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A Chinese man fighting for the Russian Army claims his superiors locked him in a dark steel-barred pit, with barely enough room to stand, for 21 days. His offense, he said, was a dispute with his commander over lifesaving protective gear.

Michael, not his real name, said he joined Russia’s fight against Ukraine to “have a taste for military life abroad” but after a brutal year on the frontlines is now convinced enlisting in Vladimir Putin’s army was “a mistake.”

His experience in the pit, where the 29-year-old said he could barely lift his head, killed his desire to fight for Moscow and he wants to send a message home to other Chinese nationals contemplating joining Russia’s fight.

“I have to speak out some truths and warn those irrational Chinese – don’t come over here,” he said.

“The world’s number two military is a sheer joke,” Michael said, listing subpar equipment, inadequate logistics, mistreatment and “severe corruption” as issues within the military, complaints that have been widely documented since the war began.

Both Ukraine and Russia have used foreign fighters to bolster their forces. But the issue of Chinese mercenaries fighting for Russia was thrust into the global spotlight when Ukraine’s President Volodymyr Zelensky revealed two Chinese fighters had been captured by Ukraine in early April and claimed there were “many more” in Russia’s ranks.

Zelensky demanded answers from Beijing which, in turn, denied any involvement and repeated previous calls for Chinese citizens to “refrain from participating in military actions of any party.”

Russia’s deputy foreign minister called the claims Chinese citizens were fighting in Ukraine a “complete untruth,” according to TASS, a Russian state media agency. Days later Ukraine paraded the Chinese fighters it captured in front of the media.

Macho propaganda videos

Chinese men have been targeted on social media by recruitment ads to join Russia on the frontlines fighting Ukraine.

The videos are all in Russian but come with Chinese translations. One carried Chinese subtitles saying: “Aren’t you a man? Be a real man!” It is not clear who made the translations.

Such videos caught the attention of Michael, who said he started seeing them in 2023 on Douyin – the Chinese version of TikTok. Once enlisted, he started posting regular social media videos of his time in Moscow’s ranks.

“I felt pretty pumped back then,” Michael recalled. “As a former professional soldier in China, I thought there had to be a way for me to contribute here.”

He said it wasn’t political – he just wanted to fight. “I’m just a pure soldier,” he said.

While he could’ve chosen to fight for Ukraine, he said, but it was easier to get a visa to go to Russia and he arrived in Moscow on a tourist permit in November 2023.

After being initially turned down by the Russian army because he didn’t speak Russian, he said he joined the infamous mercenary group Wagner and was sent to fight in the Donbas region. Six months later, in May 2024, he says he signed a one-year contract with Russia’s Defense Ministry which sent him to Bakhmut. Other foreign fighters have signed similar contracts.

Michael offered a reason the money mattered; describing himself and many Chinese fighters on Russia’s frontline as being “from the bottom of the heap” in his homeland’s hyper-competitive society and where economic growth is slowing.

He said he previously served as a prison guard and, like Michael, claimed fighting for Russia was not a political choice.

He chose to fight for Russia because he felt it “has the upper hand in military strength.”

That view is not uncommon in China.

Maria Repnikova, an expert on Chinese and Russian politics at Georgia State University, said state media coverage in China leans towards a pro-Russia stance. “The Chinese outlets’ coverage of the war has significant impact on public perceptions of this ongoing invasion,” she said.

But shortly after Zelensky raised the issue of Chinese fighters on the Russian frontlines with Beijing last week, many of those social media accounts were blocked.

The Russian recruitment ads, however, are still widely available on China’s tightly-controlled internet.

Michael was one of those Chinese fighters regularly sharing his experiences on Chinese social media, but he said was restricted from posting before the latest round of censorship. He believes the sweeping ban was because of his public comments detailing his mistreatment in the Russian military.

The other fighter, who returned to China in late 2024, said he discovered he was now prohibited from leaving the country last month, when he was stopped before a planned trip abroad. He suspects the travel ban is connected to his previous service in Russia.

Chinese fighters on both sides

There have been Chinese fighting on both sides of this war but those who chose to fight for Ukraine – who largely see themselves as motivated by ideology rather than finances – seem to have one thing in common: they spent time out of China.

Jason, who was born in China, moved to the United States during his high school years.

After spending four months dodging shells in trenches and foxholes, the then infantryman said he sought to be even more active in combat. He applied to transfer to an assault company, but said he was turned down because the Ukrainian commander was suspicious about his nationality.

Reflecting, a year after returning to the US, he said that was a “pity,” but he understood the suspicion because “China and Russia are pretty close.”

China’s threat to one day take Taiwan was a motivation for Jason to fight with Ukraine.

The cause of the self-governing island – which China’s Communist Party claims as its own and has vowed to seize by force, if necessary – is deeply personal for the 27-year-old. He said his great-grandfather was a Nationalist soldier who lost his life in the fight against the Communists in the late 1940s during China’s civil war. The defeated Nationalist government retreated to Taiwan.

He hopes the fact he went to fight for Ukraine would give people in Taiwan a “sense of hope that someone would come to help,” if China were to invade.

“I think most of the Chinese people are being brainwashed for a long time,” he said.

She said she was inspired to sign up for service in Ukraine after seeing a video about the only known Chinese national killed while fighting for Ukraine.

Claims of a “one-sided” narrative in China were also made by the two Chinese fighters captured by Ukraine. Ukrainian security personnel watched over the men as they spoke, likely under duress, and the fact the two men were put in front of media at all is likely a violation of international humanitarian law.

Following the capture, Zelensky has publicly said Ukraine is investigating whether the Chinese state has had a hand in encouraging its nationals to fight for Russia.

“I don’t have an answer to this question yet. The Security Service of Ukraine will work on it,” he said last week, adding: “We are not saying that someone gave any command, we do not have such information.”

China has repeatedly denied any state involvement. “These claims are groundless,” said Lin Jian, spokesperson for China’s Foreign ministry, after being asked about Zelensky’s statement “many more” Chinese citizens were fighting for Russia.

“Ukraine should acknowledge China’s efforts and constructive role in seeking a political solution to the crisis,” said Lin in a news conference on April 9.

China’s quick move to censor the social media accounts of Chinese fighters in Russia is to have been expected, according to Maria Repnikova, the Georgia State University expert. “I am not surprised by the censorship of mercenaries since the capture was a big scandal,” she said.

While social media has undoubtedly played a role in the recruitment of Chinese fighters, Repnikova said the fact the recruitment ads were not censored in China, and remain available, was likely more an “oversight” than “strategic” because the pro-Russian view in such videos is “just entwined with the narrative of Russia fighting well.”

