lockers revenue alongside a moderate decline in Mail revenue, will naturally drive a year-on-year acceleration in the Company’s total revenue growth.

    As Digital and Lockers continue to expand their share of Quadient’s revenue and profit, while simultaneously improving their profitability, this shift is expected to contribute to a higher growth in current EBIT

    As a result, Quadient targets an acceleration in organic revenue growth and in current EBIT organic growth in 2025 compared to 2024.

    Quadient also confirms its 3-year guidance for the 2024-2026 period of minimum 1.5% organic revenue CAGR and minimum 3% organic current EBIT CAGR.

    Q4 2024 BUSINESS HIGHLIGHTS

    Avaloq and Quadient Partner to Elevate Client Communications for Financial Services
    On 3 December 2024, Quadient and Avaloq announced today their partnership to offer unrivaled customer communications management (CCM) capabilities for the financial services industry. Avaloq has selected Quadient Inspire as its standard CCM solution, seamlessly integrating it into the Avaloq platform.

    Quadient Launches SimplyMail in Europe to Help Small Businesses Leverage Digital Solutions to Enhance Efficiency in Mail Operations
    On 11 December 2024, Quadient announced the launch in Europe of SimplyMail, a solution designed to address the growing needs for smaller businesses to automate and optimize their mail operations with ease.

    Quadient Named a Worldwide Automated Document Generation and CCM Leader by IDC
    On 12 December 2024, Quadient announced it has been named a Leader in the IDC MarketScape: Worldwide Automated Document Generation and Customer Communication Management 2024 Vendor Assessment.

    Quadient Recognized in Two IDC MarketScape Reports for Accounts Receivable Automation Applications
    On 16 December 2024, announced it has been named a Leader in the IDC MarketScape: Worldwide Accounts Receivable Automation Applications for Small and Midmarket 2024 Vendor Assessment. Additionally, Quadient has been recognized for the first time as a Major Player in the IDC MarketScape: Worldwide Accounts Receivable Automation Applications for the Enterprise 2024 Vendor Assessment.

    Quadient Surpasses 25,000 Global Locker Installations with US Package Concierge Acquisition, Setting Sights on Exceeding €100M of Locker Revenue in 2025
    On 18 December 2024, Quadient announced the acquisition of US-based parcel management solutions provider Package Concierge®, exceeding the 25,000-unit mark in its global installed base. Package Concierge provides innovative digital locker technology that addresses the growing challenges of package management in residential, commercial, retail and university campuses across the United States.

    Quadient strengthens its financial position with a USD50 million bank loan from Bank of America
    On 20 December 2024, announced a USD50 million bank loan from Bank of America. This new credit facility, which comes with a 3-year maturity at a variable rate, strengthens Quadient’s financial position ahead of debt maturities due in 2025.

    Report by Leading Analyst Firm Shows Quadient Recorded the Fastest Growth in 2023 Among CCM Market Leaders
    On 10 January 2025, Quadient announced that a newly released report by market research and consulting firm IDC shows Quadient rapidly closing the gap on the top position. Quadient’s 13.7% year-on-year revenue growth in 2023 has accelerated from its 11% growth in 2022. This is also the fastest growth among the major Customer Communications Management (CCM) vendors globally, outperforming the overall market growth.

    Quadient Secures New c.$1.6 Million Contract to Enhance US Government Agency’s Mail Automation Capacity
    On 14 January 2025, Quadient announced that it has been selected by a US government agency to modernize its mail automation infrastructure in a contract valued at c.$1.6 million. This follows a previous announcement in October 2024, where Quadient was awarded a contract worth nearly $1 million for a similar modernization project with another federal agency.

    Leading Human Resources Technology Company Selects Quadient for Accessibility Compliance in Customer Communications
    On 16 January 2025, Quadient announced that a leading US provider of integrated benefits, payroll, and human resources cloud solutions has selected customer communications management (CCM) platform Quadient Inspire to ensure accessibility compliance for its US federal agency client.

    Quadient Partners with ScotRail to Introduce Parcel Lockers at Stations Across Scotland
    On 21 January 2025, Quadient announced a partnership with ScotRail to deploy Parcel Pending by Quadient automated lockers across Scotland’s rail network. ScotRail, Scotland’s national rail operator, is enhancing its passenger experience and operational efficiency with the installation of parcel lockers in its stations.

    Quadient strengthens its financial position through a USD100 million US Private Placement from MetLife
    On 22 January 2025, Quadient announced that it has signed a new USD100 million US Private Placement (USPP) with MetLife Investment Management (“MIM”), reinforcing its financial position. This new USPP of USD 100 million senior notes has a
    7-year average maturity and comes with an additional shelf facility allowing the issue of senior notes for a maximum aggregate principal amount of USD50 million.

    Quadient Teams Up with Buzz Bingo to Bring Convenient Parcel Lockers to Bingo Clubs Across the UK
    On 28 January 2025, Quadient announced a partnership with Buzz Bingo to deploy Parcel Pending by Quadient automated lockers in 35 of its 81 bingo clubs across the UK, with plans for further installations in the future. This collaboration enhances parcel collection, delivery, and return convenience while improving the customer experience at Buzz Bingo locations.

    Leading US Law Firm Chooses Quadient in a Deal Over $1M to Streamline Mailing, Shipping, and Accounting Processes
    On 30 January 2025, Quadient announced a new contract with one of the largest injury law firms in the US, transitioning the firm from its long-standing provider to Quadient. Under the new agreement, worth over 1 million dollars, the firm is rolling out nearly 100 Quadient iX-Series mailing systems at offices across the country, all seamlessly integrated with Quadient’s cloud-based S.M.A.R.T. accounting and shipping software.

    Quadient Reports Strong Year-End Locker Usage Growth in Multifamily and Higher Education Campuses in North America
    On 31 January 2025, Quadient announced strong year-end momentum in the adoption and usage of its Parcel Pending by Quadient locker network across multifamily and higher education campuses in North America.

    POST-CLOSING EVENTS

    Morrisons Partners with Quadient for Convenient Parcel Delivery at its Morrisons Daily Stores
    On 18 February 2025, Quadient announced a new partnership with Morrisons. The partnership will see Parcel Pending by Quadient parcel lockers installed at 230 Morrisons Daily stores by spring 2025.

    Quadient Enables New Shipping Service with Japan Post on its Open Locker Network, Driving Convenience and Increased Parcel Volume
    On 3 March 2025, Quadient announced an expanded partnership between Japan Post and Packcity Japan, a joint venture between Quadient and Yamato Transport. Thanks to the extended partnership, consumers will not only receive Japan Post deliveries at Packcity Japan’s nationwide open network of automated parcel lockers, but they will also now be able to ship parcels from the lockers, called PUDO stations. Consumers using Japan Post’s Yu-Pack parcel service use a mobile app to ship from a PUDO station, eliminating the need to wait at delivery counters or manually handling shipping slips.

