In just a few months, the Trump administration has demonstrated its willingness to abandon workers and undermine their wages and working conditions. This includes repeated attacks to the Department of Labor (DOL)—the federal agency that oversees federal wage and hour laws, worker safety, workforce development, and employee benefits protection programs. Anti-worker nominations to key DOL positions—currently under Senate consideration—pose future risk to workers’ rights. 

In January, Trump rescinded Executive Order 11246, which enforced anti-discrimination protections and equal employment opportunity requirements in federal contracting—effectively halting the work of the Office of Federal Contract Compliance Programs. In March, Trump rescinded an executive order that raised the minimum wage for federal contractors, which could cut these workers’ wages anywhere from 25% to 60%. In early April, the Mine Safety and Health Administration—a DOL subagency—announced they were delaying the enforcement of the Biden-era silica rule for coal miners, increasing the risk of coal miners being exposed to silica dust.  

Most recently, Trump’s DOL asked to pause litigation on the Biden-era overtime pay rule, seemingly indicating that the department plans to rescind the rule that expanded the right to overtime pay for 4.3 million workers. DOL also announced it would stop enforcing a Biden-era rule that made it harder for employers to misclassify workers as independent contractors, potentially costing workers thousands of dollars each year.  

In addition to policy changes, Trump has put forward nominations that could impact workers’ rights. Trump nominated Jonathan Berry as the Solicitor of Labor, who is now awaiting his Senate confirmation hearing. Berry authored the Project 2025 section on the Department of Labor, which dangerously calls for weakening the federal minimum wage, limiting overtime eligibility, and repealing prevailing wage requirements for federally funded construction projects. If confirmed, Berry will be DOL’s chief legal officer with independent authority to initiate lawsuits enforcing federal labor laws. 

But that’s not all. Reports suggest that roughly 20% of DOL’s workforce has taken some form of retirement or buyout since Trump took office. This “voluntary” reduction in DOL staff will negatively impact the agency’s services, including enforcement of labor laws, funding of workforce development, and publication of credible labor market data. Trump continues to advance an anti-worker agenda by proposing a 35% cut to DOL’s budget in the administration’s fiscal year 2026 budget request. EPI will continue to monitor actions from the Trump administration, Congress, and the courts that impact workers at Federal Policy Watch.  

Below, EPI economists offer their insights on the jobs report released this morning, which showed 139,000 jobs added in May. 

From EPI senior economist, Elise Gould:

Read the full thread here.

The latest BLS data out this morning suggests the labor market remains relatively resilient compared to softer measures though the household survey shows some signs of weakness.
– payroll jobs up 139k
– federal jobs down 22k
– labor force participation down 625k
#EconSky #NumbersDay @epi.org

[image or embed]

— Elise Gould (@elisegould.bsky.social) Jun 6, 2025 at 7:47 AM

Payroll employment increased 139k in May, though there were notable downward revisions the past two months, a total of 95k fewer jobs in March and April than originally reported. Job growth was strong in health care and leisure and hospitality. The federal government lost 22k jobs in May.
#EconSky

[image or embed]

— Elise Gould (@elisegould.bsky.social) Jun 6, 2025 at 7:57 AM

Employment in the federal govt fell 22k in April, down 59k since Jan. Even as bad as this is, the devastation to the federal workforce has yet to be fully realized because many workers are on administration leave and more recent federal UI claims data suggest further cutbacks.
#EconSky #NumbersDay

[image or embed]

— Elise Gould (@elisegould.bsky.social) Jun 6, 2025 at 8:03 AM

From EPI president Heidi Shierholz:

Read the full thread here.

Another “tale of two surveys” for #JobsDay. The payroll survey was solid—139k jobs added—while the household survey showed a huge drop in employment, -696k. (The unemp rate didn’t rise because the drop in employment was masked by people dropping out of the labor force.) 1/

— Heidi Shierholz (@hshierholz.bsky.social) Jun 6, 2025 at 7:45 AM

Remember that when the surveys are telling different stories, the rule of thumb is to put more weight on what the payroll survey says, since it is a much bigger survey. 2/

— Heidi Shierholz (@hshierholz.bsky.social) Jun 6, 2025 at 7:53 AM

That said, the weak household survey could be giving us a glimpse of what the future holds, as the impact of Trump’s foolish, cruel, chaotic policies begin to have real effects on the economy. 3/

— Heidi Shierholz (@hshierholz.bsky.social) Jun 6, 2025 at 7:53 AM

It’s worth noting that while the payroll survey was indeed solid, it nevertheless slowed, and there were downward revisions to prior data. Last #JobsDay, the three-month moving average was 155k. Today, it was 135k, a sizeable drop. 4/

— Heidi Shierholz (@hshierholz.bsky.social) Jun 6, 2025 at 8:05 AM

House Republicans recently passed Trump’s budget reconciliation legislation that massively redistributes income from some of the poorest households to the richest. It is now under consideration in the Senate and Trump is pressuring senators to pass it without major changes. Aside from cutting taxes by trillions for the wealthy, kicking 15 million people off health care, and cutting food aid for the poor, the bill provides an unfathomable amount of additional money to fund Trump’s draconian mass deportation agenda.

In just a few months, Trump’s deportation troops have repeatedly arrested and deported the wrong people, including U.S. citizens; sent innocent people to gulags designed for terrorists in third countries; separated families and turned children into orphans; detained high school honors students; and engaged in countless other heinous actions. The bill provides $155 billion in new immigration enforcement funding—more than five times the amount of current funding—to supercharge the ability of the Trump administration to carry out more actions like these, as well as further militarize the border and build more miles of the border wall, put immigrants in new and expanded prisons, and carry out worksite raids across the country.

Altogether, as Figure A shows, Trump would have $185 billion for immigration enforcement, and this doesn’t include additional appropriations that Congress could pass in future years. Even with all that spending, there isn’t one new cent in the bill that would go to ensuring that wages and working conditions are protected by increasing funding to the federal agencies that hold lawbreaking employers accountable. In fact, the $185 billion Trump could have at his disposal to carry out his radical immigration enforcement agenda would be 80 times more than the annual government funding for labor standards enforcement. That disparity alone tells you all you need to know about how little the Trump administration prioritizes working people.

Figure A

Let’s take stock of this new funding that would help Trump turn the country into an authoritarian police state. First, the reconciliation bill provides $27 billion for Immigration and Customs Enforcement (ICE) agents and operations. This would nearly triple the agency’s funding and make ICE the highest-funded law enforcement agency in the entire federal government.

Giving ICE more funding than any other law enforcement agency to violate due process at an even grander scale won’t help anyone, however, because deportations don’t improve workers’ wages and working conditions. It’ll unquestionably make workplace conditions worse, while giving ICE the ability to do much more of what they’ve already been doing—namely, covering their faces and kidnapping students who are in the country lawfully, as well as going after labor organizers, university scientists, and even sometimes construction workers who are U.S. citizens.

The bill also provides $45 billion to spend on new and expanded immigrant detention centers through September 30, 2029, nearly quadrupling ICE’s detention budget on an annualized basis. As one analyst recently pointed out, the federal Bureau of Prisons currently has an annual budget of $8.3 billion, so ICE’s annual budget for immigrant detention would be nearly 50% larger than that of the entire federal prison system.

And then there’s $83.2 billion in new funds for border enforcement and construction of Trump’s border wall. That includes $8.3 billion for Customs and Border Protection (CBP) agents, vehicles, and facilities, $6.3 billion for border surveillance technology and vetting, and $51.6 billion for border wall construction. Another $5 billion would go to the Department of Defense (DOD) for so-called “border operations,” meaning the deployment of military personnel and the temporary detention of immigrants on DOD installations. And right before the bill passed, an additional $12 billion was added to reimburse states for money they’ve spent on border enforcement (most of which would likely go to Texas to reimburse the state government for things like barriers and razor wire they installed in the Rio Grande).