Michael and Jason may have fought on opposite sides of this war, but they have a shared experience: the reality of war, they said, was much worse than they ever expected.

“It’s incredibly brutal, far beyond what anyone can imagine,” said Michael.

This post appeared first on cnn.com

Mankind’s achievements over the millennia have been bountiful. Their evolutionary fruits – from the harnessing of fire, to vaccines, to the art of diplomacy – were never low hanging; they were imagined before they were ever grasped.

But once held, they became indispensable. Until now that is, as 100 days into his presidency US President Donald Trump seems determined to throw this painful learning to the wind, risking a world forced into reverse.

A torrent of tariffs, unleashed against the better judgement of experts, yet exalted by Trump’s acolytes as the work of a deal-making genius are a case in point. So too is his willingness to throw allies to the wind, by threatening to grab Greenland, Canada even Panama by force if necessary.

Whatever one’s view of the policies themselves, Trump’s total upending of the global status quo has sewn fear and uncertainty among America’s friends, exacerbated market volatility and normalized economic aggression. It’s a formula that over the centuries has rarely served the world well.

The president’s apparent over-arching ethos – might is right, and mine is greatest – is now demolishing geopolitical norms at speed. It is Ukraine that should give in to Russia, which “has all the cards,” Trump says. Russian President Vladimir Putin’s “pretty big concession,” his US counterpart adds, is not “taking the whole country.”

Yet despite three years of “meat-grinding” war, Putin’s aim remains as contrary to international law as it was when he launched his unprovoked, full-scale invasion.

It is clear then why Trump struggles to do what all his allies find easy: to blame Putin for defying the rules-based world order in a brutal campaign to swallow his smaller neighbor. The US president often even blames Ukraine’s President Volodymyr Zelensky for the war in which at least 42,000 Ukrainian civilians have been killed or injured, according to the United Nations, saying “he should never have started it.”

The implication – that the weak should capitulate to the strong – is an upending of millennia of evolution, culminating in the post-World War II, US-inspired rules-based international order that led to an unprecedented eight decades of relative global peace, prosperity and unimaginable scientific innovation.

Trump, as British Prime Minister Keir Starmer has commented, has broken the mold. “Old assumptions can no longer be taken for granted, the world as we knew it is gone,” he said.

The president’s world view was nurtured by his property-developing, landlord father Fred Trump. Poor tenants unable to pay their rent claimed they were evicted; not an uncommon practice at the time, or since, but one that advantages the powerful over the weak.

The parallels are not hard to spot: the world’s most powerful man still relies on bravado and bullying to get what he wants. Today everyone is in his firing line. America has been “taken advantage of by virtually every country in the world,” Trump inaccurately claims, “we’re no longer going to be the country that’s ripped off by every country in the world.”

But here’s the rub. Such is Trump’s braggadocio, no one he trusts appears brave enough to challenge him. Only when global markets soured, and his Petri dish economic experiment turned putrid, did he backslide on the threat to impose immediate tariffs on both friends and foes of the US, and even then, it may not be enough to avoid economic pain.

China seems ready to wait out his trade-defying tariffs, having been preparing for this moment since Trump’s first term.

Now, it seems, he must learn a costly lesson for himself that economic evolution had already taught the experts.

And while Trump’s defiant pose after the July 2024 assassination attempt in Butler, Pennsylvania, was enough to convince Putin that he was “a courageous man,” the US president is already backing down on some of his tariff bravado, chastened by his loyalists who found their voices as bond markets tanked.

In the view of both Putin and Trump, it is the tough who set the rules, and the man in both their crosshairs, Ukraine’s President Zelensky, got this message Wednesday, “the man with ‘no cards to play’ should now, finally, GET IT DONE,” as Trump wrote on his social media platform.  Trump has since criticized Putin, questioning whether the Russian leader is interested in peace and suggesting “he’s just tapping me along.”

The world Trump and Putin seem to crave is one of spheres of influence run from islands of power, where diplomacy is a time-consuming irrelevance replaced by imperial decrees.

It would be a reset harking back to a darker time, essentially overturning the rules-based order. In the aftermath of great empires, regional warlords allied, feuded and fought each other for centuries before nations emerged, and largely did the same.

By the 19th century diplomats like Klemens von Metternich, the Chancellor of the Austrian Empire, spent entire careers attempting to balance Europe’s feuding powers. He famously said, “when France sneezes, the rest of Europe catches cold.”

Today it is Trump spreading a chill. The Manhattan real estate developer has said he is going to “get” Greenland “for national security reasons.” Greenland and its Danish patron, a NATO ally that is no match militarily for the USA, say no.

Canada’s prime minister says the same about Trump’s plans to make his northern neighbor the USA’s 51st state, insisting “it will never happen.” Mark Carney, a former central banker already battling Trump’s aggressive trade tariffs, knows the threat is real, telling voters ahead of Monday’s election in which his Liberal Party won a stunning fourth consecutive victory “the Americans want our resources, our water, our land, our country.”

Trump’s world view is clear: he speaks as though he can reach out and take these things, and clearly believes he is working from an island of power, isolated from the negative consequences of his assumed conquests.

But no man, nor nation, is an Island.

Trump’s weakness is not just that he might buy Putin’s lie that he can conquer all Ukraine, or be outfoxed by Xi on tariffs, but that the rest of the world increasingly sees through his mantle of self-belief.

The costs of this muscle-power politics will be revealed more slowly than the near-instantaneous economic market pain to his trade tariffs. But it still marks a return to an era of dog eat dog. History has shown how that turns out.

This post appeared first on cnn.com

The resurrection of Canada’s Liberal Party was as close to miraculous as you can get in modern politics. Its savior: Prime Minister Mark Carney, a political rookie but also an experienced tactician and one of the world’s most highly regarded economists.

But in a farmer’s field on the eve of the election, Canada’s Conservative leader Pierre Poilievre continued to nurture a robust political movement that won the Conservative Party its largest share of the popular vote in decades.

Both leaders promised to vigorously stand up to the threat to annex Canada that came early, loudly and often from US President Donald Trump.

To meet the moment and the menace, Canadians rallied around the flag, expressing an uncommon patriotism. But they also coalesced along the country’s traditional left-right dividing lines, deepening fractures between east and west, young and old, male and female.

Many Canadians voiced a need for strong leadership in the face of the American threat, but they are almost equally divided on who is best to deliver on that.