    Quadient Maintains Leader Position on Aspire Leaderboard for Customer Communications and Interaction Experience Software
    On 13 March 2025, Quadient announced it has maintained its leadership position on the Aspire Leaderboard. Produced by independent advisory firm Aspire CCS, the Aspire Leaderboard highlights and compares vendors in the customer communications management (CCM) and customer experience management software space. It is updated in real-time as vendors release enhancements and adjust strategies.

    To know more about Quadient’s news flow, previous press releases are available on our website at the following address: https://invest.quadient.com/en/newsroom.

    CONFERENCE CALL & WEBCAST

    Quadient will host a conference call and webcast today at 6:00 pm Paris time (5:00 pm London time).

    To join the webcast, click on the following link: Webcast.

    To join the conference call, please use one of the following phone numbers:

    ▪ France: +33 (0) 1 70 37 71 66.
    ▪ United States: +1 786 697 3501.
    ▪ United Kingdom (standard international): +44 (0) 33 0551 0200.

    Password: Quadient

    A replay of the webcast will also be available on Quadient’s Investor Relations website for 12 months.


     

    Calendar

    • 3 June 2025: Q1 2025 sales release (after close of trading on the Euronext Paris regulated market)
    • 13 June 2025: Annual General Meeting

    About Quadient®

    Quadient is a global automation platform provider powering secure and sustainable business connections through digital and physical channels. Quadient supports businesses of all sizes in their digital transformation and growth journey, unlocking operational efficiency and creating meaningful customer experiences. Listed in compartment B of Euronext Paris (QDT) and part of the CAC® Mid & Small and EnterNext® Tech 40 indices, Quadient shares are eligible for PEA-PME investing.

    For more information about Quadient, visit https://invest.quadient.com/en/.

    Contacts

    APPENDIX

    Digital: New name for Intelligent Communication Automation

    Mail: New name for Mail-Related Solutions

    Lockers: New name for Parcel Locker Solutions

    FY 2024 and Q4 2024 consolidated sales

    FY 2024 consolidated sales by geography

    In € million 2024 2023 Change Organic
    change
    North America 632 607 +4.0% +2.8%
    Main European countries(a) 369 354 +4.5% (2.0)%
    International(b) 92 101 (9.7)% (5.4)%
    Group total 1,093 1,062 +2.8% +0.4%
    1. Including Austria, Benelux, France, Germany, Ireland, Italy (excluding Mail), Switzerland, and the United Kingdom
    2. International includes the activities of Digital, Mail and Lockers outside of North America and the Main European countries

    Q4 2024 consolidated sales by Solution

    In € million Q4 2024 Q4 2023 Change Organic change
    Digital 73 65 +11.5% +10.1%
    Mail 196 196 (0.3)% (4.6)%
    Lockers 27 22 +20.2% +8.0%
    Group total 295 284 +4.1% (0.2)%
     

    Q4 2024 consolidated sales by geography

    In € million Q4 2024 Q4 2023 Change Organic
    change
    North America 171 160 +7.0% +2.5%
    Main European countries(a) 100 97 +3.3% (2.9)%
    International(b) 24 27 (10.7)% (6.9)%
    Group total 295 284 +4.1% (0.2)%
    1. Including Austria, Benelux, France, Germany, Ireland, Italy (excluding Mail), Switzerland, and the United Kingdom
    2. International includes the activities of Digital, Mail and Lockers outside of North America and the Main European countries

    Financial statements – Full-year 2024

    Consolidated income statement

    In € million FY 2024
    (period ended
    on 31 January 2025)    		 FY 2023
    (period ended
    on 31 January 2024)
    Sales 1,093 1,062
    Cost of sales (275) (274)
    Gross margin 818 788
    R&D expenses (63) (63)
    Sales and marketing expenses (287) (275)
    Administrative and general expenses (187) (176)
    Service and support expenses (116) (109)
    Employee profit-sharing, share-based payments and other expenses (10) (7)
    M&A and strategic projects expenses (8) (11)
    Current operating income 146 147
    Optimization expenses and other operating income & expenses (23) (15)
    Operating income 123 132
    Financial income/(expense) (39) (31)
    Income before taxes 84 101
    Income taxes (17) (17)
    Share of results of associated companies 1 (0)
    Net income from continued operations 68 84
    Net income of discontinued operations (0) (14)
    Net income 67 70
    Of which:

    • Minority interests
    		 1 1
    • Net attributable income
    		 66 69

    Simplified consolidated balance sheet

    Assets
    In € million    		 FY 2024
    (period ended
    on 31 January 2025)    		 FY 2023
    (period ended
    on 31 January 2024)
    Goodwill 1,131 1,082
    Intangible fixed assets 119 121
    Tangible fixed assets 170 156
    Other non-current financial assets 65 65
    Other non-current receivables 2 2
    Leasing receivables 623 598
    Deferred tax assets 38 17
    Inventories 75 67
    Receivables 240 228
    Other current assets 79 84
    Cash and cash equivalents 367 118
    Current financial instruments 1 2
    Assets held for sale 0 9
    TOTAL ASSETS 2,910 2,550
    Liabilities
    In € million    		 FY 2024
    (period ended
    on 31 January 2025)    		 FY 2023
    (period ended
    on 31 January 2024)
    Shareholders’ equity 1,113 1,069
    Non-current provisions 12 12
    Non-current financial debt 722 715
    Current financial debt 347 66
    Lease obligations 38 46
    Other non-current liabilities 3 2
    Deferred tax liabilities 101 104
    Financial instruments 5 5
    Trade payables 104 79
    Deferred income 223 212
    Other current liabilities 242 225
    Liabilities held for sale 0 15
    TOTAL LIABILITIES 2,910 2,550

    Simplified cash flow statement

     

    In €millions

    		 FY 2024
    (period ended
    on 31 January 2025)    		 FY 2023
    (period ended
    on 31 January 2024)
    EBITDA 247 244
    Other elements (15) (19)
    Cash flow before net cost of debt and income tax 233 225
    Change in the working capital requirement 9 (6)
    Net change in leasing receivables (7) (0)
    Cash flow from operating activities 235 219
    Interest and tax paid (67) (55)
    Net cash flow from operating activities 168 165
    Capital expenditure (108) (101)
    Disposal of assets 6 0
    Net cash flow after investing activities 66 64
    Impact of changes in scope (37) (5)
    Net cash flow after acquisitions and divestments 29 59
    Dividends paid (22) (21)
    Change in debt and others 219 (39)
    Net cash flow after financing activities 226 (1)
    Cumulative translation adjustments on cash (6) (2)
    Net cash from discontinued operations (1) (9)
    Change in net cash position 219 (11)

    ([1]) EBITDA = current operating income + provisions for depreciation of tangible and intangible fixed assets.
    ([2]) For the FY 2024, the average compounded number of shares is 34,114,060. Diluted number of shares is 34,486,288.
    ([3]) Including IFRS 16
    ([4]) Net debt / shareholder’s equity
    ([5]) Subject to the renewal of the share buyback authorizations at the 2025 AGM
    ([6]) FY 2026 leverage ratio excluding leasing target of 1.5x

    Attachment

    The MIL Network –

  • MIL-OSI Security: Innisfail — Innisfail RCMP and FASST arrested several people on warrants during a three-day operation

    Source: Royal Canadian Mounted Police

    Innisfail RCMP, with assistance from the Alberta Sheriff’s Fugitive Apprehension Sheriffs Support Team (FASST), engaged in a targeted enforcement operation attempting to locate and arrest offenders who were currently on warrants in the areas of Innisfail and Red Deer County.

