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The world is arming itself at the fastest rate since near the end of the Cold War, according to a new report, as major wars rage in Ukraine and Gaza and military tensions spike from Europe to Asia.

The 9.4% year-on-year rise to $2.718 trillion in global military spending in 2024 is the highest figure ever recorded by the authoritative Stockholm International Peace Research Institute (SIPRI) in its annual report – which warned there’s no end in sight to the spiraling global arms race. That is the highest rise since 1988, the year before the Berlin Wall fell.

“Many countries have also committed to raising military spending, which will lead to further global increases in the coming years,” the report said.

The United States remains by far the world’s biggest military spender – almost a trillion dollars in 2024, the report said.

Big ticket items in the US budget included F-35 stealth fighters and their combat systems ($61.1 billion), new ships for the US Navy ($48.1 billion), modernizing the US nuclear arsenal ($37.7 billion) and missile defense ($29.8 billion).

The US budget included $48.4 billion in aid for Ukraine, almost three-quarters of Kyiv’s own defense budget of $64.8 billion.

China followed the US in overall military spending with an estimated $314 billion, just under a third of the US total, the report said.

It did not break down Beijing’s spending by weapons or command, but noted China “unveiled several improved capabilities in 2024, including new stealth combat aircraft, uncrewed aerial vehicles (UAVs) and uncrewed underwater vehicles.”

“China also continued to rapidly expand its nuclear arsenal in 2024,” the report said.

Together, Washington and Beijing accounted for almost half of the world’s military spending in 2024, the report said.

But countries involved in – or wary of – regional conflicts showed the biggest increases in spending year over year.

Israel, which launched an invasion of the Palestinian territory of Gaza in 2023, showed a whopping 65% increase in military spending in 2024.

Meanwhile, Russia, which invaded Ukraine in 2022, showed an estimated increase of at least 38%, but the SIPRI noted that figure was likely higher as Moscow augments military coffers with money from regional and other sources.

The more than three-year-long conflict in Ukraine has seen NATO countries significantly boost their military budgets in response to Russia’s belligerence and as US President Donald Trump presses Europe and the US-led alliance to be more responsible for their defense, saying they’ve been taking advantage of the United States for too long.

Germany, with the world’s fourth-largest defense budget, upped its spending by 28%. Romania (43%), the Netherlands (35%), Sweden (34%), the Czech Republic (32%), Poland (31%), Denmark (20%), Norway (17%), Finland (16%), Turkey (12%) and Greece (11%), were the other NATO members among the top 40 defense spenders worldwide who showed double-digit increases in 2024.

“The rapid spending increases among European NATO members were driven mainly by the ongoing Russian threat and concerns about possible US disengagement within the alliance,’ said Jade Guiberteau Ricard, researcher with the SIPRI Military Expenditure and Arms Production Programme.

But analysts said it may take more than money for US allies in Europe to become militarily self-sufficient.

“It is worth saying that boosting spending alone will not necessarily translate into significantly greater military capability or independence from the USA. Those are far more complex tasks,” SIRPI researcher Guiberteau Ricard said in a press release.

In the Indo-Pacific, the SIPRI said China’s 7% increase in 2024 marked the 30th consecutive year-over-year rise in spending for the People’s Liberation Army, “the largest unbroken streak recorded” in the institute’s database, the report said.

“China’s military build-up has also influenced the military policies of its neighbors, prompting many of them to increase spending,” it said.

Japan’s military budget rose 21% in 2024 – Tokyo’s largest increase since 1952. That brought military spending to 1.4% of gross domestic product, the biggest chunk of Japan’s economy devoted to the military since 1958.

The Philippines, embroiled with China in territorial disputes in the South China Sea, increased its defense spending 19%.

And though spending in South Korea went up only 1.4% in 2024, Seoul has the “highest military burden in East Asia,” at 2.6% of GDP, the institute said.