“We have a guy down south talking smack about Canada, I think it’s important we have a strong leader to stand up to him, he needs to show us some respect,” one voter, Elaine Forbes, said as she walked to her Ottawa polling station Monday prepared to back Carney.

It was a similar sentiment that motivated many of Poilievre’s supporters.

“You need a strong leader and you need a lot more than what’s been going on,” said Nolan Travis just before he cast his ballot in Ottawa, adding, “someone who is going to actually mean what he says.”

The buzz word of “leadership” has left Canada’s three other national parties in the cold, all of them losing ground in the popular vote. The country’s next parliament will reflect more of a two-party system, united against Trump but divided about nearly everything else.

Both Carney and Poilievre extended a hand to each other on election night, promising to cooperate, especially when it comes to defending Canada against American expansionism.

“You know, humility underscores the importance of governing as a team in cabinet and in caucus and working constructively with all parties across Parliament, of working in partnership with the provinces and the territories and with Indigenous peoples,” said Carney during his election victory speech, adding that he will be guided by such humility as he governs Canada.

In his election night speech, Poilievre pivoted to conciliatory language Canadians have not heard from him in months.

“While we will do our constitutional duty of holding government to account and proposing better alternatives, we will always put Canada first as we stare down tariffs and other irresponsible threats from President Trump. Conservatives will work with the prime minister and all parties with the common goal of defending Canada’s interests and getting a new trade deal that puts these tariffs behind us while protecting our sovereignty and the Canadian people,” he said.

As reasonable as both leaders sounded in the aftermath of the vote, key party lieutenants were already sounding more combative.

Conservative MP Jamil Jivani, who was reelected Monday, seemed in a fighting mood as he touted an alternative vision for Canada. “I don’t know what tomorrow holds – my focus though is on all the young people, all the parents, the moms, the dads who came to us and trusted us to offer an alternative a brighter future. We’re going to see that too, we’re going to keep fighting and when the next federal election comes around, conservatives will earn the trust of more voters and we will bring home a victory nationally,” he said Monday night in an interview with CBC News.

Jivani has been a close friend of US Vice President JD Vance since their years at Yale University.

Sean Fraser, a key Carney ally and a once and likely future Liberal cabinet minister, shot back at Poilievre, accusing him of adopting a Trumpian style of politics.

But Fraser did concede that Canadians are looking for his government to get beyond the political divide.

“Canadians do not want us to continually talk about what’s wrong with the other party we may be competing against, they want us to put our ideas on the table and work together to get things done,” said Fraser in an interview with CBC News after his victory Monday.

A two-party system is not the traditional makeup of Canada’s parliament, and it will be tough to navigate for Canadian leaders, especially Carney.

“When we seek unity, unity grows,” proclaimed Carney on election night, but fostering that unity could prove an unprecedented challenge.

This post appeared first on cnn.com

Buy low, sell high. The trend is your friend. Sell in May and go away. Wall Street is teeming with familiar financial adages. But there’s one you may not have heard of: “When the VIX is high, it’s time to buy.”

Similar to “buy the dip,” the idea is that when the level of fear in the markets has reached its peak, it’s the perfect time to buy because stocks are most likely trading at deep discounts. To quote famed investor Warren Buffet of Berkshire Hathaway (NYSE:BRK.A,NYSE:BRK.B), “Be fearful when others are greedy, and greedy when others are fearful.”

In this article

    What is the VIX?

    VIX is shorthand for the Volatility Index (INDEXCBOE:VIX) of the Chicago Board Options Exchange (CBOE). Since 1993, the VIX has tracked real-time price changes of near-term S&P 500 (INDEXSP:.INX) options.

    Options are financial contracts that give holders the right to buy or sell an underlying asset — stocks, bonds, exchange-traded funds, contracts, etc. — at a certain price within a certain time period. Options prices for particular stocks are determined by the probability that the stock’s price will reach a certain level, known as the strike price or exercise price.

    The VIX tracks the S&P 500 as opposed to other indexes because it is considered the leading indicator of future volatility in the overall US stock market.

    For many knowledgeable investors, the VIX is a globally recognized go-to benchmark index for measuring the expectation of volatility in the stock market over the next 30 days based on how wide or narrow the swing in prices is for S&P 500 options.

    Why does the VIX go up when the market goes down?

    The VIX has an inverse relationship with the S&P 500, meaning that spikes in the VIX typically occur when stock prices drop.

    The more pronounced the options price swings on the S&P 500, the higher the risk of stock market volatility and the higher the VIX climbs — a signal that a crash may be imminent. On the flip side, a significant drop in the VIX could herald a rally.

    It’s important to note that the VIX is not a crystal ball, but rather a real-time snapshot of how investors are feeling about the level of near-term volatility in the market. Is the current sentiment negative or positive? Confident or fearful?

    “Volatility, or how fast prices change, is often seen as a way to gauge market sentiment, and in particular the degree of fear among market participants,” explains Investopedia. Hence why the VIX is also referred to as the “fear index.”

    Investors can use the VIX to measure the level of fear in the market and employ this information when making investment decisions. The higher the VIX level, the more likely the possibility that fear and uncertainty is driving the markets.

    What is a normal range for the VIX?

    The normal range for the VIX is values ranging between 12 and 20. Forbes advises investors that when the VIX is below a value of 20, that is reflective of a stable investment environment. A VIX value of 12 or lower is indicative of high optimism in the stock market — the mark of extremely bullish investor sentiment.

    Once VIX values rise above 20, the market is said to be experiencing “abnormally high volatility.” Once the VIX is seen pushing above 30, that’s a clear sign of a bear market — when investors fear there is too much uncertainty and risk in the stock market.

    In fact, five of the 10 highest VIX values since the index launched in 1993 occurred in the lead up to the 2008 financial crisis, while the remaining five are associated with the COVID-19-induced stock market crash in 2020.

    The VIX hit an all-time high of 82.69 on March 16, 2020, during the early days of the COVID-19 pandemic. The index’s second highest value, 80.86, was reached on November 20, 2008, as markets reeled from the fallout over mortgage-backed securities.

    What is the all-time highest recorded spike in the VIX index?

    The VIX recorded a record high spike on August 5, 2024, when it jumped 42 points to 65.73 intraday as markets around the world experienced sell offs and recession fears rose. This also marked the highest point of the VIX index since the COVID-19 pandemic.

    The VIX moved down to close at 38.56 by the end of the day, still quite high but well below the top 10 closes discussed above.

    Can you invest in the VIX?

    While you can’t invest directly into the VIX, there are a number of exchange-traded products (ETPs), such as futures contracts, options contracts and ETFs, that are based on the future anticipated value of the index.