In addition to mind-blowing levels of new government spending for detaining, deporting, and terrorizing immigrants, House Republicans also included punitive new taxes and fees on immigrants. They added a 3.5% fee on remittances (money sent abroad) paid by people who are not U.S. citizens, which would also turn staff at places like Western Union into de facto immigration enforcement officials because they would have to check their customers’ immigration statuses. House Republicans also voted to impose exorbitant fees on applications that immigrants file with the U.S. government. For example, people seeking relief in immigration court would be charged hundreds of dollars in new fees, and people who are the subject of immigration enforcement actions would be charged thousands.

Those seeking asylum, who currently do not have to pay a fee to apply for humanitarian protection, would be required to pay a new $1,000 filing fee. The ultimate result is that asylum protections would all but disappear for children and people in detention who can’t work. Those not in detention would have to pay a new $550 fee every six months for their work permits—and people with parole and Temporary Protected Status would have to pay this new fee, too. A new $8,500 up-front fee for sponsors of migrant children would mean that the vast majority of children in government shelters might end up detained for lengthy periods. These are just a few examples from a long list.

And finally, the bill neither improves the immigration system nor helps workers. The bill only spends $1.25 billion on the immigration court system. Investments in judges and staff would speed up adjudications on benefits and deportations and make the immigration process fairer and timelier relative to the status quo, where people with legitimate claims are left in limbo for many years about whether or not they can remain lawfully in the United States. This is a drop in the bucket compared with what’s needed.

And despite the Trump administration’s many claims that they want to help U.S. workers, the Republican budget bill provides exactly zero new dollars to federal agencies that protect workers—even though these agencies’ funding has been flat or declining for decades while workers are being hurt, killed, and robbed on the job at alarming rates. It spends zero on agencies that check if workplaces are safe. It spends zero to fight illegal child labor. And it spends zero dollars on the agency that enforces safety and health rules for people who work in mines. To add insult to injury, the Trump administration is working hard to reduce staff at those agencies and firing their leadership, as well. The senators who vote in favor of taking this bill one step closer to becoming law will be turning their backs on workers while plunging the United States into a dark new era of authoritarianism, extreme and intrusive surveillance, and a new national network of internment camps.

Welcome to the Pioneer DEH-150MP manual. This guide provides essential information to help you understand and utilize your car stereo’s features, ensuring optimal performance and enjoyment.

Product Overview

The Pioneer DEH-150MP is a 1-DIN car stereo designed to deliver high-quality audio entertainment. It supports CD, CD-R, and CD-RW playback, as well as MP3 and WMA files. Equipped with a MOSFET amplifier, it ensures clear and powerful sound. The receiver features a red-illuminated display and a front illuminated AUX input for convenient connectivity. With a built-in RDS tuner, it provides access to AM/FM radio stations and displays song information. The unit is compatible with various audio sources, offering versatility for music enthusiasts. Its compact design and user-friendly controls make it an excellent choice for drivers seeking an enhanced in-car audio experience. This manual will guide you through installation, operation, and customization of the DEH-150MP to maximize its potential.

Importance of the Manual

This manual is crucial for understanding the Pioneer DEH-150MP’s features, installation, and operation. Reading it ensures safe and proper use, preventing potential damage or misuse. It provides detailed instructions for installation, wiring, and setup, helping you navigate the system’s capabilities confidently. The manual highlights essential safety precautions and troubleshooting tips, addressing common issues to optimize performance. It serves as a comprehensive guide to unlock the full potential of your car stereo, ensuring an enjoyable and hassle-free listening experience. Keep this manual handy for future reference to maintain your device and resolve any challenges effectively.

Safety Precautions

Before using the Pioneer DEH-150MP, carefully read and follow these safety precautions to avoid potential risks. Ensure proper installation by a qualified technician to prevent electrical hazards or system damage. Avoid overloading the unit with excessive power or incorrect wiring, as this may cause malfunctions or fire risks. Keep the device away from extreme temperatures, moisture, or direct sunlight, as these conditions can impair performance or lead to permanent damage. Do not attempt to modify or disassemble the unit, as this voids the warranty and may result in unsafe conditions. Always use the correct fuse rating and follow proper handling procedures to prevent harm to yourself or the device. For optimal safety, operate the unit responsibly and adhere to all local regulations while driving. Keep this manual accessible for future reference.

Installation Guide

This section provides step-by-step instructions for installing the Pioneer DEH-150MP in your vehicle. Proper wiring, mounting, and connections are essential for safe and optimal performance.

Pre-Installation Checklist

Before installing the Pioneer DEH-150MP, ensure you have the following:

• A compatible vehicle with a 1-DIN slot.
• Wiring harness and connectors from the vehicle.
• Mounting screws and brackets provided.
• Faceplate and trim ring for secure installation.
• Power and ground wires connected properly.
• Antenna cable securely attached.
• Disconnect the car battery to prevent electrical hazards.
• Verify compatibility with your vehicle’s make and model.

Ensure all connections are secure and consult the manual if unsure. Proper preparation ensures a safe and successful installation process.

Wiring Diagram and Connections

The Pioneer DEH-150MP wiring diagram is essential for proper installation. Connect the red wire to the 12V constant power source and the yellow wire to the 12V ignition switch. The black wire is grounded to the vehicle’s chassis. Use the blue wire for remote control and the white and orange wires for illumination control. RCA pre-outs (front, rear, and subwoofer) enable connection to external amplifiers. Ensure the speaker wires are securely attached to the corresponding terminals. Refer to the wiring harness for accurate connections, as incorrect wiring may cause malfunctions or damage. Double-check all connections before powering on the unit to ensure safe and proper operation.

Physical Installation Steps

Begin by preparing the necessary tools, including a screwdriver and DIN tools. Carefully remove the existing stereo from the dashboard, ensuring all wiring is disconnected. Align the Pioneer DEH-150MP with the DIN slot, gently sliding it into place until it clicks securely. Use the mounting bracket to ensure a stable fit and tighten the screws to prevent movement. Connect the wiring harness to the vehicle’s electrical system, matching each wire to its corresponding terminal. Once installed, test the unit by turning it on and checking basic functions like power and volume control. Ensure the unit is properly secured to avoid vibration or loose connections while driving. Follow these steps to complete the physical installation safely and effectively.

Initial Setup and Configuration

After installation, turn on the Pioneer DEH-150MP by pressing the power button. Set the clock using the control panel, and adjust the display settings to your preference. Use the preset buttons to assign frequently used functions for easy access. Choose the illumination color to match your car’s interior. Pair Bluetooth devices if applicable, ensuring a stable connection for wireless audio streaming. Set the AUX input to recognize external devices like smartphones or MP3 players. Adjust the audio settings, such as EQ and fader, to customize your listening experience. Save your preferences to ensure they remain active upon restart. This initial setup ensures optimal functionality and personalization of your car stereo system. Follow these steps carefully to complete the configuration process successfully.

Features of the Pioneer DEH-150MP

The Pioneer DEH-150MP offers MP3 and CD playback, MOSFET amplifier for clear sound, RDS tuner for radio, AUX input, and customizable illumination for enhanced user experience.