    From March 4 to March 6, 2025, Innisfail RCMP and FASST executed a three-day operation where they arrested 16 people and executed 22 arrest warrants. These arrest warrants ranged from provincial violation to Criminal Code warrants. Furthermore, this operation also led to the arrest of Joshua Atkinson (50), a parole offender who was on a Canada wide warrant for being unlawfully at large.

    During the three-day operation, officers conducted dozens of door knocks and phone calls. Innisfail RCMP and FASST would like to thank the public for their patience and understanding.

    Innisfail RCMP conduct operations like this multiple times throughout the year to ensure public safety, and to ensure participants of the justice system complete the required process.

    Innisfail RCMP is seeking the public’s assistance in identifying the location of, or sightings of criminal activity in your neighbourhood. Anyone with information in relation to this or other incidents is asked to contact the Innisfail RCMP at 403-227-3342 or your local police. If you wish to remain anonymous, you can contact Crime Stoppers at 1-800-222-8377 (TIPS), online at www.P3Tips.com or by using the “P3 Tips” app available through the Apple App or Google Play Store.

    MIL Security OSI –

  • MIL-OSI Security: Stephenville — Update: Additional charges laid by RCMP NL as part of attempt murder investigation in Port au Port

    Source: Royal Canadian Mounted Police

    Additional charges have been laid by RCMP NL’s Major Crime Unit (MCU) against 66-year-old Wayne Harold Hynes of Port au Port West.

    Hynes was charged with attempted murder on March 17, 2025, in relation to an incident that occurred in Port au Port on February 21, 2025. A snowmobiler was shot while traveling across Gravel’s Pond and was left with life-threatening injuries.

    In continuing with the investigation, yesterday, RCMP NL’s (MCU) laid the following additional criminal charges against Hynes:

    • Using a firearm in the commission of a criminal offence
    • Careless use of a firearm
    • Pointing a firearm
    • Discharging a firearm with intent to endanger the life of an individual
    • Assault with a weapon
    • Aggravated assault

    Hynes remains in custody at this time. His next court appearance will take place on March 31, 2025.

    The investigation is continuing.

    Background:

    https://www.rcmp-grc.gc.ca/en/news/2025/rcmp-nls-mcu-searches-home-port-au-port-part-injured-snowmobiler-investigation

    MIL Security OSI –

  • MIL-OSI Security: Lloydminster — Lloydminster RCMP investigate robbery

    Source: Royal Canadian Mounted Police

    Lloydminster RCMP and Alberta Law Enforcement Response Team (ALERT) are investigating a series of incidents involving an armed robbery, flight from police, and suspected drug trafficking.

    On Feb. 26, 2025, at approximately 12:40 a.m., officers responded to reports of an armed robbery at a residence located in Lloydminster. Officers located the suspect vehicle and attempted a traffic stop, but the driver failed to stop for police. Officers were successful in disabling the vehicle. Four people attempted to flee from the vehicle, three of which were immediately taken into custody, and the forth attempted to hide from police by climbing a tree. RCMP Police Dog Services, the RCMP helicopter and investigators tracked the individual and took them into custody without further incident.

    Subsequent investigation led officers to complete a search warrant on the vehicle the suspects were driving. In total, 26 grams of Methamphetamine, 26 grams of Fentanyl and 7 grams of Cocaine were located in addition to other evidence consistent with drug trafficking.

    As a result, four individuals have been arrested:

    • A 33-year-old resident of Yorkton, Sask.
    • A 29-year-old resident of Thunderchild First Nation, Sask.
    • A 24-year-old resident of Thunderchild First Nation
    • A 28-year-old resident of Onion Lake, Sask.

    They have been charged with the following offences:

    · Flight from Police

    · Operation of a Conveyance while Prohibited

    · Possession of a Controlled Substance for the Purpose of Trafficking Cocaine

    · Possession of a Controlled Substance for the Purpose of Trafficking Methamphetamine

    · Possession of a Controlled Substance for the Purpose of Trafficking Fentanyl

    · Resist Arrest

    · Fail to Comply with Probation

    The 33-year-old, 29-year-old and 28-year-old individuals remain in custody and are scheduled to appear in Lloydminster Court on March 25, 2025. The 24-year-old individual was released by a justice of the peace and appeared in court on March 11, 2025.

    An arrest warrant has been issued for a 23-year-old resident of Lloydminster, Sask.

    The investigation is ongoing, and additional charges may be laid.

    Anyone with information regarding this incident is asked to contact Lloydminster RCMP at 780 808 8400. If you wish to remain anonymous, you can contact Crime Stoppers at 1-800-222-TIPS (8477) or online at www.crimestoppers.ca<http://www.crimestoppers.ca.

    MIL Security OSI –

  • MIL-OSI: Ninepoint 2024 Short Duration Flow-Through Limited Partnership Announces Completion of Rollover Transaction

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 26, 2025 (GLOBE NEWSWIRE) — Ninepoint 2024 Short Duration Flow-Through Limited Partnership (the “Partnership”), announced today that it had completed the tax-deferred transfer of the assets of the Partnership (the “Mutual Fund Rollover Transaction”) into Ninepoint Resource Fund Class (the “Resource Class”) of Ninepoint Corporate Fund Inc., as discussed in the Partnership’s press release of January 17, 2025.

    National Class Rollover Details

    3,736,868 Series A shares of the Resource Class were issued at their net asset value of $5.870034 per share. The final net asset value per National Class Partnership Class A unit for purposes of the Mutual Fund Rollover Transaction was $18.361785 per Partnership unit. Accordingly, each holder of National Class Partnership Class A units will receive 3.128055 Resource Class Series A shares for each National Class Partnership Class A unit held. The adjusted cost base for each National Class Partnership Class A unit was $4.098694 per Partnership unit and the adjusted cost base for each allocated Resource Class Series A share was $1.310301 per share. The after-tax return was 44.35% for an Ontario investor taxed at the highest marginal rate.

    1,009,890 Series F shares of the Resource Class were issued at their net asset value of $6.094742 per share. The final net asset value per National Class Partnership Class F unit for purposes of the Mutual Fund Rollover Transaction was $19.132332 per Partnership unit. Accordingly, each holder of National Class Partnership Class F units will receive 3.139154 Resource Class Series F shares for each National Class Partnership Class F unit held. The adjusted cost base for each National Class Partnership Class F unit was $4.915675 per Partnership unit and the adjusted cost base for each allocated Resource Class Series F share was $1.565923 per share. The after-tax return was 47.89% for an Ontario investor taxed at the highest marginal rate.