Taiwan, an island democracy of some 23 million people that the Chinese Communist Party claims as its own and has vowed to seize by force if necessary, increased its defense budget by only 1.8% last year, but Taipei’s military spending is up 48% since 2015, the report said.

India, meanwhile, had the world’s fifth-largest defense budget ($86.1 billion) in 2024. New Delhi’s increase over 2023 was only 1.6%, but the country’s defense spending is up 42% over the past decade, indicative of a troubling trend, researchers said.

“Major military spenders in the Asia–Pacific region are investing increasing resources into advanced military capabilities,” Nan Tian, director of the SIPRI Military Expenditure and Arms Production Programme, said. “With several unresolved disputes and mounting tensions, these investments risk sending the region into a dangerous arms-race spiral.”

Also in Asia, Myanmar, which has seen internal conflict since a military coup in 2021, increased spending by 66% in 2024. At 6.8% of its GDP, Myanmar maintains the largest military burden in the Asia-Pacific, the report said.

Military expenditures in Africa were up 3% overall in 2024. Algeria is the continent’s biggest spender, while ranking 20th worldwide.

In the Americas, Mexico showed a 39% surge in military spending in 2024, “reflecting the government’s increasingly militarized response to organized crime,” the report said.

This post appeared first on cnn.com

Lawyers for an Australian woman accused of fatally poisoning three family members with deadly mushrooms have told the jury their deaths were a “terrible accident.”

Erin Patterson is standing trial for the 2023 deaths of her mother-in-law Gail Patterson, father-in-law Donald Patterson and Gail’s sister Heather Wilkinson – who all died in hospital days after Patterson served them a meal that contained death cap mushrooms.

She is also charged with the attempted murder of Heather’s husband Ian Wilkinson, who was also at the lunch but survived.

Crown prosecutors allege Patterson deliberately served lethal mushrooms to kill her lunch guests; her defense counsel claims the deaths were a tragic accident.

During opening arguments on Wednesday, Patterson’s lawyers admitted that she initially lied to police when she said she hadn’t foraged for mushrooms and didn’t own a dehydrator. They said when she learned how ill her guests had become after eating her meal, she “panicked” and acted in ways that may seem suspicious.

The saga, which has gripped the nation for two years, began on a summer day in late July 2023 when Patterson hosted the four relatives of her estranged husband at her home, telling them she wanted to discuss a medical issue. Her ex-husband had also been invited but did not attend.

The court heard she told her guests she had cancer and asked them for advice on how she should break it to her two children. The prosecution alleges she did not have cancer, and had used the “medical issues” discussion to ensure the children would not be at the meal; the defense admitted she had lied about the diagnosis.

During the meal, Patterson served her guests individual beef wellingtons – a steak and pastry dish that incorporates mushrooms. Her guests fell ill hours later and were all admitted to hospital where doctors suspected mushroom poisoning, prompting a police investigation. Patterson was arrested and charged several months later.

Prosecutor Nanette Rogers SC alleged that Patterson served the guests death cap mushrooms – a highly poisonous variety of wild fungus – that she had picked herself.

Patterson herself had gone to the hospital, claiming to feel unwell after the meal – but her tests did not show severe illness, and she voluntarily discharged herself against doctors’ advice, prosecutors said.

Patterson had told police she didn’t own a dehydrator, but surveillance footage after the deaths showed her disposing of a unit at a local trash dump, which was later found to contain traces of death cap mushrooms, the court heard.

Patterson insists she is innocent. Her defense lawyers told the jury they don’t dispute that the guests died from her meal – but argued she had not intentionally poisoned them.

“The defense case is that Erin Patterson did not deliberately serve poisoned food to her guests at that lunch on the 29th of July, 2023,” said defense lawyer Colin Mandy SC.

“She didn’t intend to cause anyone any harm on that day. The defense case is that what happened was a tragedy, a terrible accident.”

Mandy admitted that Patterson had lied about the dehydrator and about foraging for mushrooms, saying she had simply panicked in the moment.