Audio Playback Capabilities

The Pioneer DEH-150MP supports a wide range of audio formats, including MP3, WMA, and WAV files. It also plays CDs, CD-R, and CD-RW discs, ensuring compatibility with various music sources. With MOSFET amplifier technology, the device delivers clear and powerful sound, enhancing your listening experience. The Advanced Sound Retriever feature restores high-quality audio from compressed digital files, ensuring optimal sound reproduction. Additionally, the unit supports AM and FM radio, allowing you to enjoy your favorite stations with crisp clarity. Whether you’re playing music from a CD or streaming via an auxiliary input, the DEH-150MP is designed to provide a high-quality audio experience in your vehicle.

Connectivity Options

The Pioneer DEH-150MP offers versatile connectivity options to enhance your listening experience. It features a front-mounted auxiliary (AUX) input, allowing you to connect compatible devices like smartphones, MP3 players, or other external audio sources for convenient playback. Additionally, the unit supports Bluetooth wireless audio streams, enabling seamless connectivity to your mobile devices. This feature allows for hands-free calling and high-quality music streaming. The AUX input is illuminated, making it easy to locate and use in low-light conditions. These connectivity options ensure that you can enjoy your favorite music and podcasts from various sources with ease and convenience.

Display and Illumination

The Pioneer DEH-150MP features a clear LCD display with red illumination, ensuring excellent visibility during both day and night. The display provides essential information such as track details, radio station frequencies, and playback settings. Red illumination enhances the unit’s aesthetics while maintaining readability. This feature allows you to customize the visual appeal of your car’s interior, making it a stylish addition to your vehicle. The display’s brightness can be adjusted to suit your preferences, ensuring optimal visibility without distractions. Additionally, the illuminated AUX input on the front panel makes it easy to connect devices in low-light conditions, further enhancing user convenience and the overall driving experience.

Additional Features

The Pioneer DEH-150MP offers several additional features to enhance your driving experience. It includes RDS (Radio Data System) for displaying radio station information like song titles and artist names. The CD Text feature allows you to view CD track information, making it easier to navigate your music collection. The unit also features a detachable face for added security and a customizable illumination function, letting you adjust the display and button colors to match your car’s interior. These features combine to provide a seamless and enjoyable listening experience while driving.

Operating the Device

Learn to power on/off, adjust volume, and select sources like radio, CD, or AUX. Navigate through menus and customize settings for a personalized experience.

Basic Controls and Functions

The Pioneer DEH-150MP features intuitive controls for seamless operation. Use the rotary volume knob to adjust sound levels and the source buttons to switch between radio, CD, AUX, and other inputs. The illuminated front panel buttons provide easy navigation in low-light conditions. The track up/down buttons allow quick access to your favorite songs or radio presets. Press the menu button to explore settings like EQ, clock, and display options. The AUX input enables direct connection to external devices for convenient playback. Understand these controls to maximize your listening experience and customize the system according to your preferences.

Advanced Audio Settings

The Pioneer DEH-150MP offers advanced audio settings to enhance your listening experience. The Advanced Sound Retriever restores high-quality sound from compressed audio files, ensuring clarity and depth. Adjust the Equalizer (EQ) to customize bass, midrange, and treble levels, tailoring the sound to your preferences. Use the loudness feature to boost low-frequency response at lower volumes. The balance and fader controls allow precise adjustment of the soundstage. Enable the subwoofer control to optimize low-frequency output for an immersive audio experience. Explore these settings to fine-tune your audio and enjoy a personalized sound profile that enhances your music playback.

Radio Tuning and Presets

The Pioneer DEH-150MP allows seamless radio tuning and preset management for a convenient listening experience. Use the tuning controls to manually or automatically search for AM and FM stations. Store up to 6 FM and 5 AM stations as presets for quick access. The RDS (Radio Data System) feature displays station information, such as song titles and artist names, when available. Adjust the radio sensitivity to improve reception in areas with weak signals. Use the seek and scan functions to find strong stations automatically. Organize your favorite stations with preset buttons for easy access. This feature ensures you can enjoy your preferred stations without manual tuning every time, enhancing your overall radio experience.

CD and MP3 Playback

The Pioneer DEH-150MP supports CD, CD-R, and CD-RW disc playback, allowing you to enjoy your favorite music with clear sound quality. The unit is compatible with MP3 and WMA file formats, making it versatile for digital audio playback. Use the shuffle and repeat functions to customize your listening experience. The Advanced Sound Retriever technology enhances the quality of compressed audio files, ensuring rich and detailed sound. Track information, such as titles and artists, is displayed on the screen when available. For added convenience, the device can also play back WAV files stored on CDs. This feature ensures that you can enjoy a wide range of audio formats with exceptional clarity and control, enhancing your in-car entertainment experience.

AUX Input Usage

The Pioneer DEH-150MP features a convenient front-panel AUX input, allowing you to connect external devices such as smartphones, MP3 players, or tablets. Simply plug in your device using a 3.5mm auxiliary cable, and the unit will automatically switch to AUX mode. This input provides an easy way to enjoy your music library or streaming services through your car’s audio system. The illuminated AUX port offers visibility in low-light conditions, ensuring hassle-free connections. With this feature, you can instantly access and play your favorite tracks without the need for complex setups or wireless connections. The AUX input complements the unit’s other connectivity options, offering flexibility and enhancing your in-car entertainment experience;

Customization and Settings

The Pioneer DEH-150MP offers various customization options to tailor your listening experience. Adjust sound quality, customize the display, and personalize button functions to suit your preferences.

Sound Quality Adjustment

The Pioneer DEH-150MP allows you to fine-tune your audio experience with various sound quality adjustments. Use the built-in equalizer to customize frequency responses, ensuring your music sounds exactly how you prefer. The bass boost feature enhances low-frequency output for deeper, richer sound. Additionally, you can adjust the balance and fader settings to optimize speaker output based on your vehicle’s acoustics. These settings enable you to tailor the audio to your listening preferences, ensuring clarity and depth in every note. By exploring these options, you can maximize the performance of your car audio system and enjoy a more immersive listening experience on the road.

Display Customization

The Pioneer DEH-150MP offers customizable display settings to enhance your driving experience. The unit features a red illumination that provides a sleek and modern appearance. You can adjust the display brightness and contrast to optimize visibility under various lighting conditions. Additionally, the display color can be personalized to match your vehicle’s interior lighting for a cohesive look. The dimmer function allows you to reduce the screen’s brightness when driving at night, minimizing distractions. These customization options ensure that the display is both visually appealing and functional, providing a seamless integration with your car’s environment while maintaining ease of use and readability on the road.

Button and Function Customization

The Pioneer DEH-150MP allows you to customize button functions to suit your preferences. You can assign specific functions to buttons, making it easier to access frequently used features. The remote control can also be programmed to perform additional tasks, enhancing convenience. Button illumination can be adjusted to match your vehicle’s interior, ensuring a seamless integration. Customizing these settings enables a more intuitive and personalized user experience, allowing you to focus on driving while enjoying your music and other features. This flexibility ensures that your stereo system is tailored to your needs, providing a seamless and enjoyable interaction with the device.

Troubleshooting Common Issues

This section addresses frequent problems with the Pioneer DEH-150MP, such as power issues, audio distortion, and connectivity problems, providing clear solutions to restore optimal functionality.

Power Issues

If the Pioneer DEH-150MP does not power on, check the wiring connections to ensure they are secure and correctly installed. Verify the fuse in the power cable is not blown. If the unit powers on but shuts off unexpectedly, it may indicate a loose connection or insufficient power supply. Ensure the battery terminals are clean and tightly connected. If the display dims or flickers, it could signal inadequate voltage or a faulty wiring harness. Consult a professional if the issue persists after checking all connections and power sources.