    Quebec Class Rollover Details

    587,982 Series A shares of the Resource Class were issued at their net asset value of $5.870034 per share. The final net asset value per Quebec Class Partnership Class A unit for purposes of the Mutual Fund Rollover Transaction was $17.7267 per Partnership unit. Accordingly, each holder of Quebec Class Partnership Class A units will receive 3.019865 Resource Class Series A shares for each Quebec Class Partnership Class A unit held. The adjusted cost base for each Quebec Class Partnership Class A unit was $1.014487 per Partnership unit and the adjusted cost base for each allocated Resource Class Series A share was $0.335938 per share. The after-tax return was 54.96% for a Quebec investor taxed at the highest marginal rate.

    53,315 Series F shares of the Resource Class were issued at their net asset value of $6.094742 per share. The final net asset value per Quebec Class Partnership Class F unit for purposes of the Mutual Fund Rollover Transaction was $18.462837 per Partnership unit. Accordingly, each holder of Quebec Class Partnership Class F units will receive 3.029306 Resource Class Series F shares for each Quebec Class Partnership Class F unit held. The adjusted cost base for each Quebec Class Partnership Class F unit was $1.930983 per Partnership unit and the adjusted cost base for each allocated Resource Class Series F share was $0.637434 per share. The after-tax return was 58.29% for a Quebec investor taxed at the highest marginal rate.

    For investors looking for another tax-advantaged investment, Ninepoint Partners LP has filed and received a receipt for a final prospectus dated January 30, 2025 offering limited partnership units of a new flow-through limited partnership, Ninepoint 2025 Flow-Through Limited Partnership. The prospectus contains important detailed information about the securities being offered. Investors should read the prospectus before making an investment decision.

    The information provided is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering or tax, legal, accounting or professional advice. Readers should consult with their own accountants and/or lawyers for advice on the specific circumstances before taking any action.

    Additional information: The prospectus for the Resource Class is available at www.ninepoint.com, through a broker or by contacting us at (866) 299-9906 or invest@ninepoint.com.   Information about the Ninepoint 2025 Flow-Through Limited Partnership is available through the dealers or by contacting us at (866) 299-9906 or invest@ninepoint.com.

    About Ninepoint Partners LP

    Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets.

    For more information on Ninepoint Partners LP, please visit www.ninepoint.com or for inquiries regarding the offering, please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.

    The MIL Network –

  • MIL-OSI Global: When Canadian snowbirds don’t flock south, the costs are more than financial

    Source: The Conversation – Canada – By Valorie A. Crooks, Professor, Department of Geography, Simon Fraser University

    Every winter, hundreds of thousands of older Canadians spend the winter in the United States. But in recent weeks, we’ve seen many Canadian snowbirds shifting their attention to other matters.

    First, stories started to emerge from those who said they would no longer participate in this seasonal migration because of political events in the U.S. Another related concern was the weakened Canadian dollar. This trend has prompted some to consider selling their winter properties in the U.S.

    More recently, attention has shifted to the potential for changed border rules to lessen snowbirds’ access to the U.S. for long stays. Snowbirds are concerned about administrative and procedural requirements that may ultimately make cross-border travel less convenient.

    During the COVID-19 pandemic, some Canadian snowbirds experienced challenges crossing into the U.S. for the winter or returning to Canada. Closures of borders to non-essential travel did not dissuade some from planning to winter in the U.S.

    Drawing on research in snowbird communities, we found out that affordability and ease of movement are two important enablers of long-stay seasonal travel.

    Because of this, it’s not surprising that we’re hearing from snowbirds again in light of recent developments.

    CBC News reports on Québec snowbirds reaction to the Donald Trump administration’s new measures for travellers to the U.S.

    Economic and political disruptions

    While COVID-era travel disruptions didn’t stop some snowbirds from going south for the winter, the current economic and political disruptions are another story. Florida is a popular destination for Canadian snowbirds. In fact, a 2023 survey named eight of the 10 best American destination communities as being in Florida.

    If Canadian snowbirds are talking about cancelling travel plans and selling properties, people in Florida should be paying attention.

    Instead, in early March, Florida Gov. Ron DeSantis downplayed what it would mean for Canadians to avoid travel to the state. Citing a recent tourism industry report, he noted that only 3.3 million of the 142.9 million visitors to Florida in 2024 were from Canada.

    DeSantis went on to say “that’s not much of a boycott, in my book.” But 91.5 per cent of Florida’s annual visitors were from the U.S. This means that the 2.3 per cent of visitors who were Canadian were actually a substantial portion of the states’s international visitors.

    DeSantis’s recent comments were also not in line with concerns raised during the COVID-19 pandemic that signalled substantial negative economic impacts for the state if Canadian snowbirds did not arrive for the winter.

    Community members

    Aside from these economic impacts, something we’ve learned through our years of research with Canadians who winter in the U.S. is that many become vital members of destination communities. From participating in public health outreach programs to volunteering at local hospitals, our research has shown that many embrace opportunities to be active in the places they reside for the winter.

    Any drop in the numbers of seasonal travellers going to U.S. destinations will have social costs for communities beyond the quantifiable economic losses.

    Many popular U.S. destination communities for snowbirds have health systems that are designed to expand and retract with dramatically different seasonal populations. Our research has observed this most closely in Yuma, Ariz., where entire areas of the main local hospital are closed in the summer and staffed seasonally in the winter.

    Additionally, some of the seasonal nursing staff who arrive for the winter are from Canada. Any retreat from these destinations by Canadian snowbirds may have significant implications for health systems and allied sectors. This can ultimately impact the quality of care they can provide to a more limited local patient base.

    Intangible impacts

    While the economic impacts of the seeming loss of long-stay older Canadians in these communities are important to consider, there will be other — less measurable but no less important — impacts. Just as the long friendship between the U.S. and Canada is now being tested, blended snowbird communities of older North Americans are at risk of diminishing.

    Business owners in U.S. destinations spoke up about losses when fewer Canadian snowbirds went south during the COVID-19 pandemic. Some Canadian business sectors and communities discovered opportunities emerging from these shifts in consumer’ movements.

    As snowbirds debate whether to navigate new border complexities and return to the U.S. next winter, we must be attentive to the stories behind the numbers to understand the true impacts of their decisions. And as comments made by DeSantis and other politicians have made clear, Canadian snowbirds are now faced with new economic and emotional considerations.

    Valorie A. receives funding from the Canadian Institutes of Health Research, Social Science and Humanities Research Council of Canada, BC Women’s Health Research Institute and MITACS.

    Jeremy Snyder receives funding from the Social Sciences and Humanities Research Council of Canada and the Canadian Institutes of Health Research.

    – ref. When Canadian snowbirds don’t flock south, the costs are more than financial – https://theconversation.com/when-canadian-snowbirds-dont-flock-south-the-costs-are-more-than-financial-252125

    MIL OSI – Global Reports –

  • MIL-OSI Global: More than just an animal: Losing a pet deserves more attention and compassion

    Source: The Conversation – Canada – By Renata Roma, Postdoctoral fellow, Center of Behavioural Sciences and Justice Studies/Pawsitive Connections Lab, University of Saskatchewan

    Losing a pet can be an isolating experience and perceptions of judgment may exacerbate the pain of loss. (Shutterstock)

    When my dog passed away four years ago, coping with the loss was challenging. I know I am not alone. People turn to their pets when they need comfort and a non-judgmental presence. However, pets have a short life span, and losing a companion animal is a common experience.