    These are three VIX-associated ETPs available to investors:

          If investors are able to get the timing right, VIX futures ETFs can be a hedge against a market crash. However, the opportunities inherent in VIX ETPs don’t negate the fact that they do carry significant risk, and are not for those with a longer-term investment strategy or low risk tolerance.

          Analysts at ETF.com warn that these products “deliver poor long-term exposure to the VIX index … (and) have a history of erasing vast sums of investor capital over holdings periods as short as a few days.”

          In other words, VIX ETPs have a tendency to suffer from contango, which is when a futures price is higher than the current price. If held for too long a period, they lose their value, making them an unsuitable permanent hedge against market volatility.

          Investors with high risk tolerance and a knack for playing the short game can also buy VIX call options as a potential hedge against stock market downturns. But once again, as Investopedia cautions, it’s important to time the market right. Buying in the middle of a market crash can lead to oversized losses.

          Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article

          Keep reading…Show less
          This post appeared first on investingnews.com

          ‘Never miss out on an opportunity like a recession’ — Jack Welch, former chairman and CEO of General Electric.

          US President Donald Trump’s plans to overhaul the current global trade structure through sweeping tariffs have once again ignited recession fears. With both businesses and consumers considering pulling back on spending if costs rise, many economists are forecasting a higher risk of a deep economic downturn.

          Goldman Sachs’ (NYSE:GS) seesaw recession predictions on April 9 are a clear indication that much remains unclear when it comes to the possible implications for the US economy. That day, the firm forecasted a GDP loss of 1 percent in 2025 and a 65 percent probability of a recession in the next 12 months.

          However, within an hour, Trump announced a 90 day pause on his reciprocal tariffs and the group returned to its previous non-recession baseline forecast, with GDP growth of 0.5 percent and a 45 percent probability of recession.

          Goldman Sachs isn’t alone in its reluctance to say a recession is in the cards. During an April 14 Fox Business interview, Bank of America (NYSE:BAC) CEO Brian Moynihan said his firm does not expect to see a recession in 2025, although he acknowledged that BoA did lower its GDP forecast for the year and that continued uncertainty around tariffs could change its outlook.

          However, others believe the country has already entered a recession.

          “I think we’re very close, if not in, a recession now,” Blackrock (NYSE:BLK) CEO Larry Fink told CNBC during an April 11 interview. “I think you’re going to see, across the board, just a slowdown until there’s more certainty. And we now have a 90-day pause on the reciprocal tariffs — that means longer, more elevated uncertainty.”

          So — are we in a recession? Even though nailing down an answer is tricky, investors educate themselves on what a recession is, how long they last and what strategies may work well during these difficult economic periods.

          In this article

            What is a recession?

            When a country’s economic activity experiences a serious and persistent decline over an extended period, often over two consecutive quarters, economists often call it a recession. Recessions involve a broad array of economic sectors, not just a decline among one or two industries.

            Some of the key indicators of a recession include rising unemployment levels, negative GDP, stock market selloffs and falling manufacturing data, as well as declining consumer confidence as evidenced by dropping retail sales.

            Answering the question of whether we’re in a recession is difficult because so many factors are at play — while one expert might weigh GDP declines heavily in their analysis, another might feel other elements are more important.

            Watch the video from mid-2023 below to get a sense of why getting a consensus on whether we’re in a recession can be tough.

            Experts Rick Rule, Adrian Day and Mike Larson explain why it’s hard to get an answer on whether the US is in a recession.

            What causes a recession?

            Forbes lists a number of catalysts that can spark a recession: sudden economic shock, excessive debt (think the US mortgage debt crisis that fueled the Great Recession in 2008), asset bubbles, uncontrolled inflation (which leads central banks to raise interest rates, making it more expensive to do business or pay down debts), runaway deflation and technological changes. Tariffs have also historically been linked with recession.

            How can tariffs cause a recession?

            Tariffs can cause a recession through a domino effect of increased costs, supply chain disruptions, inflationary pressures and investment uncertainty — all of which can bring about massive layoffs in critical sectors of the economy.

            Economic historians, such as Dr. Phillip Magness of the Independent Institute, have pointed to the worsening of the Great Depression following the passing of the Smoot-Hawley Tariff Act of 1930 as offering a potent warning about the potential outcome of the sweeping tariffs being enacted under US President Trump.

            Watch the video below to learn more about the potential for tariffs to spark a recession and why investors are looking to gold for safety.

            Magness said there’s still a chance to avoid a recession if Trump reverses course on his tariff policy.

            Are there signs before a recession?

            What are the telltale signs that warn of a recession in advance? Much like accurately forecasting the weather, making any sort of economic forecast is difficult. But there are certain signals economists look out for.

            Aside from the previously mentioned slumping GDP and falling copper prices, one of the most prominent harbingers of a looming recession is an inverted bond yield curve.

            “The bond market can help predict the direction of the economy and can be useful in crafting your investment strategy,” Investopedia states. “This metric — while not a guarantee of future economic behavior — has a strong track record.”

            In addition, declining unemployment figures, shrinking industrial output, falling retail sales and dramatic stock market selloffs are often considered classic indicators of a potential recession.

            Will there be a recession in 2025?

            Forecasting recessions can be tricky. There are extenuating circumstances that may allow for a reversal of fortunes before a deeper recession takes hold, but in the meantime many historical recession signals are currently flashing red.

            Newsweek has cited a number of US economists who identified five critical recession indicators on display, including declining consumer confidence, increasing credit card late payments and defaults, higher business and trade policy uncertainty, and rising inflation expectations.

            ‘The layoff cycle is indeed accelerating into 2025,’ she said. ‘The biggest determination of prices (for goods and services) that can or cannot be paid is what your paycheck is. What we’re seeing is average weekly earnings have stagnated starting in December, and have begun to fall on an inflation adjusted basis.’

            DiMartino Booth sees the central bank potentially cutting rates four to five times in 2025.

            Is Warren Buffett predicting a recession?

            Warren Buffett is not known for his direct forecasts. In fact, he’s likely to say, “Nothing is sure tomorrow, nothing is sure next year and nothing is ever sure, either in markets or in business forecasts, or in anything else.” For that reason, his investment decisions are often read like tea leaves by market watchers looking for signs on where to invest.

            So when the Oracle of Omaha called tariffs ‘an act of war to some degree’ during a March 2025 CBS interview, it was not a good sign. Market watchers will certainly be on the lookout for new clues when Buffet speaks to shareholders at Berkshire Hathaway’s (NYSE:BRK.A,NYSE:BRK.B) annual meeting in May.