Audio Distortion or No Sound

If experiencing audio distortion or no sound from your Pioneer DEH-150MP, check the wiring connections to ensure they are secure and free from corrosion. Verify that the speaker wires are correctly connected to the appropriate terminals. If using an external amplifier, ensure it is properly configured. Check the volume level and ensure mute is not activated. For distortion, adjust the equalizer settings or reset them to factory defaults. If using an auxiliary input, ensure the connected device is functioning correctly. If issues persist, reset the unit to factory settings or consult a professional for further assistance.

CD Playback Problems

If the Pioneer DEH-150MP fails to play CDs, ensure the disc is clean and free of scratches. Check that the CD is properly inserted with the label facing upward. Verify that the disc is in a compatible format (CD, CD-R, or CD-RW). If issues persist, clean the unit’s CD lens with a soft cloth or specialized cleaning disc. Ensure the disc is finalized if it was recorded on a CD-R or CD-RW. If the problem continues, reset the unit to factory settings or update the firmware. Consult the manual for detailed instructions or contact Pioneer support for further assistance.

Connectivity Issues

If you encounter connectivity issues with your Pioneer DEH-150MP, check the AUX or Bluetooth connections. Ensure the auxiliary cable is securely plugged into the correct port and free of damage. For Bluetooth, verify that your device is paired correctly and within range. Restart both the stereo and the connected device to resolve pairing issues. If using a USB connection, confirm the device is properly plugged in and compatible. Check the stereo’s settings to ensure the correct input mode is selected. If issues persist, reset the unit to factory settings or update the firmware. Refer to the manual for detailed pairing instructions or contact Pioneer support for further assistance.

Maintenance and Care

Regularly clean the unit with a soft cloth to prevent dust buildup. Update firmware to ensure optimal performance and new features. Store the device in a cool, dry place when not in use, using the original packaging if possible.

Cleaning the Unit

To maintain your Pioneer DEH-150MP’s appearance and functionality, clean it regularly with a soft, dry cloth. Avoid using harsh chemicals or abrasive materials, as they may damage the surface. For tougher stains, lightly dampen the cloth with water, but ensure it is not soaking wet to prevent moisture damage. Regularly inspect and clean the CD slot and buttons to ensure smooth operation. Never spray cleaning products directly onto the unit; instead, apply them to the cloth first. For the touchscreen, use a microfiber cloth to prevent streaks and scratches. Cleaning the unit regularly will help preserve its performance and extend its lifespan.

Updating Firmware

Regularly updating the firmware of your Pioneer DEH-150MP ensures optimal performance and access to the latest features. To update, visit Pioneer’s official website and download the latest firmware version. Transfer the update to a USB drive and insert it into the unit. Follow the on-screen instructions to complete the process. Ensure the vehicle’s ignition is on and the unit is in a stable state during the update. Interrupting the process may cause system malfunctions. Detailed steps are provided in the manual. Always verify the firmware version matches your device to avoid compatibility issues. Updating firmware helps resolve bugs, enhances functionality, and ensures your system remains up-to-date with the latest improvements.

Storage and Transportation

When storing or transporting the Pioneer DEH-150MP, handle it with care to avoid damage. Keep the unit in a cool, dry place, away from direct sunlight and extreme temperatures. Use the original packaging or a protective case to prevent scratches or physical damage. Avoid exposing the device to moisture or humidity, as this may compromise its electrical components. During transportation, ensure the unit is securely packed to prevent movement or impact. Always disconnect the battery before storing the device for an extended period. For long-term storage, follow the manual’s specific guidelines to maintain functionality. Proper care during storage and transportation ensures the longevity and performance of your Pioneer DEH-150MP.

Final Thoughts

The Pioneer DEH-150MP is a versatile and feature-rich car stereo designed to enhance your driving experience with high-quality audio. Its ability to play MP3 files, CDs, and compatibility with AUX inputs makes it a great choice for music lovers. The MOSFET amplifier ensures clear and powerful sound, while the RDS tuner and illuminated controls add convenience. By following this manual, you should now be fully equipped to install, operate, and customize your DEH-150MP. Explore its features, adjust settings to your preference, and enjoy seamless connectivity options. Whether tuning into your favorite radio station or playing music from your devices, this stereo promises to deliver an exceptional audio experience. Happy listening!

Resources for Further Assistance

For additional support or detailed information, visit the official Pioneer website. Download the PDF manual for the DEH-150MP, which provides comprehensive guidance. Contact Pioneer’s customer support for technical inquiries. Explore online forums or communities for user discussions and troubleshooting tips. Retailers like DNS or CITI LINK offer product documentation and firmware updates. Ensure to refer to authorized sources for accurate and reliable information. If you encounter issues, consult the troubleshooting section or seek professional assistance. Utilize these resources to maximize your experience with the Pioneer DEH-150MP.

The post pioneer deh 150mp manual appeared first on Every Task, Every Guide: The Instruction Portal
.

The Canon EOS 6D Mark II is a versatile DSLR camera designed for enthusiasts and professionals, offering a 26.2MP full-frame CMOS sensor and DIGIC 7 processor.

1.1 Overview of the Camera

The Canon EOS 6D Mark II is a high-performance DSLR camera featuring a 26.2MP full-frame CMOS sensor and DIGIC 7 image processor. Designed for both enthusiasts and professionals, it offers excellent image quality, enhanced autofocus, and improved ISO sensitivity up to 40000. Its 45-point all-cross-type AF system ensures precise subject tracking, while its weather-sealed design makes it durable for various shooting conditions.

1.2 Key Features and Specifications

The Canon EOS 6D Mark II features a 26.2MP full-frame CMOS sensor, DIGIC 7 image processor, and an ISO range of 100-40000. It boasts a 45-point all-cross-type AF system for precise focusing and dual-pixel CMOS AF for smooth video autofocus. The camera supports 1080p video recording at 60fps and features a vari-angle 3-inch touchscreen LCD. With built-in Wi-Fi, NFC, and Bluetooth, it offers seamless connectivity for image transfer and remote shooting, making it a versatile tool for photographers and videographers alike.

1.3 Importance of the Manual

The manual is your primary guide to understanding and mastering the Canon EOS 6D Mark II. It provides detailed insights into the camera’s features, technical specifications, and operation, ensuring you unlock its full potential. Whether you’re a novice or an experienced photographer, the manual offers essential information for troubleshooting, customizing settings, and optimizing performance. It serves as a comprehensive resource to help you achieve professional results and enhance your photography experience.

Camera Setup and Initial Configuration

Start by unboxing and familiarizing yourself with the camera’s physical features. Charge the battery, insert the memory card, and configure basic settings for first-time use.

2.1 Unboxing and Physical Overview

Upon unboxing, you’ll find the EOS 6D Mark II body, battery, charger, neck strap, and manual. The camera features a 3-inch LCD touchscreen, top LCD panel, and weather-sealed body. Weighing 765g, it’s designed for portability and durability, with a robust build quality. The EF mount supports Canon’s extensive range of lenses, offering flexibility for various shooting needs. Familiarize yourself with the camera’s layout, including the mode dial, AF joystick, and customizable buttons.

2.2 Charging the Battery and Inserting the Memory Card

Charge the LP-E6N battery using the LC-E6 charger until the indicator turns green. Insert the battery into the camera’s compartment, ensuring it clicks securely. For memory cards, use SD, SDHC, or SDXC cards. Open the card slot on the side, insert the card with the label facing up, and close the slot until it clicks. Ensure the card is compatible and formatted for optimal performance. This preparation ensures your camera is ready for its first use.