    Research shows that losing a pet can be as devastating as losing a family member, yet the grief over a companion animal is often overlooked in society. As a result, losing a pet can be an isolating experience.

    Perceptions of judgment may exacerbate the pain of loss, affect mental health and lead to social isolation. Some may think: “It’s just an animal.” However, words like these dismiss the pain and make an already difficult experience even lonelier.

    As a researcher who has studied the human-animal bond for more than a decade, and as someone who has shared her life with pets, I understand that while having a pet is deeply fulfilling, the grieving process can be profoundly difficult.

    Having support makes a huge difference in these moments. Rituals, comforting words, the space to talk about what happened, and primarily, validation — these things help us process loss. But the reality is that when someone loses a pet, finding that support is harder.

    Offering non-judgmental support and developing inclusive strategies, such as pet bereavement leave, can be valuable initiatives to help. Raising awareness of ways to provide effective and compassionate support to those grieving a pet can help us challenge the idea that the loss of a companion animal is less significant than losing a beloved human.

    People turn to their pets when they need comfort and a non-judgmental presence. However, pets have a short life span, and losing a companion animal is a common experience.
    (Shutterstock)

    Navigating pet loss

    Several studies show that living with a pet can have a positive impact on people’s physical, psychological and social health. These bonds run deep, and 95 per cent of Canadians consider their companion animals family.

    The journey through pet loss is unique for each individual, but it usually involves complex feelings like relief and guilt, besides physical and intellectual symptoms like aches, headache and rumination.

    One of the most important barriers to finding support is the lack of social recognition and validation regarding pet grief. People often feel judged when they express their feelings of grief over a pet. These perceptions of judgment exacerbate the pain and increase social isolation. This, in turn, can increase the risk of mental health issues, particularly among those with a history of childhood trauma.

    Factors shaping pet grief

    Several factors can shape how people grieve, including the way people lose their pets. Even when a pet dies by natural causes or old age, people may experience intense feelings of loss. Situations involving euthanasia can lead to uncertainty regarding the best moment to do it and self-blame. When a pet dies, people may feel guilty and left with a feeling that they failed to care for the pet.

    Attachment styles also play a role. This refers to the type of bond between people and their pets and the feelings involved in this relationship. For instance, perceiving pets as good friends leads to less intense grief than seeing them as children. If the person lived alone and the pet was their only company, it may be more challenging, too.

    At the same time, having social support provides a sense of belonging. Those who have room to voice their feelings and share their pain tend to navigate the stages of grief better. A more compassionate and pet-inclusive approach can be valuable in the pet grief journey. This type of support can help to prevent depression, stress and social isolation.

    One of the most important barriers to finding support is the lack of social recognition and validation regarding pet grief.
    (Shutterstock)

    Support in workplaces

    Regardless of differences in pet attachment and how a person lost their pet, initiatives to increase social support during these difficult experiences can have a significant impact on people’s ability to cope.

    Take workplaces, for instance. People are often expected to show up and function as if nothing happened, carrying their grief in silence. However, some companies have adjusted their policies to a more pet-inclusive approach, and the result is promising.

    Companies that offer more pet-inclusive policies, including pet bereavement leave, can help reduce employee stress while also increasing job satisfaction, building a sense of connectedness and leading to higher retention rates.

    Considering that among younger people, there is a preference for pets over kids, this type of policy can not only offers a concrete demonstration of empathy but could also attract some employees and increase productivity. By providing the necessary time to heal, the company can have more loyal and productive employees.

    As pets increasingly become integral to our emotional lives, acknowledging the relevance of this relationship is fundamental. This includes providing support for people facing the difficult experience of losing a pet after a life of sharing daily moments with them.

    Each person’s grief is personal and should be respected, without comparison or judgment. We cannot take away each other’s grief but we can stand beside one another in it. That, in itself, makes all the difference.

    Validation and emotional support from family and friends and pet-inclusive policies such as pet bereavement leave can also make a real difference. They send a powerful message: We care about your pain. You are not alone.

    Renata Roma 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. More than just an animal: Losing a pet deserves more attention and compassion – https://theconversation.com/more-than-just-an-animal-losing-a-pet-deserves-more-attention-and-compassion-251889

    MIL OSI – Global Reports –

  • MIL-OSI Global: Trump’s push for AI deregulation could put financial markets at risk

    Source: The Conversation – Canada – By Sana Ramzan, Assistant Professor in Business, University Canada West

    As Canada moves toward stronger AI regulation with the proposed Artificial Intelligence and Data Act (AIDA), its southern neighbour appears to be taking the opposite approach.

    AIDA, part of Bill C-27, aims to establish a regulatory framework to improve AI transparency, accountability and oversight in Canada, although some experts have argued it doesn’t go far enough.

    Meanwhile, United States President Donald Trump’s is pushing for AI deregulation. In January, Trump signed an executive order aimed at eliminating any perceived regulatory barriers to “American AI innovation.” The executive order replaced former president Joe Biden’s prior executive order on AI.



    Read more:
    How the US threw out any concerns about AI safety within days of Donald Trump coming to office

    Notably, the U.S. was also one of two countries — along with the U.K. — that didn’t sign a global declaration in February to ensure AI is “open, inclusive, transparent, ethical, safe, secure and trustworthy.”

    Eliminating AI safeguards leaves financial institutions vulnerable. This vulnerability can increase uncertainty and, in a worst-case scenario, increase the risk of systemic collapse.



    Read more:
    The Paris summit marks a tipping point on AI’s safety and sustainability

    The power of AI in financial markets

    AI’s potential in financial markets is undeniable. It can improve operational efficiency, perform real-time risk assessments, generate higher income and forecast predictive economic change.

    My research has found that AI-driven machine learning models not only outperform conventional approaches in identifying financial statement fraud, but also in detecting abnormalities quickly and effectively. In other words, AI can catch signs of financial mismanagement before they spiral into a disaster.

    In another study, my co-researcher and I found that AI models like artificial neural networks and classification and regression trees can predict financial distress with remarkable accuracy.

    Artificial neural networks are brain-inspired algorithms. Similar to how our brain sends messages through neurons to perform actions, these neural networks process information through layers of interconnected “artificial neurons,” learning patterns from data to make predictions.

    Similarly, classification and regression trees are decision-making models that divide data into branches based on important features to identify outcomes.

    Our artificial neural networks models predicted financial distress among Toronto Stock Exchange-listed companies with a staggering 98 per cent accuracy. This suggests suggests AI’s immense potential in providing early warning signals that could help avert financial downturns before they start.

    However, while AI can simplify manual processes and lower financial risks, it can also introduce vulnerabilities that, if left unchecked, could pose significant threats to economic stability.

    The risks of deregulation

    Trump’s push for deregulation could result in Wall Street and other major financial institutions gaining significant power over AI-driven decision-making tools with little to no oversight.

    When profit-driven AI models operate without the appropriate ethical boundaries, the consequences could be severe. Unchecked algorithms, especially in credit evaluation and trading, could worsen economic inequality and generate systematic financial risks that traditional regulatory frameworks cannot detect.