“The defense case is that she panicked because she was overwhelmed by the fact that these four people had become so ill because of the food that she’d served to (them),” Mandy said. “Three people died because of the food that Erin Patterson served that day. So you’ll need to think about this issue – how Erin Patterson felt about that in the days that followed.”

Patterson has pleaded not guilty to all charges. The case is expected to continue for up to six weeks.

This post appeared first on cnn.com

Shares of Tesla Inc. (TSLA) have been decidedly rangebound over the last two months, bouncing between support around $220 and resistance at $290. The recent price action, as well as the momentum characteristics, have confirmed this sideways trend for TSLA. How the stock exits this consolidation phase could make all the difference!

In this article, we’ll look at this intriguing technical setup, showing how changes in momentum could confirm a new breakout phase. From there, we’ll examine how we can use a “stoplight” technique to better define risk and reward for this leading growth stock.

It’s Definitely Time to Go Fishing

Jesse Livermore famously said, “There’s a time to go long, time to go short, and time to go fishing.” And were he alive today, I think the chart of Tesla would definitely elicit a “time to go fishing” mindset for Livermore.

With the stock bouncing consistently between clear support and clear resistance, this appears to be in a straightforward consolidation phase.

After peaking in December 2024 around $480, TSLA dropped to a March 2025 low around $220. From there, the price has rotated between the 200-day moving average as resistance and that $220 level as support. To be clear, the countertrend rallies in March and April have been impressive, but they have not yet provided enough upside pressure to propel Tesla back above the crucial 200-day moving average.

Momentum Indicators Confirm the Sideways Trend

As we love to highlight on our daily market recap show, RSI can be such a valuable tool to assess the interplay between buyers and sellers. During a bullish phase, the RSI usually ranges between 40 to 80, as dip buyers use pullbacks to add to existing positions.

We can see this pattern from June 2024 through the end of January 2025, as the RSI remained above 40 on pullbacks within the bullish trend phase. Then, in February 2025, the RSI pushed below 40 as TSLA broke below its 50-day moving average. We’ve color-coded this section red, showing how the entire range of the RSI drifted lower during a clear distribution phase.

Over the last six weeks, the RSI has been in a tight range between 40 and 60. As the price of Tesla has remained rangebound, the momentum readings suggest an equilibrium between buyers and sellers. Until the RSI breaks out of its own sideways range, the chart is suggesting we wait for new information to change the picture.

A Breakout Above $290 Would Suggest a Bullish Resolution

So if we apply a “stoplight technique” to the chart of Tesla, we can better visualize how we might approach this stock from a technical perspective as we negotiate an end to this consolidation pattern.

If we see a positive resolution to the pattern, and TSLA is able to finally clear price resistance and the 200-day moving average around $290, that would indicate a new accumulation phase with further upside potential. A break below $220, on the other hand, would suggest a lack of willing buyers at support and, most likely, a new distribution phase.

As long as TSLA remains below $220 and $290, Jesse Livermore would suggest we “go fishing” instead of taking a shot at an underwhelming chart!

One more thing… I’ve heard from many investors that struggle with selling too early, leaving potential future gains on the table.  Is there anything more painful than that?  My recent video may give you some ideas of how to address this in your own investment process.

RR#6,

Dave

P.S. Ready to upgrade your investment process? Check out my free behavioral investing course!


David Keller, CMT

President and Chief Strategist

Sierra Alpha Research LLC


Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

The author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author and do not in any way represent the views or opinions of any other person or entity.

If you’ve been exploring ways to take your options trading to the next level, the OptionsPlay Add-On for StockCharts is the single most impactful upgrade you can make. And now, it’s even better.

Courtesy of a big and highly-anticipated update, the Strategy Center within the OptionsPlay Add-On now runs directly on your ChartLists—allowing you to discover optimal Covered Calls, Short Puts, Debit and Credit Spreads, and Iron Condors on the stocks you follow or scan for. This new feature turns OptionsPlay into a fully personalized strategy engine, delivering the options ideas you need, when you need them.