            Another move by Buffett that’s being interpreted as a recession signal? Berkshire Hathaway’s decision to sell off of US$134 billion in equity positions in 2024 in order to beef up its cash holdings, which came in at a record US334 billion as of March 2025.

            How long do recessions last?

            Recessions are considered a part of the normal expansions and contractions of the business cycle.

            While not as catastrophic as depressions, recessions can last for several months and even years, with significant consequences for governments, companies, workers and investors. Each of the four global recessions since World War II lasted about one year.

            That said, there have been a few short-lived recessions in the US, including the 2020 pandemic recession. Stock markets around the world crashed at the onset of the COVID-19 outbreak. A record 20.5 million jobs were lost in the US alone in April 2020 as the nation’s unemployment rate reached 14.7 percent.

            The Fed responded by cutting interest rates, and the US federal government issued trillions of dollars in financial aid to laid-off workers and impacted businesses. By October 2020, US GDP was up 33.1 percent, marking an end to the recession.

            What sectors are hardest hit by a recession?

            Businesses often tighten their belts during recessions by postponing expansion plans, reducing worker hours and benefits or laying off employees. Those same workers are the consumers who play a vital role in the strength of a nation’s economic activity.

            With less disposable income, consumers stop spending on large appliances, vehicles, new homes, evenings out and vacations. The focus shifts to low-priced necessities, food and medical needs. Declining consumer spending and demand for goods and services pushes the economy into a deeper recession, resulting in more layoffs and rising unemployment. Small- and medium-sized business owners may even find themselves unable to operate entirely.

            Typically, retail, manufacturing, restaurants, technology, travel and entertainment are hit the hardest during a recession. The real estate and mortgage lending sectors may also feel the pain.

            As the recession worsens, some homeowners may not be able to pay their mortgages and could face defaults, which can bring further downward pressure on real estate prices. Those still shopping for a home or new car may find that banks have instituted much tighter lending policies on mortgages and car loans.

            Meanwhile, investors can lose money as their stock holdings and real estate assets lose their value. Retirement savings accounts linked to the stock market can also suffer.

            All of these forces can contribute to a deflationary environment that leads central banks to cut interest rates in an effort to stimulate the economy out of a recession.

            How to prepare for a recession?

            There is no perfect answer for how to invest during a recession, and no stock remains recession-proof. But for those who know how to practice due diligence through fundamental analysis, recessions do offer an opportunity to pick quality stocks at a discount.

            “The stock market is the only store where when things go on sale, everyone runs out the door. You don’t want to be one of those people,” said Shawn Cruz, head trading strategist at TD Ameritrade. “So if you have a long term focus and some specific names you’re looking at, this is a good time to pick up some quality shares for your portfolio.”

            It’s better to look at well-established publicly traded companies with strong balance sheets and minimal debt that still have the ability to generate cash and pay dividends. Companies to avoid include those with high debt loads and little cashflow, as they have a difficult time managing operating costs and debt payments during recessions.

            Danielle DiMartino Booth advises investors to watch the data closely if they want to stay ahead of the curve, particularly payroll levels, layoff announcements, bankruptcies and store closures.

            Industry matters, too. As mentioned, real estate, retail, manufacturing, restaurants, technology, travel and entertainment are hit the hardest during a recession. On the other hand, stocks in the consumer staples (food and beverage, household goods, alcohol and tobacco) and healthcare (biotech and pharmaceutical) sectors tend to do well in recessionary environments.

            Inventors can further mitigate the risks that a recession brings by building a diversified portfolio that considers stocks across varying sectors and geographic regions. Rather than investing in individual stocks, exchange-traded funds with low management fees are another way to spread risk. The Vanguard Consumer Staples ETF (ARCA:VDC) and the Consumer Staples Select Sector SPDR Fund (ARCA:XLP) are two examples to consider.

            Should I wait to invest until after a recession?

            This question brings us back to the quote from General Electric’s Welch that’s cited at the beginning of this article. For long-term investors who understand the popular adage, “buy low, sell high,” a recession and its impact on share prices offers up those ‘buy low’ opportunities. That’s because all things come to an end, even recessions, and when that happens those who bought the dip will be well positioned to benefit from the rebound.

            That said, due diligence never goes out of style. Not all companies will make it through a market downturn unscathed. To truly see returns from this investment strategy it’s critical to look for companies with strong balance sheets, experienced management and a history of performing well in bear markets. Opting for revenue-generating and dividend-paying stocks over growth stocks during a recession is another smart play.

            Overall, experts advise that it’s not necessary to avoid investing during a recession.

            “While (recessions) can be challenging for returns and growing wealth, we also see countercyclical rallies and the market is always forward-looking, so the keys are to remain fully invested, not be whipsawed by short-term market gyrations and to keep (focused) on your long-term goals,” Rajesh Nakadi, head of investments of the Global Family Office at BNY Mellon Wealth Management, told Forbes.

            Danielle DiMartino Booth advises investors to focus on companies’ ability to maintain dividends and cash flow during this period, meaning defensive plays that pay dividends and are able to increase their payrolls are a worth a look.

            What assets can hold their value in a deep recession?

            For long-term investors looking to ride out the worst recessions, stocks and high-yield bonds are best avoided. Safer assets that have historically performed well during recessions include government bonds, managed futures, gold and cash.

            It should be noted that while 10 year US Treasury bonds have an excellent reputation as a reliable safe haven asset, nothing is without risk. In early April 2025, following another round of tariffs announced by Trump, an unprecedented number of sellers, including foreign governments, ditched their US bond holdings, resulting in rising bond yields. Although yields fell a few days later, uncertainty in the bond market remains.

            “There is clearly still a lot of concern over this highly unusual rise in Treasury yields at a time of equity market weakness and global concern over recession,” said Douglas Porter, chief economist at Bank of Montreal. “Notably, the backup in yields was mostly driven by rising real yields and not higher inflation premiums … indicating a more fundamental drop in demand.”

            If you’ve parked your dollars in actual dollars, i.e. cash, instead of the stock market or bonds, the value is not being erased by declining stock prices. The ‘cash is king’ mantra speaks to the importance of keeping liquid assets on hand during a recession.

            Along that same vein, gold has earned its safe-haven status because it is a physical asset that holds its value and can be easily liquidated.

            One last thought — don’t move all your wealth into gold or cash. A diversified portfolio is still the best hedge against a recession.

            Which stocks do well after a recession?