    Algorithms trained on biased or incomplete data may reinforce discriminatory lending practices. In lending, for instance, biased AI algorithms can deny loans to marginalized groups, widening wealth and inequality gaps.

    In addition, AI-powered trading bots, which are capable of executing rapid transactions, could trigger flash crashes in seconds, disrupting financial markets before regulators have time to respond. The flash crash of 2010 is a prime example where high-frequency trading algorithms aggressively reacted to market signals causing the Dow Jones Industrial Average to drop by 998.5 points in a matter of minutes.

    Furthermore, unregulated AI-driven risk models might overlook economic warning signals, resulting in substantial errors in monetary control and fiscal policy.

    Striking a balance between innovation and safety depends on the ability for regulators and policymakers to reduce AI hazards. While considering financial crisis of 2008, many risk models — earlier forms of AI — were wrong to anticipate a national housing market crash, which led regulators and financial institutions astray and exacerbated the crisis.

    A blueprint for financial stability

    My research underscores the importance of integrating machine learning methods within strong regulatory systems to improve financial oversight, fraud detection and prevention.

    Durable and reasonable regulatory frameworks are required to turn AI from a potential disruptor into a stabilizing force. By implementing policies that prioritize transparency and accountability, policymakers can maximize the advantages of AI while lowering the risks associated with it.

    A federally regulated AI oversight body in the U.S. could serve as an arbitrator, just like Canada’s Digital Charter Implementation Act of 2022 proposes the establishment of an AI and Data Commissioner. Operating with checks and balances inherent to democratic structures would ensure fairness in financial algorithms and stop biased lending policies and concealed market manipulation.

    Financial institutions would be required to open the “black box” of AI-driven alternatives by mandating transparency through explainable AI standards — guidelines that are aimed at making AI systems’ outputs more understandable and transparent to humans.

    Machine learning’s predictive capabilities could help regulators identify financial crises in real-time using early warning signs — similar to the model developed by my co-researcher and me in our study.

    However, this vision doesn’t end at national borders. Globally, the International Monetary Fund and the Financial Stability Board could establish AI ethical standards to curb cross-border financial misconduct.

    Crisis prevention or catalyst?

    Will AI still be the key to foresee and stop the next economic crisis, or will the lack of regulatory oversight cause a financial disaster? As financial institutions continue adopt AI-driven models, the absence of strong regulatory guardrails raises pressing concerns.

    Without proper safeguards in place, AI is not just a tool for economic prediction — it could become an unpredictable force capable of accelerating the next financial crisis.

    The stakes are high. Policymakers must act swiftly to regulate the increasing impact of AI before deregulation opens the path for an economic disaster.

    Without decisive action, the rapid adoption of AI in finance could outpace regulatory efforts, leaving economies vulnerable to unforeseen risks and potentially setting the stage for another global financial crisis.

    Sana Ramzan 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. Trump’s push for AI deregulation could put financial markets at risk – https://theconversation.com/trumps-push-for-ai-deregulation-could-put-financial-markets-at-risk-251208

    MIL OSI – Global Reports –

  • MIL-OSI Canada: Death at Saskatoon Correctional Centre

    Source: Government of Canada regional news



  • MIL-OSI Canada: Individuals Awarded King Charles III Coronation Medal in Regina

    Source: Government of Canada regional news

    Released on March 26, 2025

    Lieutenant Governor Bernadette McIntyre awarded the King Charles III Coronation Medal to recipients at Government House in Regina on Tuesday, March 25, and Wednesday, March 26, 2025. These exceptional Saskatchewan residents included members of the Royal Canadian Mounted Police and the Canadian Armed Forces.

    “It is a privilege to present Coronation Medals to such deserving people in recognition of their dedicated service to our province and our country,” McIntyre said. “As His Majesty’s representative in Saskatchewan, I am grateful for this opportunity to commemorate The King’s coronation while honouring these recipients for their excellence and willingness to serve and protect our communities.” 

    The King Charles III Coronation Medal was created to mark the Coronation of His Majesty King Charles III, which took place on May 6, 2023. It is the first Canadian commemorative medal to mark a Coronation. The first Coronation Medal awarded to Saskatchewan citizens took place on May 6, 2024.

    This medal is a tangible way to acknowledge significant contributions and achievements of citizens across the country, while also honouring His Majesty’s service to Canada. The Office of the Secretary to the Governor General will administer the distribution of 30,000 medals on behalf of the Government of Canada through partnerships, including the Government of Saskatchewan.

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI Global: Trump’s purported ‘Art of the Deal’ negotiating skills aren’t likely to end the Russia-Ukraine war

    Source: The Conversation – Canada – By Anton Oleinik, Professor of Sociology, Memorial University of Newfoundland

    The White House says Russia and Ukraine have agreed to a ceasefire in the Black Sea, with Ukrainian President Volodymyr Zelenskyy asserting the truce was effective immediately while also accusing Russia of lying about the deal’s terms.

    Needless to say, it’s far from clear that United States President Donald Trump’s supposed “Art of the Deal” negotiating skills are enough to broker sustainable peace between Russia and Ukraine given the protagonists’ unwillingness to make concessions and the volatile nature of attempts to broker a peace agreement.

    The war waged by Russia has reached the stage where both Russian and Ukrainian officials fear losing face if they make concessions.

    Both view their enemy as an existential threat. Russian President Vladimir Putin has argued Russian defeat would spell “the end of the 1,000-year history of the Russian state,” while Zelenskyy says Russia’s protracted assault is an overt existential threat and the absence of U.S. support threatens the very survival of his country.

    Both sides have seemed prepared to fight until the bitter end. The involvement of a mediator in the form of the United States, therefore, could potentially change the deadly dynamics of the conflict.

    ‘Love to beat them’

    Trump declares being up to this formidable task. He positions himself as a mediator occupying a middle ground between the protagonists, unlike his predecessor in the Oval Office who supported Ukraine.

    In his ghost-written book The Art of the Deal, Trump claimed to enjoy these sorts of challenges:

    “In New York real estate… you are dealing with some of the sharpest, toughest, and most vicious people in the world… I happen to love to go up against these guys, and I love to beat them.”

    But if mediators, including Trump, are to successfully persuade opposing sides to make a deal, they need to properly understand each side’s motives. To what extent is each side malleable so some common ground can be found? Making a deal always requires compromises and concessions.

    Trump is well aware of this, saying recently of any prospective Russia-Ukraine agreement: “You’re going to have to always make compromises. You can’t do any deals without compromises.”

    Understanding motivations

    David McClelland’s theory of human motivation may be relevant in terms of attempts to broker peace between Ukraine and Russia. The social psychologist argued that three motives — the need for achievement, the need for affiliation and the need for power — explains most human behaviour:

    1. The need for achievement explains the desire to be productive and get results;
    2. Concern about establishing, maintaining or restoring a positive relationship with another person or people underpins the need for affiliation;
    3. The will to dominate, to have an impact on another person or people, is the essence of the need for power.