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2. Find New Ideas & Generate Ideas from your Lists.

Up until now, users have relied on daily trade ideas curated by the OptionsPlay team. These are still available—and still quite valuable. But now, you can apply the same strategy engine to your own ChartLists: your holdings, your watchlists, and your scans.

This means you can:

  • Identify the highest-yielding Covered Calls on the stocks you own
  • Trade the best-scoring strategies on the technical breakouts you’re tracking
  • Get paid the largest discounts to buy the stocks you love with Short Puts

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  • Preferred Option Strategy & Outlook
  • Days to expiration
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With one click, OptionsPlay surfaces only the trades that fit your profile in under two seconds, so you can make decisions faster and with full confidence.


Why the ChartList Integration Changes Everything

Your ChartLists represent your research, your insights, and your trading edge. Now, instead of scanning for the best options strategies on our list of ideas, you can apply them directly to the stocks you’ve chosen to follow.

This is especially powerful if you:

  • Manage a long-term portfolio and want to generate income
  • Actively trade sectors, earnings setups, or technical breakouts
  • Prefer scanning based on technical criteria before looking at the options chain

With this new integration, you can:

  • Launch the Strategy Center
  • Select Any ChartList
  • Instantly see top-ranked strategies for each stock
  • Customize based on your preferences
  • Analyze and trade immediately

Pro Tip – Maximize StockCharts & OptionsPlay Scanning

  1. Create a Technical Scan using StockChart’s Advanced Scan Workbench
  2. Save your Scan Results to a ChartList or Schedule your Scan to replace your ChartList
  3. Open the OptionsPlay Strategy Center
  4. Select Your ChartList and see the best options strategies on your Scan Results
  5. Trade your best technical setups with the highest yielding options strategies

Final Thoughts

OptionsPlay was already a powerful companion for options traders on StockCharts. But this latest update transforms it into something even more valuable—a personalized trading assistant that works with your existing workflow.

Whether you’re trading for income, growth, or hedging risk, the OptionsPlay Add-On gives you the structure, confidence, and efficiency to act decisively.


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Speaking overall, the stock market hasn’t changed course after last week’s bounce; the upside momentum is still here, albeit acting a little tentative. One piece of news that may have helped move the market higher on Tuesday, though, was President Trump’s decision to scale back on auto tariffs.

Investors seem to be looking forward to any news of progress on trade negotiations and key economic data, namely Q1 GDP, March personal consumption expenditures price index (PCE), and the April jobs report. There are also some important earnings this week, including META Platforms, Inc. (META), Microsoft Corp. (MSFT), Amazon.com, Inc. (AMZN), and Apple, Inc. (AAPL), among others. So, don’t be surprised if there’s some turbulence this week.

Recent economic data hasn’t moved the needle much. The latest JOLTS report showed fewer job openings in March, but layoffs declined. This indicates the labor market is still strong. The April nonfarm payrolls report on Friday will bring more clarity.

Consumer confidence took a hit, falling to its lowest reading since May 2020. This drop reflects concerns about tariffs and how they might push up prices. The bottom line is that consumers are nervous about what’s ahead.

Technical Update

Despite its bounce, the S&P 500 ($SPX) is still down around 9.0% from its February high, but up about 15% from its April lows. The weekly chart below has the Fibonacci retracement levels from the October 2022 lows to the February 2025 highs. The index bounced off its 50% retracement level and is now above its 38.2% level. It’s also trading below its 40-week simple moving average (SMA), which is the equivalent of a 200-day SMA.

FIGURE 1. WEEKLY CHART ANALYSIS OF S&P 500. The index has bounced off its 50% Fibonacci retracement level, and breadth is improving. However, the market appears to be in a wait-and-see mode, and any negative news could send the index lower. Chart source: StockCharts.com. For educational purposes.