            Once the economy is in the recovery stage and consumer confidence begins to improve, the best performing stocks in the market tend to be tied to the technology, financial, consumer discretionary, industrial, material and energy sectors.

            The consumer discretionary (i.e. cars and appliances), material and industrial segments “are known as cyclicals, because they are closely tied to the fortunes of the economy,” the Royal Bank of Canada (TSX:RY,NYSE:RY) states. The bank explains that once demand improves, manufacturers will begin using up their inventory and will in turn “need to order metal, chemicals and other materials to create more goods to sell.”

            Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

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            Continuing his administration’s push toward reducing US reliance on Chinese mineral imports, President Donald Trump has signed a new executive order to fast track processes for deep-sea mining.

            The release highlights nickel, cobalt, copper, manganese, titanium and rare earths as strategic minerals key to both national security and economic prosperity, saying that deep-sea mining may provide increased access.

            The April 24 announcement from Trump came a day after Secretary of the Interior Doug Burgum outlined potential plans for the government to invest in US companies that mine and process critical minerals.

            Speaking at a conference put together by the Hamm Institute for American Energy, Burgum said there may be a need for “equity investment in each of these companies that’s taking on China in critical minerals.”

            He discussed a multifaceted strategy that could include the creation of a sovereign wealth fund, government-backed sovereign risk insurance and a national stockpile of critical minerals.

            “We should be taking some of our balance sheet and making investments,” Burgum told reporters last week. “Why wouldn’t the wealthiest country in the world have the biggest sovereign wealth fund?”

            What’s at stake for the US?

            These efforts to reposition America’s mineral supply chain come amid the country’s escalating trade war with China, which has tightened its grip on the global critical minerals market.

            Currently, China produces or refines a dominant share of 20 key raw materials used in essential technologies — from semiconductors and electric vehicle batteries to missile guidance systems and wind turbines.

            According to the US Geological Survey, the US was 100 percent reliant on imports for 15 critical minerals in 2024, and approximately 70 percent of its rare earths came from China the year before.

            China’s latest retaliation — a new wave of export controls on rare earth elements in response to US tariffs — has only intensified concerns about supply chain vulnerability.

            “We have to get back in the game,” Burgum urged in the same conference.

            “It’s not just drill, baby, drill. It’s mine, baby, mine. If we don’t do that as a country, we will not be successful. We will literally be at the mercy of others that are controlling our supply chains.”

            Building a domestic safety net for America

            To offset both economic and geopolitical risks, Burgum laid out three key proposals under consideration:

            1. Sovereign wealth fund — A mechanism to allow the US to take equity stakes in domestic mining and processing firms, particularly those struggling to compete with Chinese state-backed entities.
            2. Sovereign risk insurance — A federal insurance program to reimburse companies in the event that a future administration cancels approved projects.

            Burgum asserted that the three combined would put the US “in the game around critical minerals,” and said the administration is currently “working on all three.”

            Opening the ocean floor to mining

            Trump’s executive order directs federal agencies to expedite permitting under the Deep Seabed Hard Mineral Resources Act and the Outer Continental Shelf Lands Act. In addition to that, it instructs agencies to identify mineral-rich regions, facilitate exploration and map seabed areas for priority development.

            Notably, the move bypasses the ongoing regulatory negotiations at the International Seabed Authority (ISA), a United Nations body tasked with setting global standards for ocean floor mining.

            “The United States has a core national security and economic interest in maintaining leadership in deep sea science and technology and seabed mineral resources,” Trump states in the order.

            Officials say US waters hold over 1 billion metric tons of seabed mineral deposits, including copper, cobalt, manganese and nickel — essential materials for renewable energy technologies and military applications.

            However, the move has been met with sharp criticism from environmental groups and international regulators, which have long warned of the untested ecological risks of deep-sea mining.

            “We condemn this administration’s attempt to launch this destructive industry on the high seas in the Pacific by bypassing the United Nations process,” said Greenpeace USA’s Arlo Hemphill in a statement.

            “This is an insult to multilateralism and a slap in the face to all the countries and millions of people around the world who oppose this dangerous industry,’ he continues in the April 25 release.

            The ISA, created under the 1982 United Nations Convention on the Law of the Sea — which the US has not ratified — has been working to establish a regulatory framework before any commercial deep-sea mining begins.

            It is still deliberating rules on how to balance environmental concerns with mineral exploitation, with ISA Secretary-General Leticia Carvalho expressing hope that a global consensus can be reached by the end of 2025.

            Mining companies mobilize amid US critical minerals push

            Mining and energy companies are moving swiftly to capitalize on the Trump administration’s push to expand domestic production of rare earths and other critical minerals.

            MP Materials (NYSE:MP), the operator of the only active rare earths mine in the US, reported a surge in interest from manufacturers after China imposed new export restrictions. The company has halted shipments of unprocessed ore to China, citing steep tariffs, and is ramping up efforts to process materials domestically.

            NioCorp Developments (NASDAQ:NB) has welcomed the White House’s call to streamline permitting, which coincides with its plans to accelerate its Nebraska-based Elk Creek critical minerals project.

            In the lithium space, oil giants like ExxonMobil (NYSE:XOM) and Occidental Petroleum (NYSE:OXY) are clashing over production rights in Arkansas’ Smackover Formation, one of the country’s richest potential lithium sources.

            Exxon subsidiary Saltwerx recently won regulatory approval to develop a 56,000 acre lithium unit, a move it said could unlock the domestic industry and bolster US energy security.

            At sea, The Metals Company (NASDAQ:TMC) is seeking permits under a decades-old US law to mine polymetallic nodules from the Pacific seabed, pointing to renewed political will.

            Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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            FPX Nickel Corp. (TSX-V: FPX) (OTCQB: FPOCF) (‘ FPX ‘ or the ‘ Company ‘) is pleased to announce the appointment of Dan Apai, P. Eng., as the Company’s Vice President, Projects effective May 1, 2025 . Mr. Apai succeeds Andrew Osterloh who will be departing his role as a Company employee on May 9, 2025 . Further, the Company is pleased to announce that Mr. Osterloh will be nominated for election as a Board member at the Company’s annual general meeting to be held on June 26, 2025 .

            Martin Turenne , President and CEO of FPX stated, ‘On behalf of the Board of Directors, I would like to thank Andrew for his dedication and service to the Company. During Andrew’s tenure and under his leadership, the Company has significantly improved the development basis for the Baptiste Nickel Project, including progressing technical maturity in the areas of metallurgy, engineering, and execution planning. We are grateful for his efforts and wish him the very best going forward.’