2.3 Setting Up the Camera for First Use

Power on the camera and follow the on-screen instructions to set the language, date, time, and time zone. Format the inserted memory card via the menu to ensure proper functionality. Set the shooting mode using the Mode Dial, choosing between automatic or manual settings. Adjust autofocus and metering modes according to your preference. Review all settings in the Quick Control screen and save your configurations. This initial setup ensures the camera is personalized and ready for your first shoot.

2.4 Updating Firmware and Software

Regular firmware updates ensure optimal performance and security for your Canon EOS 6D Mark II. Visit Canon’s official website, navigate to the support section, and select your camera model. Download the latest firmware and software updates, ensuring compatibility with your device. Use a memory card to transfer the update files to your camera. Access the menu, select the firmware update option, and follow on-screen instructions. Restart the camera after completion to apply the updates. Always verify the update was successful by checking the firmware version in the menu.

Understanding Camera Modes

The Canon EOS 6D Mark II offers various shooting modes, including Scene Intelligent Auto, Creative Auto, Manual, Aperture Priority, Shutter Priority, and Custom Modes, catering to both ease and creative control.

3.1 Automatic Modes (Scene Intelligent Auto, Creative Auto)

The Canon EOS 6D Mark II features Scene Intelligent Auto and Creative Auto modes for effortless photography. Scene Intelligent Auto automatically detects the scene and adjusts settings for optimal results, ideal for beginners. Creative Auto offers more control, allowing adjustments to brightness, color, and background blur while maintaining ease of use. These modes simplify photography, enabling users to capture stunning images without manual adjustments, making them perfect for casual shooting or learning the basics of photography creatively.

3.2 Manual Modes (Manual, Aperture Priority, Shutter Priority)

The Canon EOS 6D Mark II offers Manual (M), Aperture Priority (Av), and Shutter Priority (Tv) modes for advanced control. In Manual mode, users set both aperture and shutter speed for full creative control. Aperture Priority allows setting the aperture while the camera adjusts the shutter speed, ideal for controlling depth of field; Shutter Priority lets you set the shutter speed to freeze or blur motion, with the camera adjusting the aperture. These modes provide flexibility for precise artistic expression and technical accuracy in various photography scenarios.

3.3 Specialized Modes (BULB, Custom Modes)

The Canon EOS 6D Mark II features specialized modes like BULB and Custom Modes. BULB mode allows for long exposures, controlled manually with a remote shutter release, ideal for astrophotography or light trail photography. Custom Modes (C1, C2, C3) let you save personalized settings, such as aperture, shutter speed, and ISO, for quick access during shoots. These modes enhance creative control and workflow efficiency, catering to both artistic and practical photography needs.

Autofocus and Metering

The Canon EOS 6D Mark II features a 45-point all-cross-type AF system for precise subject tracking and a range of metering modes, ensuring accurate exposure control.

4.1 Understanding the 45-Point All-Cross-Type AF System

The Canon EOS 6D Mark II’s 45-point all-cross-type AF system provides exceptional focusing accuracy and versatility. Each of the 45 points is cross-type, meaning they can detect both horizontal and vertical detail, enhancing performance in various lighting conditions. This system supports advanced tracking of moving subjects, making it ideal for wildlife, sports, and portrait photography. The cross-type design ensures reliable autofocus even in challenging scenarios, delivering sharp images consistently.

4.2 AF Modes (One-Shot AF, AI Servo AF, AI Focus AF)

The Canon EOS 6D Mark II offers three AF modes: One-Shot AF for stationary subjects, AI Servo AF for continuous tracking of moving subjects, and AI Focus AF, which automatically switches between One-Shot and AI Servo based on subject movement. These modes provide flexibility, ensuring precise focus in various shooting scenarios, from portraits to dynamic action photography.

4.3 Metering Modes (Evaluative, Center-Weighted, Spot, Flicker)

The EOS 6D Mark II features four metering modes: Evaluative for balanced exposures, Center-Weighted to prioritize the central area, Spot for precise metering of a specific point, and Flicker to adjust under flickering light sources. These modes help photographers achieve accurate exposures in diverse lighting conditions, ensuring optimal results in both stills and video recording.

ISO and Noise Performance

The EOS 6D Mark II delivers excellent ISO performance, with a range up to 40000, allowing for low-light shooting with minimal noise and high image clarity.

5.1 Understanding ISO Sensitivity

ISO sensitivity in the Canon EOS 6D Mark II ranges from 100 to 40000, enabling shooting in diverse lighting conditions; Lower ISOs (100-800) are ideal for bright environments, minimizing noise. Higher ISOs (1600-40000) capture images in low light but may introduce grain. The DIGIC 7 processor optimizes noise reduction, ensuring high-quality results even at elevated settings. Understanding ISO sensitivity is key for creative control and achieving optimal image quality in various scenarios.

5.2 Managing Noise at High ISO Settings

High ISO settings on the Canon EOS 6D Mark II can introduce noise, but the DIGIC 7 processor helps minimize grain. Use the High ISO Speed Noise Reduction feature in the menu to reduce digital artifacts. Shooting in RAW format allows for better post-processing noise control. For optimal results, avoid excessively high ISOs and use noise reduction tools like the Long Exposure Noise Reduction feature. Experiment with lower ISOs in well-lit conditions to ensure the cleanest images possible.

5.3 Using ISO for Creative Control

The Canon EOS 6D Mark II offers a wide ISO range of 100-40000, expandable to 50-102400, allowing photographers to achieve artistic effects. Lower ISOs provide sharp, noise-free images, while higher settings can create grain for a stylized look. Adjust ISO to balance lighting conditions or enhance creative expression, such as capturing vibrant colors in bright settings or adding texture in low-light scenes. The DIGIC 7 processor ensures optimal image quality across the ISO spectrum, enabling precise control for both technical and artistic photography.

Customizing the Camera

The Canon EOS 6D Mark II allows users to tailor settings to their preferences, including customizing buttons, creating personalized shooting modes, and organizing frequently used menu options.

6.1 Customizing Buttons and Controls

The Canon EOS 6D Mark II offers extensive customization options for its buttons and controls, allowing users to tailor the camera to their shooting style. The AF-On button can be reconfigured for different focusing modes, while the Quick Control Dial can be set to adjust ISO, exposure compensation, or other settings. This flexibility enhances efficiency during shooting, enabling photographers to access frequently used functions instantly. Customizing these controls ensures a more intuitive and personalized shooting experience.

6.2 Creating Custom Shooting Modes

The Canon EOS 6D Mark II allows users to create custom shooting modes by saving personalized settings to modes C1, C2, or C3. This feature is ideal for specific shooting scenarios, such as portrait, landscape, or low-light photography. To create a custom mode, select the desired settings in the menu, then register them under one of the custom modes. These modes can be accessed directly via the Mode Dial, enabling quick switching and streamlined workflow during shoots.

6.3 Setting Up My Menu

The Canon EOS 6D Mark II allows you to personalize your shooting experience by setting up a custom My Menu. This feature lets you add frequently used menu items to a dedicated section for quick access. To create My Menu, navigate to the menu system, select “My Menu Setup,” and choose up to six menu items to add. You can also reorder items for easier navigation. This customization streamlines your workflow, making it ideal for both enthusiasts and professionals seeking efficiency in their photography process.

Video Shooting and Features

The Canon EOS 6D Mark II supports Full HD video recording with manual focus and exposure control, offering enhanced creativity and precision for videographers.