    McClelland predicted that when the need for power significantly exceeds the need for affiliation, conflicts and wars are likely. He viewed a high “power-minus-affiliation” gap as indicative of what he called the “imperial power motive syndrome.”



    Read more:
    Too much power can do very odd things to a leader’s head

    The metaphor of an empire lies at its origin. The empire’s declared mission is to enlighten, civilize and bring order to its subjects. Leaders with the imperial power motive syndrome show reformist zeal to save others, whether they like it or not.

    The social psychologist Robert Hogenraad subsequently adapted McClelland’s theory for computer-assisted content analysis by developing dictionaries of the three needs.

    If the words associated with the need for power — control, domination, victory, for example — occur more often in a text, speech or news reports than words associated with the need for affiliation — like love, family, friends — then the speaker has the imperial power motive syndrome.

    Hawks vs. doves

    My recently published analysis of war-related speeches delivered by Russian, Ukrainian, American, British and French leaders during the three years of Russia’s full-scale invasion of Ukraine gives some clues about the motivations of the parties involved.

    Compared with their western counterparts, Putin and Zelenskyy exhibit the strongest imperial power motive syndrome and are “hawks.” Their need for power, as expressed through their public speeches, significantly exceeds their need for affiliation. Trump, however, appears similar to that of his arch-rival, former president Joe Biden. Both are closer to the “dovish” end of the scale.

    The preliminary outcomes of talks on a potential ceasefire reveal the challenges faced by mediators.

    First, the talks being held in Saudi Arabia were bilateral, with American officials meeting separately with Russian and Ukrainian delegations, as opposed to trilteral.

    Second, no joint statement followed the talks, although it was widely expected.

    Third, the White House issued two separate statements, one on talks with Ukraine’s representatives and the other on discussions with Russia’s representatives.

    The Ukraine statement includes the commitment to continue the exchange of prisoners of war, the release of civilian detainees and the return of forcibly transferred Ukrainian children, whereas the statement on the talks with Russia does not mention any of this.

    This is despite the fact that the International Criminal Court has accused Putin of committing war crimes via the unlawful deportation of children.

    Trump’s antipathy toward Zelenskyy

    The prospects of a peace agreement is further complicated by the history of Trump’s attempts to broker deals in Ukraine.

    The war in Ukraine actually began in 2014 with the annexation of Crimea and a proxy war in Donbas. Trump was elected president two years later.

    His discourse about Ukraine did not differ significantly from Obama’s and Biden’s until his first impeachment in 2020 for soliciting “the interference of a foreign government, Ukraine, to benefit his re-election.”

    His call to Zelenskyy in July 2019 triggered the impeachment. He pushed for two investigations aimed at helping his re-election bid — one into Hunter Biden’s business dealings in Ukraine and another into the hack of Democratic National Committee servers in 2016 — in exchange for releasing about $400 million of military assistance already approved by Congress and inviting Zelenskyy to the White House at that time.

    During and after the first impeachment, Trump’s language on Ukraine significantly diverged from Obama’s and Biden’s. He began using words like “corruption,” “lies” and “hoax” in relation to Ukraine.

    Moving forward

    All this suggests that Trump’s first impeachment has had a lasting impact on his perception of Ukraine and its leader.

    And so in addition to dealing with two protagonists who are unwilling to make concessions, Trump as a mediator faces challenges related to his past.

    One protagonist, Zelenskyy, may unwittingly remind him of one of the darkest moments in his political career — his first impeachment. This fact should be kept in mind when trying to make sense of the treatment received by Zelenskyy during his most recent visit to the White House and Trump’s references to him as a “dictator.”

    To truly succeed in mediation, Trump must move forward, leaving biases and prejudices related to Ukraine and its leader in the past. But can he?

    Anton Oleinik 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. Trump’s purported ‘Art of the Deal’ negotiating skills aren’t likely to end the Russia-Ukraine war – https://theconversation.com/trumps-purported-art-of-the-deal-negotiating-skills-arent-likely-to-end-the-russia-ukraine-war-252666

    MIL OSI – Global Reports –

  • MIL-OSI Canada: Voter Contact Registry now open

    Source: Government of Canada News (2)

    March 26, 2025—Gatineau—Canadian Radio-television and Telecommunications Commission (CRTC)

    The Canada Elections Act requires the CRTC to establish and maintain the Voter Contact Registry. The registry helps ensure transparency in voter contact calls made during a federal election.

    Callers who use third parties or devices to send pre-recorded messages must register with the CRTC within 48 hours of making the first call. Candidates and political parties who use their own staff or volunteers to make live phone calls do not have to register.

    To register, individuals and organizations can visit the CRTC’s website.

    Quick facts

    • The CRTC is an independent quasi-judicial tribunal that regulates the Canadian communications sector in the public interest. The CRTC holds public consultations on telecommunications and broadcasting matters and makes decisions based on the public record.
    • Those who use a third party (also known as “calling service providers”) or automatic dialing-announcing devices to make calls and send pre-recorded messages to voters (also known as “robocalls”) must register with the CRTC.  
    • Registrations for the Voter Contact Registry close 48 hours after the federal election of April 28, 2025.
    • Canadians who suspect non-compliance can submit a complaint to the CRTC.

    Associated links

    MIL OSI Canada News –

  • MIL-OSI Canada: Summer-long entertainment on the Plains:  Over 20 free shows at the Edwin-Bélanger Bandstand 

    Source: Government of Canada News

    Quebec City, Tuesday, March 25, 2025 – The National Battlefields Commission (NBC) has unveiled its program for the Edwin-Bélanger Bandstand (EBB), which runs from June 19 to August 23, 2025. This outdoor stage, in the heart of the Plains of Abraham, will host over 20 performances of music and family entertainment against an enchanting backdrop. The shows will be on Thursdays and Saturdays, and they’ll be free!

    Thursday and Saturday nights from June 19 to August 23

    Every Thursday and Saturday night (except during the Festival d’été de Québec), the EBB will host shows starting at 7 or 8 p.m. The stage will come alive with a variety of beats, from country music to rock with plenty in-between: pop, Québécois, jazz, folk, and fusions of Western music with traditional Indigenous music. There will be something for every taste!

    Your heart and soul will be touched by a surprising array of artists: LOVEU2, Tennessee Whisky, Chico Band, Christian Marc Gendron & Manon Séguin, Andréanne A. Malette, Sabor 19, Duo Phoenix, Guylaine Tanguay, Yvan Pedneault, Génération Crooners, LBA Band, Coco Country Band, New World Men, Mike DeWay, Kawandak, Gabrielle Destroismaisons, and the Patrick Norman and Nathalie Lord duo.

    Four morning shows for families

    The Plains of Abraham and the EBB are known for their efforts to cater to all audiences, particularly families. Four shows will be performed Saturday mornings on July 19 and 26 and August 9 and 16, starting at 11 a.m. Kids will be delighted by Marimba and her thunderous djembe drum, the Gentle Giant’s barrel organ, Arthur the Adventurer, and Mr. Ben’s intern. To savour each moment to its fullest, some parents will be tempted to get a coffee and croissant at the Maison Smith Café, just a stone’s throw from the EBB.