            Mr. Turenne continued, ‘I am delighted to welcome Dan to our senior management team. Dan has been a valuable contributor since he joined the Company in January 2023 as our Engineering Manager. Dan brings a wealth of knowledge from prior experience developing and commissioning multiple large-scale projects and his deep familiarity with Baptiste will ensure a smooth transition as we further advance the Project.’

            ‘We are very happy to welcome Andrew to the FPX Board,’ commented the Company’s Chairman, Peter Bradshaw . ‘Andrew has demonstrated exceptional leadership in progressing Baptiste through the development of the prefeasibility and refinery studies. His deep understanding of the Project and strategic insights will be a significant asset to our Board. We look forward to his contributions as a Board member to the Company’s continued success.’

            Mr. Osterloh joined FPX in June 2021 , bringing with him extensive experience from project management roles at Fluor Canada and site operations positions at several notable mining projects, including Eskay Creek (that is now being redeveloped by Skeena Gold & Silver) and Huckleberry, operated by Imperial Metals, both located in British Columbia . Mr. Osterloh will be assuming the role of VP, Engineering & Construction at Skeena Gold & Silver, as the Company undertakes redevelopment of the Eskay Creek Project.

            Mr. Apai, the Company’s Engineering Manager since January 2023 , has over twenty years’ mining industry experience in civil engineering and engineering management over a diverse range of projects. As Principal Civil Engineer for Fluor Canada, he led study and detailed engineering works for numerous large-scale mining projects for clients including Teck, Newmont, BHP, First Quantum, Glencore, Josemaria Resources, and Newcrest. Dan’s technical expertise includes site layout, earthworks, water management, linear facilities (i.e., roads, powerlines, pipelines), and water supply systems – all elements that strongly influence the capital intensity, permitability, and operability of mining projects. Mr. Apai is a Member of the Association of Professional Engineers of British Columbia and holds a Bachelor of Engineering from the University of Western Australia .

            About the Baptiste Nickel Project

            The Company’s Baptiste Nickel Project represents a large-scale greenfield discovery of nickel mineralization in the form of a sulphur-free, nickel-iron mineral called awaruite (Ni 3 Fe) hosted in an ultramafic/ophiolite complex. The absence of sulphur and our ability to connect to the BC Hydro grid means that Baptiste has the potential to be one of the lowest carbon-intensive nickel producers in the world and will produce a very high grade product that does not required any intermediate smelting or complex refining. The Baptiste mineral claims cover an area of 453 km 2 west of Middle River and north of Trembleur Lake, in central British Columbia . In addition to the Baptiste Deposit itself, awaruite mineralization has been confirmed through drilling at several target areas within the same claims package, most notably at the Van Target which is located 6 km to the north of the Baptiste Deposit. Since 2010, approximately US$55 million has been spent on the exploration and development of Baptiste.

            FPX has conducted mineral exploration activities to date subject to the conditions of agreements with First Nations and keyoh holders.

            About FPX Nickel Corp.

            FPX Nickel Corp. is focused on the exploration and development of the Baptiste Nickel Project, located in central British Columbia , and other occurrences of the same unique style of naturally occurring nickel-iron alloy mineralization known as awaruite. For more information, please view the Company’s website at https://fpxnickel.com/ or contact Martin Turenne , President and CEO, at (604) 681-8600 or ceo@fpxnickel.com .

            On behalf of FPX Nickel Corp.

            ‘Martin Turenne’
            Martin Turenne , President, CEO and Director

            Forward-Looking Statements

            Certain of the statements made and information contained herein is considered ‘forward-looking information’ within the meaning of applicable Canadian securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed in the Company’s periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.

            Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

            SOURCE FPX Nickel Corp.

            View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2025/29/c3955.html

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            Former Chief Medical Officer of Eli Lilly brings more than thirty years of pharmaceutical industry experience

            Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX: CRDL) (‘Cardiol’ or the ‘Company’), a clinical-stage life sciences company focused on developing anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease, today announced that pharmaceutical industry veteran Timothy J. Garnett, M.D., has been nominated to stand for election to the Company’s Board of Directors at its 2025 Annual General Meeting of shareholders to be held on May 28, 2025.

            Dr. Garnett is a distinguished pharmaceutical industry executive with over 30 years’ experience, including two decades at Eli Lilly and Company, where he served as Chief Medical Officer from 2008 until his retirement in 2021. During his tenure at Eli Lilly, he led the successful development of therapeutics in women’s health, endocrinology, and neuroscience, resulting in multiple global commercial launches. Dr. Garnett has played a key role in the successful development of numerous drugs across both early- and late-stage clinical development. He has broad experience leading clinical development, portfolio management, medical affairs, regulatory strategy, and safety functional areas, and has a strategic understanding of the evolving metabolic therapy landscape.

            ‘We are pleased to nominate Dr. Garnett for election to our Board of Directors, as we mark a significant milestone with the recent initiation of patient enrollment in our pivotal Phase III MAVERIC trial,’ stated Guillermo Torre-Amione, M.D., Ph.D., Chair of Cardiol Therapeutics. ‘Dr. Garnett brings a wealth of industry experience and strategic vision, along with exceptional expertise in clinical development. His proven track record in guiding several drugs through regulatory approval and successful commercial launch will be instrumental in achieving our goal of making a meaningful difference for people living with underserved heart disease.’

            Dr. Garnett currently serves as Chair of Ophirex and a Director of MapLight Therapeutics. In addition, he is a member of the Advisory Panel of Cambridge Innovation Capital and an equity partner at Recode Health Ventures LLC. Dr. Garnett holds a Bachelor of Medicine and Bachelor of Surgery (MBBS) from St. George’s, University of London. He is a Fellow of both the Faculty of Pharmaceutical Medicine (FFPM), and the Royal College of Obstetricians and Gynaecologists (FRCOG).

            About Cardiol Therapeutics

            Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX: CRDL) is a clinical-stage life sciences company focused on developing anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease. The Company’s lead small molecule drug candidate, CardiolRx (cannabidiol) oral solution, is pharmaceutically manufactured and in clinical development for use in the treatment of heart disease. It is recognized that cannabidiol inhibits activation of the inflammasome pathway, an intracellular process known to play an important role in the development and progression of inflammation and fibrosis associated with myocarditis, pericarditis, and heart failure.