7.1 Overview of Video Capabilities

The Canon EOS 6D Mark II offers Full HD video recording at 1080p with frame rates up to 60fps, enabling smooth motion capture. It supports manual focus and exposure control, allowing for creative adjustments during filming. The DIGIC 7 Image Processor enhances video quality with improved noise reduction and color accuracy. Additionally, the camera features a Vari-angle LCD touchscreen for flexible shooting angles and Dual Pixel CMOS AF for precise autofocus. It also supports external microphone input for high-quality audio capture, making it a versatile tool for videographers.

7.2 Setting Up for Video Recording

To set up the Canon EOS 6D Mark II for video recording, begin by selecting the video mode on the mode dial. Use the vari-angle LCD touchscreen to frame your shots and adjust settings like aperture, shutter speed, and ISO for creative control. Enable manual focus for precise subject tracking or utilize Dual Pixel CMOS AF for smooth autofocus transitions. Additionally, configure audio settings by connecting an external microphone for enhanced sound quality. Ensure all settings are optimized before starting the recording for professional-grade video output.

7.3 Using Manual Focus and Exposure in Video

For precise control during video recording, the Canon EOS 6D Mark II allows manual focus and exposure adjustments. Enable manual focus by switching to MF mode and use the lens focus ring for fine-tuned subject sharpness. Adjust aperture, shutter speed, and ISO settings to achieve desired exposure levels. Utilize the vari-angle touchscreen to select focus points or enable focus peaking for accurate manual focusing. Additionally, set audio levels manually when using an external microphone for professional-grade video production.

The Menu System

The Canon EOS 6D Mark II features an intuitive menu system for navigating and customizing camera settings, including shooting options, autofocus, and video configurations, ensuring seamless control.

8.1 Navigating the Menu Structure

Navigating the Canon EOS 6D Mark II menu system is straightforward. Use the Quick Control button to access the main menu, and the Main Dial to scroll through tabs. Each tab represents a category, such as Shooting, Autofocus, and Video. Submenus allow for detailed adjustments, while the Multi-controller enables quick selection of options. The menu is organized logically, making it easy to locate and customize settings for both still photography and video recording.

8.2 Key Menu Options for Still Photography

The Canon EOS 6D Mark II offers extensive menu options for still photography. Key settings include ISO sensitivity, white balance, and autofocus modes, which can be adjusted for precise control. Image quality options allow selection of RAW or JPEG formats, while Picture Styles enable customization of color and sharpness. Additional options like noise reduction and lens corrections ensure optimal image output. Use the Multi-controller to navigate and adjust these settings efficiently, tailoring the camera to your creative vision.

8.3 Key Menu Options for Video Recording

The Canon EOS 6D Mark II offers a range of video-specific menu options. Resolution and frame rate settings allow selection of 1080p at 60fps or 30fps. Autofocus options, including Movie Servo AF, enable smooth subject tracking during recording. Audio settings permit manual adjustment of sound levels or disabling audio for silent shooting. Additional options includeMovie digital IS for stabilization and time-lapse video capture. These features enhance creativity and control for capturing high-quality video content, tailored to your shooting needs.

Lens and Accessories

The EOS 6D Mark II supports EF and EF-S lenses, offering compatibility with a wide range of Canon optics. Accessories like battery grips enhance functionality and versatility.

9.1 Compatible Lenses and Accessories

The Canon EOS 6D Mark II is compatible with EF and EF-S lenses, offering a wide range of creative possibilities. Additional accessories like battery grips, remote controllers, and external flashes enhance functionality. The camera supports EF-mount lenses, ensuring compatibility with Canon’s extensive lens ecosystem. Third-party lenses from brands like Sigma and Tamron are also compatible, providing flexibility for photographers. Accessories such as tripods and memory cards further complement the camera’s capabilities, making it a versatile tool for various photography needs.

9.2 Using EF and EF-S Lenses

The Canon EOS 6D Mark II supports EF and EF-S lenses, ensuring compatibility with Canon’s extensive lens lineup. EF lenses provide edge-to-edge sharpness and vibrant colors, while EF-S lenses are designed for APS-C sensors but are also compatible with the 6D Mark II. These lenses offer a wide range of focal lengths and apertures, catering to various photography needs, from portrait to landscape photography. The camera’s EF mount ensures seamless integration, delivering high-quality images with precise control over depth of field and composition.

9.3 Third-Party Lens Compatibility

The Canon EOS 6D Mark II is compatible with a wide range of third-party lenses, offering photographers flexibility and cost-effective options. Brands like Sigma and Tamron provide lenses that integrate seamlessly with the camera’s EF mount, delivering excellent optical performance. However, compatibility and functionality may vary, so it’s essential to test and ensure proper operation. Always check for firmware updates and compatibility charts from third-party manufacturers to optimize performance with your EOS 6D Mark II.

Maintenance and Troubleshooting

Regular sensor cleaning and firmware updates ensure optimal performance. Troubleshoot common issues like error messages or connectivity problems by referring to the manual or Canon support resources.

10.1 Cleaning the Sensor and Mirror

Regularly clean the sensor and mirror to maintain image quality. Use a hand blower to remove dust, avoiding direct contact. For stubborn spots, use Canon’s Dust Delete Data feature. Refer to the manual for detailed steps or consult a professional for advanced cleaning to prevent damage and ensure optimal performance.

10.2 Updating Firmware

Stay updated with the latest firmware to enhance camera performance. Download the firmware from Canon’s official website, ensuring compatibility. Use a memory card to transfer the update to your camera. Navigate to the menu, select firmware update, and follow on-screen instructions. Ensure the battery is fully charged before starting. Regular updates improve functionality, fix bugs, and add features. Always verify the firmware version matches your camera model for optimal results.

10.3 Common Issues and Solutions

Address common issues like error messages or sensor dust by referring to the manual. For sensor cleaning, use manual cleaning or the built-in cleaning mode. Wi-Fi connectivity issues can be resolved by resetting network settings or updating firmware. Ensure proper memory card formatting and check for compatibility. If problems persist, contact Canon support or visit an authorized service center for professional assistance. Regular maintenance and updates help prevent these issues and ensure optimal performance.

The Canon EOS 6D Mark II offers exceptional performance and versatility. Mastering its features will enhance your photography experience. Explore resources for continued learning and troubleshooting to refine your skills.

11;1 Final Tips for Mastering the Camera

• Understand the camera’s features, such as the 45-point AF system and DIGIC 7 processor, to optimize performance.
• Experiment with manual modes and custom settings to tailor the camera to your style.
• Regularly practice and review your work to refine techniques.
• Refer to the manual for advanced functions and troubleshooting.
• Explore Canon’s online resources for updates and educational content.

Mastering the Canon EOS 6D Mark II enhances creativity and technical precision, ensuring exceptional results in every shot.

11.2 Continuing Education and Resources

To further enhance your skills, explore Canon’s official support website for downloadable manuals, drivers, and firmware updates. The EOS 6D Mark II manual, available as a PDF, provides detailed insights into features, settings, and troubleshooting. Canon also offers online tutorials and guides to help you master advanced techniques. Regularly check for updated resources to stay informed about new features and best practices for your camera.

The post canon 6d mk2 manual appeared first on Every Task, Every Guide: The Instruction Portal
.

House Republicans wanted to find a way to defray the cost of the tax cuts they passed for the richest households in the country. They chose to slash programs helping some of the most vulnerable families—including Medicaid and subsidies that let people buy health insurance through the Affordable Care Act (ACA). This direct transfer of income from vulnerable families to the richest can be summarized in a striking symmetry: If the bill becomes law, the annual cuts to Medicaid would average over $70 billion in coming years—the same amount millionaires and billionaires would gain in tax cuts each year.