It’s encouraging to see the S&P 500 Bullish Percent Index (BPI) above 50%, and the percentage of S&P 500 stocks trading above their 200-day moving average showing slight signs of reversing from a downtrend. However, the S&P 500 appears indecisive and is waiting for some catalyst to move the index in either direction.

Does the daily chart show a different scenario? Let’s take a look.

FIGURE 2. DAILY CHART ANALYSIS OF S&P 500. The 50% Fibonacci retracement level is an important level to monitor since it could act as a support level. Resistance levels to the upside are the 50-day moving average, the 61.8% Fib retracement level, and the 200-day moving average. Chart source: StockCharts.com. For educational purposes.

The daily chart of the S&P 500 above shows the index trading below its 200-day SMA. In addition, the 50% Fibonacci retracement level (from the February 2025 high to the April 2025 low) is acting as a support level. One point to note is the wide-ranging days in April, which have subsided toward the end of the month. This suggests investors have calmed down—the Cboe Volatility Index ($VIX) has pulled back and is now below 30.

The short-term perspective shows the trend is leaning toward moving higher. Keep an eye on the 5500 level as support and the 50-day SMA as the next resistance level. If the S&P 500 can break above the 61.8% Fibonacci retracement level with strong momentum, that’s reason to be optimistic. A break above the 200-day SMA would be more optimistic.

While the S&P 500 is inching higher, something is brewing beneath the surface—a shift toward the more defensive sectors.

Sector Rotation: Defensive Gains

The Relative Rotation Graph below shows that for the week, defensive sectors—Consumer Staples, Utilities, and Health Care—are leading, while offensive sectors, like Technology, Consumer Discretionary, and Communication Services, are lagging.

FIGURE 3. RELATIVE ROTATION GRAPH. Defensive sectors are leading while offensive sectors are lagging. Monitor sector rotation carefully as we head into a volatile trading week. Chart source: StockCharts.com. For educational purposes.

This isn’t unusual, since investors are feeling more cautious and looking for stability.

What’s Ahead?

There’s still key economic data to monitor this week. Here’s what’s ahead:

  • Wednesday: March personal consumption expenditures (PCE), the Fed’s favored inflation measure. A stronger-than-expected number could send the market lower since it may make the Fed more hawkish. There’s also the Q1 GDP growth, which will indicate if economic growth is stalling or continues to be strong.
  • Friday: April nonfarm payrolls will give us an idea of the strength of the labor market. Evidence of a strengthening labor market would reduce the probability of an interest rate cut, which could put pressure on stocks.

Closing Position

The market is feeling cautious, waiting for the next catalyst to send stock prices higher or lower. And any of this week’s events—economic data, big tech earnings, and trade talks—could make or break this week’s price action. However, even if the S&P 500 trends higher, it doesn’t necessarily mean the big tech growth stocks are leading the move higher. Do a sector drill-down from our new Market Summary page and invest accordingly.


Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

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.

This post appeared first on NBC NEWS

Pfizer CEO Albert Bourla on Tuesday said uncertainty around President Donald Trump’s planned pharmaceutical tariffs is deterring the company from further investing in U.S. manufacturing and research and development. 

Bourla’s remarks on the company’s first-quarter earnings call came in response to a question about what Pfizer wants to see from tariff negotiations that would push the company to increase investments in the U.S. It comes as drugmakers brace for Trump’s levies on pharmaceuticals imported into the country — his administration’s bid to boost domestic manufacturing.

“If I know that there will not be tariffs … then there are tremendous investments that can happen in this country, both in R&D and manufacturing,” Bourla said on the call, adding that the company is also hoping for “certainty.”

“In periods of uncertainty, everybody is controlling their cost as we are doing, and then is very frugal with their investment, as we are doing, so that we are prepared for remit. So that’s what I want to see,” Bourla said.

Bourla noted the tax environment, which had previously pushed manufacturing abroad, has “significantly changed now” with the establishment of a global minimum tax of around 15%. He said that shift hasn’t necessarily made the U.S. more attractive, saying “it’s not as good” to invest here without additional incentives or clarity around tariffs.