            Cardiol has received Investigational New Drug Application authorization from the United States Food and Drug Administration (‘US FDA’) to conduct clinical studies to evaluate the efficacy and safety of CardiolRx in two diseases affecting the heart: recurrent pericarditis and acute myocarditis. The MAVERIC Program in recurrent pericarditis, an inflammatory disease of the pericardium which is associated with symptoms including debilitating chest pain, shortness of breath, and fatigue, and results in physical limitations, reduced quality of life, emergency department visits, and hospitalizations, comprises the completed Phase II MAvERIC-Pilot study (NCT05494788) and the ongoing Phase III MAVERIC trial (NCT06708299). The ongoing ARCHER trial (NCT05180240) is a Phase II study in acute myocarditis, an important cause of acute and fulminant heart failure in young adults and a leading cause of sudden cardiac death in people less than 35 years of age. The US FDA has granted Orphan Drug Designation to CardiolRx for the treatment of pericarditis, which includes recurrent pericarditis.

            Cardiol is also developing CRD-38, a novel subcutaneously administered drug formulation intended for use in heart failure – a leading cause of death and hospitalization in the developed world, with associated healthcare costs in the United States exceeding $30 billion annually.

            For more information about Cardiol Therapeutics, please visit cardiolrx.com.

            Cautionary statement regarding forward-looking information:

            This news release contains ‘forward-looking information’ within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events, or developments that Cardiol believes, expects, or anticipates will, may, could, or might occur in the future are ‘forward-looking information’. Forward-looking information contained herein may include, but is not limited to statements regarding the Company’s focus on developing anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease, the Company’s intended clinical studies and trial activities and timelines associated with such activities, including the Company’s plan to complete the Phase III study in recurrent pericarditis with CardiolRx, and the Company’s plan to advance the development of CRD-38, a novel subcutaneous formulation of cannabidiol intended for use in heart failure. Forward-looking information contained herein reflects the current expectations or beliefs of Cardiol based on information currently available to it and is based on certain assumptions and is also subject to a variety of known and unknown risks and uncertainties and other factors that could cause the actual events or results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, and are not (and should not be considered to be) guarantees of future performance. These risks and uncertainties and other factors include the risks and uncertainties referred to in the Company’s Annual Information Form filed with the Canadian Securities Administrators and U.S. Securities and Exchange Commission on March 31, 2025, available on SEDAR+ at sedarplus.ca and EDGAR at sec.gov, as well as the risks and uncertainties associated with product commercialization and clinical studies. These assumptions, risks, uncertainties, and other factors should be considered carefully, and investors should not place undue reliance on the forward-looking information, and such information may not be appropriate for other purposes. Any forward-looking information speaks only as of the date of this press release and, except as may be required by applicable securities laws, Cardiol disclaims any intent or obligation to update or revise such forward-looking information, whether as a result of new information, future events, or results, or otherwise. Investors are cautioned not to rely on these forward-looking statements and are encouraged to read the Supplement, the accompanying Base Prospectus and the documents incorporated by reference therein.

            For further information, please contact:
            Trevor Burns, Investor Relations +1-289-910-0855
            trevor.burns@cardiolrx.com

            To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250087

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            “60 Minutes” correspondent Scott Pelley paid tribute Sunday to Bill Owens, the show’s executive producer who resigned last week, saying on the air that “none of us is happy” about the extra supervision that corporate leaders are imposing.

            Pelley made his comments at the end of the evening’s CBS News telecast, saying that in quitting, Owens proved he was the right person for the job.

            “It was hard on him and it was hard on us,” Pelley said. “But he did it for us — and you.”

            His on-air statement was an unusual peek behind the scenes at the sort of inner turmoil that viewers seldom get the opportunity to see.

            Owens, only the third top executive in the 57-year history of television’s most influential newscast, resigned last week, saying he no longer felt he had the independence to run the program as he had in the past, and felt necessary.

            CBS News’ parent company, Paramount Global, is in the midst of a merger with Skydance Media that needs the approval of the Trump administration. Trump has sued “60 Minutes” for $20 billion, saying it unfairly edited a Kamala Harris interview last fall to her advantage. Owens and others at “60 Minutes” believe they did nothing wrong and have opposed a settlement.

            As a result, Pelley explained to viewers on Sunday, Paramount has begun to supervise “60 Minutes” stories in new ways. Former CBS News President Susan Zirinsky, a longtime news producer, has reportedly been asked to look at the show’s stories before they air.

            “None of our stories has been blocked,” Pelley said. “But Bill felt he lost the independence that honest journalism requires. No one here is happy about it. But in resigning, Bill proved he was the right person to lead ‘60 Minutes’ all along.”

            Despite this, “60 Minutes” has done tough stories about the Trump administration almost every week since the inauguration in January, many of them reported by Pelley. On Sunday, “60 Minutes” correspondent Sharyn Alfonsi had the latest, interviewing scientists about cutbacks at the National Institutes for Health.

            Trump was particularly angered by the show’s telecast two weeks ago, saying on social media that CBS News should “pay a big price” for going after him.

            This post appeared first on NBC NEWS

            International Business Machines Corporation on Monday announced it will invest $150 billion in the U.S. over the next five years, including more than $30 billion to advance American manufacturing of its mainframe and quantum computers.

            “We have been focused on American jobs and manufacturing since our founding 114 years ago, and with this investment and manufacturing commitment we are ensuring that IBM remains the epicenter of the world’s most advanced computing and AI capabilities,” IBM CEO Arvind Krishna said in a release.   

            The company’s announcement comes weeks after President Donald Trump unveiled a far-reaching and aggressive “reciprocal” tariff policy to boost manufacturing in the U.S. As of late April, Trump has exempted chips, as well as smartphones, computers, and other tech devices and components, from the tariffs.

            IBM said its investment will help accelerate America’s role as a global leader in computing and fuel the economy. The company said it operates the “world’s largest fleet of quantum computer systems,” and will continue to build and assemble them in the U.S., according to the release.

            IBM competitor Nvidia, the chipmaker that has been the primary benefactor of the artificial intelligence boom, announced a similar push earlier this month to produce its NVIDIA AI supercomputers entirely in the U.S. 

            Nvidia plans to produce up to $500 billion of AI infrastructure in the U.S. via its manufacturing partnerships over the next four years.

            Last week, IBM reported better-than-expected first-quarter results. The company said it generated $14.54 billion in revenue for the period, above the $14.4 billion expected by analysts. IBM’s net income narrowed to $1.06 billion, or $1.12 per share, from $1.61 billion, or $1.72 per share, in the same quarter a year ago.

            IBM’s infrastructure division, which includes mainframe computers, posted $2.89 billion in revenue for the quarter, beating expectations of $2.76 billion.

            The company announced a new z17 AI mainframe earlier this month.

            CNBC’s Jordan Novet contributed to this report.

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