These health care spending cuts would lead directly to millions of people losing health insurance. A widely cited Congressional Budget Office (CBO) estimate of 13.7 million people losing coverage was preliminary, and the CBO noted that more-precise estimates to come would “somewhat further increase the estimated number of people without health insurance.” More recently, the Center on Budget and Policy Priorities estimated coverage losses of at least 15 million.

The cuts to Medicaid would also damage local economies and workers throughout the United States. Even during times when the national unemployment rate is low, tens of millions live in weaker local economies with higher county unemployment rates and far less ability to weather sharp spending shocks like a Medicaid cutback would provide. In fact, a disproportionate share of the House bill’s Medicaid cuts would almost surely fall exactly on these weaker local economies. We estimate that roughly 27 million workers are in these weaker local economies, and that Medicaid cuts could depress local spending enough to force the loss of 850,000 jobs.

Republicans believe their strongest argument in favor of the health insurance cuts in this grotesquely unequal bill is that they’re simply demanding that able-bodied adults receiving Medicaid must work. Every part of this argument falls apart once the details of this bill’s cuts and their ripple effects are examined. Concretely:

• The bill’s cuts are broader and more expansive than just the work requirements for able-bodied adults.
• It is decisions made by employers and policymakers, not individual workers, that are most responsible for any particular worker being able to rack up enough work in a given month to satisfy the work requirements in the House bill.
• The more workers that are covered by public insurance programs like Medicaid, the better it is for workers’ wages—cutting Medicaid hence will harm wages going forward.
• Taking health insurance away from 15 million people will impose costs on other groups—insurance premiums for other workers could rise and state and local government contributions for uncompensated care will increase.
• Health care providers and hospitals will be forced to downsize and close, particularly in rural areas. This will not just reduce residents’ access to care—it will cause huge disruptions to local economies.

House budget cuts are not just work requirements

The House budget would cut roughly $715 billion from Medicaid over the next decade, according to preliminary estimates. The House bill also fails to extend premium tax credits that made insurance more affordable through the Affordable Care Act, constituting an additional $335 billion cut over the next decade. Adding these health insurance cuts together implies more than $1 trillion in cuts over the next 10 years. The work requirement provisions in the House bill are scored to yield $280 billion in savings. In short, the House bill’s cuts are far more expansive than just the work requirements.

Policymakers and employers, not workers, decide if work is available for all who want it

Work requirements are often defended as providing an incentive to work. But the U.S. provides essentially no cash welfare at all to non-workers—the incentive to work is that it is the only way for the non-wealthy to live free of grinding poverty. Policy failures and the whims of employers—not insufficient incentives—are what stop people from engaging in steady work.

Only policymakers—like the Federal Reserve, Congress, and the president—have the power to ensure that unemployment remains low and jobs remain plentiful in the U.S. economy. When they do this, hours of work in the poorest families rise sharply—proving that it is availability of jobs, not individual incentives, that determine how much work these families can secure.

But even when the national unemployment rate is low, the low-wage labor market—the one most relevant to those facing Medicaid’s work requirements—sees huge amounts of churn. About 20% of workers in the bottom quarter of the overall wage distribution will see a spell of joblessness in the next three months.

Another way to illustrate this churn: About 2 million workers are laid off in the U.S. economy every single month. If these workers do not near-miraculously find new jobs instantly, they will risk being ineligible for Medicaid while having no access to employer-based coverage either. Again, it is failures by policymakers and the decisions of employers that create an unstable and insecure low-wage labor market that are the real barriers to steady work, not individual incentives.

More public health insurance coverage—like Medicaid—is good for workers

U.S. workers would benefit greatly if health coverage was delinked from specific employers and instead provided by the public sector. A pro-worker policy would be expanding the coverage provided by public plans like Medicaid, not cutting it.

Most fundamentally, the labor market is unequal—employers clearly have power advantages relative to most workers. Aside from collective bargaining, the main way workers should in theory be able to wring better conditions and wages from employers is by threatening to quit and move to other jobs. But this threat is not credible if overall unemployment is high (which it is far too often in the U.S.), and it is often not credible due to all sorts of frictions in the job market keeping workers from seamlessly changing jobs.

These frictions can stem from all sorts of mundane sources like low information about other opportunities, too few employers in their field, or insufficient child care resources near employers. But because access to health insurance for non-elderly people in the U.S. runs mostly through employers, workers’ need to assess what any new employer’s health insurance policies might mean for their well-being is a huge friction. If more U.S. workers relied on public insurance like Medicaid, this reduced friction could lead to a better-functioning labor market and allow workers to wield greater power in securing wage increases from employers.

Further, public insurance programs like Medicaid and Medicare have historically done a much better job in containing costs than employer-based plans. Every $1 saved in health care costs is $1 that could instead go into workers’ paychecks. Getting more workers covered by public plans that are better at saving these dollars would be good for wage growth.

Finally, employer-based health insurance is not free—it is paid for in the long run by extraordinarily large subsidies from the federal government and workers foregoing wages in lieu of health insurance coverage. The public subsidies stem from workers not having to pay taxes on the compensation they receive in the form of employer contributions to health insurance premiums. The value of this public subsidy is more than half as large as federal Medicaid spending. This subsidy for employer-provided health insurance is greater for more highly paid workers, and given the higher cost of employer-based insurance, can easily be greater on a per-worker basis than the average cost of Medicaid.

The wages foregone in lieu of employer contributions to health insurance premiums are also large. In 2023, employers paid over $900 billion in insurance premiums, an amount that would likely have gone to wages if employers were not the main payers of health insurance in the United States. Further, because the cost of any individual health insurance policy is a fixed amount, employer-provided health insurance is essentially financed by a flat tax on workers, which means it takes a much higher share of wages from lower-paid workers. It has been estimated that this implicit flat tax system costs non-college workers roughly $1,700 per year relative to a system of public insurance (like Medicaid) financed by proportional taxes.

All in all, workers should want more people in the labor force able to be covered by public plans, not fewer. Unraveling the too-small public coverage we already have will just see increasing downward wage pressures from rising health care costs and frictions in the labor market.

Removing health insurance from 15 million people could raise health care costs for all

Taking health insurance coverage away from 15 million people will obviously impose the greatest harm on the newly uninsured group. They will face greater financial stress and likely forego needed health care. Their health and living standards will suffer.

But as much as House Republicans want to defect from the social contract regarding health coverage, it remains the case that there is widespread agreement among Americans—enshrined in law and policy—that simply withholding needed health care from sick and injured people who cannot pay for it should not be done. So, if somebody with diabetes is kicked off Medicaid and can no longer access their insulin and falls into an acute medical crisis, they will be cared for—too late to salvage their full health and at much greater expense—in emergency rooms. All of this will greatly exacerbate a significant problem with emergency department overcrowding, boarding, and wait times. And it should be obvious that this irrational deferral of care until more damage has been done is not helping this person become a more productive potential worker.

All of this means that the rise of uninsurance stemming from the House bill will cause a flood of uncompensated care—health care delivered in places like emergency rooms that the patient themselves cannot pay for because they’re uninsured. State and local governments will foot the bill for much of this uncompensated care. Some of it might be passed on to higher prices generally for health care, pushing up premium costs and out-of-pocket costs for even those who remain insured.

It is worth noting the main target of the House bill’s Medicaid cuts are the Medicaid expansions that were passed as part of the Affordable Care Act—and these Medicaid expansions made a huge dent in the problem of uncompensated care that was endemic before the ACA’s passage. Uncompensated care costs essentially fell by a third due to the ACA’s passage, almost entirely because of its Medicaid expansions.