“Now [Trump] I’m sure — and I know because I talked to him — that he would like to see even a reduction in the current tax regime particularly for locally produced goods,” Bourla said, adding a further decrease would be would be a strong incentive for manufacturing in the U.S.

Unlike other companies grappling with evolving trade policy, Pfizer did not revise its full-year outlook on Tuesday. However, the company noted in its earnings release that the guidance “does not currently include any potential impact related to future tariffs and trade policy changes, which we are unable to predict at this time.”

But on the earnings call on Tuesday, Pfizer executives said the guidance does reflect $150 million in costs from Trump’s existing tariffs.

“Included in our guidance that we didn’t really speak about is there are some tariffs in place today,” Pfizer CFO Dave Denton said on the call.

“We are contemplating that within our guidance range and we continue to again trend to the top end of our guidance range even with those costs to be incurred this year,” he said.

This post appeared first on NBC NEWS

Gangs have attacked another town in Haiti’s central region, killing at least four people, including an 11-year-old child, a human rights activist told The Associated Press on Monday.

At least 15 other people were injured by gunfire, and more than a dozen homes were burned in Petite Rivière, said Bertide Horace, spokesperson for the Commission for Dialogue, Reconciliation and Awareness to Save the Artibonite.

The attack began Thursday, but police were still battling gang members on Monday, she said in a phone interview.

Horace shared grisly videos that showed people receiving treatment for serious wounds at a local hospital.

Before she could provide further details, Horace warned that the town being attacked was without power. Her cellphone was then cut off.

A spokesperson for Haiti’s National Police did not immediately return a request for comment.

Petite Rivière is the latest community in the once peaceful Artibonite region that gangs have targeted.

In late March, gangs struck the city of Mirebalais and stormed a local prison, freeing more than 500 inmates. They also attacked the nearby town of Saut d’Eau, considered a sacred place that attracts thousands of Haitians annually for a Vodou-Catholic pilgrimage.

While gangs control at least 85% of Port-au-Prince, Haiti’s capital, they have launched attacks in the country’s central region in recent years.

On Monday, Chrisla, the powerful leader of the Ti Bois gang, announced a three-day strike in the Port-au-Prince neighborhood of Carrefour, which has been bereft of any government presence since gangs seized control of it in recent years.

He ordered public transportation and private businesses to close, saying only hospitals and firefighters were authorized to operate.

Chrisla also said he wanted a new Haiti “so that we can all sit at the same table to reconcile this nation.”

Haiti’s government leaders have repeatedly said they would not negotiate with gangs or include them in any discussions aimed at helping stabilize the troubled country.

A UN-backed mission led by Kenyan police that began last year to help Haitian police quell violence has struggled in its fight against gangs.

More than 5,600 people were killed across Haiti last year, with gang violence leaving more than one million people homeless.

This post appeared first on cnn.com

Canada’s Liberal Party, led by Prime Minister Mark Carney, is on course to win the country’s federal election, Canadian media projects, following a campaign overshadowed by provocations and tariffs from US President Donald Trump.

With votes still being counted, CBC News said it is too soon to say whether it will be a minority or majority government – a party needs 172 seats to form a majority.

Canada’s uneasy relationship with the United States deeply influenced the tenor of this year’s campaign. Trump’s tariffs against Canadian exports pose a grave threat to the country’s economy, and his threats to annex Canada as “the 51st state” have enraged Canadians of every political persuasion.

“I reject any attempts to weaken Canada, to wear us down, to break us so that America can own us,” Carney told reporters in late March. “We are masters in our own home.”

Though Canadians have a diverse array of parties to choose from on their federal ballots, the main contest is between the incumbent Liberals, led by Carney since March, and the Conservative opposition, led by longtime parliamentarian Pierre Poilievre.

Carney, a former banker, became prime minister in March after his predecessor Justin Trudeau resigned from office in the wake of dire polls that suggested a stunning loss to come in a federal election.