    Extended business hours of the Maison Smith Café at the central pavilion

    The Maison Smith Café has been on the Plains of Abraham for nearly a year, during which its selection of beverages and food has further enhanced the EBB spectator experience. An aperitif on the central pavilion terrace, a picnic on the Plains with a lunchbox or a satisfying coffee in your hand—everything will be available for a heartwarming summer! This Maison Smith Café branch will be open for extended business hours during the shows.

    About the National Battlefields Commission 

    The Battlefields Park is Canada’s leading national historic park and notably includes the Plains of Abraham and Des Braves Park. The National Battlefields Commission, an agency of the Canadian government, has striven since 1908 to preserve and develop this site that brings so many people together. All year long, it offers a variety of activities for those who wish to explore the park and its history. www.plainsofabraham.ca.

    -30-

    MIL OSI Canada News –

  • MIL-OSI: Trade Crypto with 100x Leverage and No KYC – Get Double Deposit Bonus and $50 Instantly on BexBack

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, March 26, 2025 (GLOBE NEWSWIRE) — With Bitcoin’s price fluctuating below $100,000, many analysts predict a prolonged period of high volatility in the crypto market. Holding spot positions may struggle to generate short-term profits in such conditions. As a result, 100x leverage futures trading has become the preferred tool for seasoned investors looking to maximize potential gains in this volatile market. BexBack Exchange is ramping up its efforts to offer traders unmatched promotional packages. The platform now features a 100% deposit bonus, a $50 welcome bonus for new users, and 100x leverage on cryptocurrency trading, providing exceptional opportunities for investors.

    What Is 100x Leverage and How Does It Work?

    Simply put, 100x leverage allows you to open larger trading positions with less capital. For example:

    Suppose the Bitcoin price is $100,000 that day, and you open a long contract with 1 BTC. After using 100x leverage, the transaction amount is equivalent to 100 BTC.

    One day later, if the price rises to $105,000, your profit will be (105,000 – 100,000) * 100 BTC / 100,000 = 5 BTC, a yield of up to 500%.

    With BexBack’s deposit bonus

    BexBack offers a 100% deposit bonus. If the initial investment is 2 BTC, the profit will increase to 10 BTC, and the return on investment will double to 1000%.

    Note: Although leveraged trading can magnify profits, you also need to be wary of liquidation risks.

    How Does the 100% Deposit Bonus Work?
    The deposit bonus from BexBack cannot be directly withdrawn but can be used to open larger positions and increase potential profits. Additionally, during significant market fluctuations, the bonus can serve as extra margin, effectively reducing the risk of liquidation.

    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.

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    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. 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. 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. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.Speculate only with funds that you can afford to lose.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at

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    https://www.globenewswire.com/NewsRoom/AttachmentNg/fc50718a-0b65-416c-aec4-6ee36f220140

    The MIL Network –

  • MIL-OSI Global: Politicians’ attacks on immigrants lack solid evidence: New data set the record straight

    Source: The Conversation – Canada – By Edward Koning, Associate professor, University of Guelph

    Immigration dominated recent election campaigns in countries that include the United Kingdom, France, Germany and the United States.

    The subject sparked particularly fierce debates over welfare. While some politicians called for more support for typically economically vulnerable immigrant populations, others argued that welfare systems are already too generous and accommodating to newcomers.

    Unfortunately, many debates on this subject lack solid evidence. A newly launched data set could change that. The data, which provides systematic information on immigrants’ access to social programs across different countries and different time periods, can help ground some of these discussions in empirical reality.

    The data set reveals key insights. One striking observation is that the countries where politicians most frequently complain that immigrants are treated too generously are among the most exclusionary from a comparative perspective.

    It also shows that although most welfare systems were moving towards greater inclusion up until the 2010s, since then social programs in many countries have become more inclusive in some respects but more exclusive in others.

    A new data set for 22 countries

    The data set, called the Immigrant Exclusion from Social Programs Index (IESPI), measures how much immigrants’ access to pensions, health care, unemployment benefits, housing benefits, social assistance and active labour market programs compares to that of native-born citizens.

    The index uses 32 indicators to measure factors like whether immigrants have to have resided in the country for a certain period of time, held a specific type of residence status, or met standards of successful integration before they can access social programs.

    The data covers the years 1990 to 2023 and includes information for 22 countries.

    Complaints about inclusion

    In the United States, President Donald Trump has voiced concerns about immigrants’ welfare access repeatedly, both during his first term and since taking office again this year.

    In last year’s British election, a staple of Rishi Sunak’s campaign was the insistence that immigrants threaten the sustainability of the welfare state.

    On the other side of the North Sea, the political party that won the Dutch elections made the argument that immigrants are “pampered” a central feature of its election platform.

    Ironically, all three of these countries are among the most exclusionary, according to the most recent IESPI data, as the graph below illustrates. (Note that the IESPI is organized such that a value of 0 is maximally inclusionary and 100 is maximally exclusionary.)

    Inclusionary trends have ended

    A second observation is that the era of social welfare systems becoming more inclusive for immigrants has ended.

    From 1990 until the 2010s, most western welfare systems were removing barriers for immigrant access to social programs. But since then, levels of immigrant welfare exclusion have not changed dramatically over time.

    Closer inspection shows that this picture of stability since the 2010s hides negative trends in different social programs.

    On the one hand, health-care programs and active labour market policies have gradually become more inclusionary. More and more countries have been making health-care services accessible for vulnerable immigrant populations, and rolling out targeted programs to improve newcomers’ chances on the labour market.

    On the other hand, social assistance policies have generally become more exclusionary over time. Many countries have intensified restrictions for recent arrivals, migrants without permanent residence status and migrants who cannot demonstrate successful integration.

    Large differences in historical trajectories

    When we look beyond aggregate trends, we also note very different trajectories in different countries.

    In some countries (Austria, Germany, Finland, Iceland, Malta, New Zealand, Portugal and Spain), social programs have become consistently more inclusionary.

    Other countries (Canada, Luxembourg and Sweden) have also undergone an inclusionary development, although at a more modest pace of change.

    In a third set of countries (Australia, Belgium, Denmark, France, Ireland, Italy, Norway and Switzerland), policies initially became more inclusionary but this trend was halted or reversed around 2010. The social programs of three other countries (the Netherlands, the United Kingdom and the United States), finally, have consistently become more exclusionary over time.

    These comparisons within the IESPI data set hopefully enable us to make sense of the frequently charged nature of discussions about immigrants’ access to social programs.

    Most obviously, they show we should be cautious when listening to some of the politicians who are most critical of immigrant welfare access, like Donald Trump, Rishi Sunak and Geert Wilders.

    If their arguments that exclusionary reforms in their countries are nothing but reasonable adjustments to overly generous approaches ever had any merit, that merit is quickly evaporating.

    Edward Koning received funding from the Social Science and Humanities Research Council of Canada to collect the data for this project.

    – ref. Politicians’ attacks on immigrants lack solid evidence: New data set the record straight – https://theconversation.com/politicians-attacks-on-immigrants-lack-solid-evidence-new-data-set-the-record-straight-251853

    MIL OSI – Global Reports –