Trudeau announced his plan to resign in January while facing grim polling figures, a serious cost of living crisis and an internal revolt in his cabinet.

The numbers began to shift in the Liberals’ favor as Trudeau hit back against US tariffs during his last days in office. After winning the party leadership contest in a landslide, Carney continued to spearhead Canada’s opposition to Trump’s annexation threats and trade war.

Carney had never held political office before becoming prime minister. The former central banker touted his experience shepherding Canada’s economy through the 2008 financial crisis and Britain through Brexit, to appeal to Canadians seeking solace from the gloomy economic headwinds caused by the storm of tariffs announced by the White House.

The idea that Canada needs to forge its own path outside of US influence has been central to the prime minister’s messaging since he took office.

Carney pitched himself throughout the campaign as an experienced professional from the political center who can steward Canada’s economy through a period of profound turbulence.

“I understand how the world works,” Carney told podcaster Nate Erskine-Smith in October. “I know people who run some of the world’s largest companies and understand how they work. I know how financial institutions work. I know how markets work … I’m trying to apply that to the benefit of Canada.”

Carney has pledged to “build things in this country again” to make Canada less reliant on the US: new homes, new factories, and new sources of “clean and conventional energy.”

“My solemn promise is to stand up for Canadian workers, to stand up for Canadian businesses,” Carney said in March. “We will stand up for our history, our values and our sovereignty.”

This is a developing story and will be updated.

This post appeared first on cnn.com

The first batch of individuals jailed in the landmark Hong Kong national security trial of “47 democrats” accused of conspiracy to commit subversion was freed on Tuesday after being behind bars for more than four years.

Four former pro-democracy lawmakers, including Claudia Mo, Kwok Ka-ki, Jeremy Tam and Gary Fan were driven away from three separate prisons across Hong Kong around dawn. Security was tight with patrols of police officers, and access to some roads to the prisons restricted for hours beforehand.

A Reuters witness outside the maximum security Stanley Prison, where Kwok and Tam were held, was told by a police officer they had left.

Vehicles were also seen leaving the more remote Shek Pik Prison on Lantau Island and a women’s correctional institution at Lo Wu close to the border with mainland China.

Police blocked access to two roads leading to the entrance of Shek Kip Prison, so media could only stand on a bridge next to a reservoir overlooking the ocean-facing facility.

Fan, speaking to the press when he arrived at his home early on Tuesday, said: “I will go back home and reunite with family. Thank you Hong Kongers.”

Philip Bowring, Mo’s husband, said she was calm on her return home and needed time to rest, local media reported.

Since large and sustained pro-democracy protests erupted in Hong Kong for most of 2019, China has cracked down on the democratic opposition as well as liberal civil society and media outlets under sweeping national security laws.

The 47 pro-democracy campaigners were arrested and charged in early 2021 with conspiracy to commit subversion under a Beijing-imposed national law which carried sentences of up to life in prison.

Forty-five of these were convicted following a marathon trial, with sentences of up to 10 years. Only two were acquitted.

All four had been denied bail since being charged and were remanded in custody for nearly two years before the trial kicked off in early 2023. All four had pleaded guilty, and were sentenced to four years and two months imprisonment.

Mo, Kwok and Tam were former members of the Civic Party, once one of Hong Kong’s leading pro-democracy parties, which was disbanded in early 2024 amid the national security crackdown.

Mo resigned from the Civic Party in 2016 and founded the localist group HK First with Fan of the Neo Democrats.

The democrats were found guilty of organizing an unofficial “primary election” in 2020 to select candidates for a legislative election. Prosecutors accused the activists of plotting to paralyze the government by engaging in potentially disruptive acts had they been elected.

Western governments including the US called the trial politically motivated and had demanded the democrats be freed.

Hong Kong and Beijing, however, say all are equal under the national security laws and the democrats received a fair trial.

This post appeared first on cnn.com