Health care is a key engine of local economies that will be damaged by these cuts

The House bill would lead to health care providers losing $770 billion in payments over the next decade. Because the ACA’s Medicaid expansion was so crucial to keeping rural hospitals afloat in the past decade, a sharp rollback would inevitably force shutdowns and cutbacks at medical providers and hospitals, particularly in these rural regions.

This would be a disaster not only for access to health care but also for local economies. Health care is by far the largest employer of any sector in the United States, employing 18 million workers. It’s also a key source of good jobs—the unionization rate in the hospital sector is twice as high as the rest of the private sector.

In 2009, the Obama administration used increased federal payments to Medicaid as a key strategy in their American Recovery and Reinvestment Act, a plan to boost employment and end the Great Recession. This worked spectacularly well—the gold standard study examining this policy found that that each $1 billion in additional spending to Medicaid resulted in 38,000 jobs gained, with more than 75% of the jobs being gained outside of the health sector as Medicaid coverage boosted disposable incomes and hence consumption spending across all sectors. Adjusting for inflation, this would imply that each $1 billion spent on Medicaid in 2025 would see 25,000 jobs gained. This result means that Medicaid cuts will impose a sharp anti-stimulus to local economies. Jobs in health care will be cut, and three times as many jobs outside of health care will be cut.

It is true that overall macroeconomic conditions are different now than in 2009—a year that saw the steepest recession to that point since the Great Depression of the 1930s. It is possible that some local economies today might be strong enough to weather a Medicaid spending shock. But overall economic strength is not guaranteed to hold in coming years when these cuts will take effect. Several economic forecasters are predicting a high chance of recession over this time.

Further, even when the national economy is strong, there are still hundreds of counties with weaker economies. For example, the national unemployment rate was 3.6% in 2023. A rough rule of thumb holds that an unemployment rate that is 0.5% above the minimum rate it hit over the past year indicates a weak economy likely to enter recession. If we take this rule about unemployment rates over time and apply it to unemployment rates across space, we see that about a quarter of counties had unemployment rates 0.5% above the national average, with 27 million workers living in these counties. Medicaid cuts hitting these places—already economically weak and considerably more recession-prone than the nation as a whole—will absolutely trigger the strong anti-stimulus effects described above.

Worse, there is a strong positive relationship between higher-than-average unemployment rates and the share of a county’s population that is covered by Medicaid—as shown below in Figure A. In other words, the Medicaid cuts will destroy health care jobs and cause other spillover job loss in exactly those areas that can weather this the least.

Figure A

Let’s assume that the research showing 25,000 jobs are lost for every $1 billion cut in Medicaid spending held today only in those counties with unemployment rates at least 0.5 percentage points higher than the national average. Assume as well that Medicaid cuts will fall in proportion to a county’s share of adults ages 19–64 who are enrolled. This implies that roughly half of the spending cuts (48.5%) will fall on counties whose local economies are not strong enough to weather them without seeing job losses in response. Multiplying the size of these cuts in billions of dollars by 25,000 jobs implies that 850,000 jobs in weaker local economies could be lost—a number that would increase the number of unemployed in these counties by upwards of 40%.

Conclusion

The damage from the House bill’s cruel and logic-free cuts to Medicaid and other health services will fall mostly heavily on the 15 million who will lose health insurance. But the damage won’t be contained there—nearly everybody else in the U.S. will feel the harms of less efficient health care and labor markets, higher needs to pay for uncompensated care, closures and cutbacks in health care providers and hospitals, and even damage to entire local economies that are reliant on this health spending. For the very rich who will see enormous tax cuts from this bill, it all might end up being a good deal. For everybody else, it will not.

Sammy Hudes of the Canadian Press reports BCE cuts quarterly dividend, signs fiber deal with PSP Investments:

BCE Inc. cut its quarterly dividend payment to shareholders and announced a partnership deal with the Public Sector Pension Investment Board to help accelerate the development of fibre infrastructure in the U.S.

BCE chief executive Mirko Bibic said Thursday the dividend cut comes as the company faces intense price competition against a backdrop of macroeconomic and geopolitical instability.

The company said it will now pay a quarterly dividend of 43.75 cents per share, down from 99.75 cents per share. The decision cuts BCE’s annualized dividend to $1.75 per common share from $3.99.

“As we debated this, deliberated at the board, certainly having taken and having listened to the perspectives of investors over the last few months, we decided that resetting the dividend ... was the most responsible way to address our capital allocation strategy,” Bibic said in an interview.

“Essentially the new dividend level allows us to de-lever and invest for growth.”

Inflation and the prospect of a global recession are weighing on consumer confidence, the company said, while reductions in BCE’s share price have resulted in higher capital costs. BCE’s board also considered factors such as an “unsupportive regulatory environment given recent CRTC decisions” and a slowdown in immigration to Canada.

Bibic said there have been “significant changes” in the economic and operating environments since the fall of 2024 that the company needs to address.

While last quarter began with wireless prices stabilizing, the latter half of that period saw more fluctuations. That, along with the “overall macro environment” affected Bell’s ability to boost subscriptions, Bibic said.

BCE had a net loss of 9,598 postpaid mobile phone subscribers in its first quarter, compared with 45,247 net activations during the same period a year earlier.

The company cited a “less active market,” slowing population growth due to federal immigration policies, and its own focus on “higher-value subscriber loadings.” Bibic said there were 25,000 net new customers on the main Bell brand in the quarter, which was down 9,000 year-over-year.

The company said customer churn — a measure of subscribers who cancelled their service — was stable at 1.21 per cent. BCE’s mobile phone average revenue per user was $57.08, down 1.8 per cent from the prior year.

The dividend cut came as BCE reported net earnings attributable to common shareholders of $630 million or 68 cents per diluted share for its first quarter, up from $402 million or 44 cents per diluted share a year earlier.

On an adjusted basis, BCE says it earned 69 cents per share in its latest quarter, down from an adjusted profit of 72 cents per share in the same quarter last year.

Operating revenue totalled $5.93 billion, down from $6.01 billion a year ago.

Meanwhile, Bibic told analysts on a conference call that BCE’s previously announced deal to buy U.S. fibre internet provider Ziply Fiber for about $5 billion in cash is expected to close in the second half of 2025.

Under a plan announced Thursday, Ziply Fiber will become a long-term partner to Network FiberCo, jointly owned by PSP Investments and BCE, as the exclusive internet service provider to locations passed by Network FiberCo.

BCE through Ziply Fiber will hold a 49 per cent equity stake in Network FiberCo, while PSP Investments will own 51 per cent. PSP Investments has agreed to a potential commitment in excess of US$1.5 billion.

“We anticipate that more institutional investors will now consider investing in BCE to diversify their Canadian telecom positions, which should provide support and counterbalance the selling pressure from dividend seekers selling over the coming weeks,” said Desjardins analyst Jerome Dubreuil in a note.

Network FiberCo will be focused on “last-mile fibre deployment” outside of Ziply incumbent service areas in the Pacific Northwest, enabling Ziply to potentially reach up to eight million total fibre passings.

Bibic said that would make BCE the third-largest fibre internet provider in North America, essentially doubling the number of locations where it already serves fibre customers in Canada.

“There’s clearly long-term growth potential in this critical space,” Bibic said.

Earlier this year, BCE said it would scale back plans for the build of its fibre internet footprint in Canada, as a response to regulatory rules implemented by the CRTC surrounding internet resell access.

Bibic said Thursday the company will continue to advocate to the telecom regulator and new federal government when it comes to competition policy. He reiterated that BCE’s largest competitors should not have the ability to resell fibre services through Bell’s network.

“We’re continuing to build fibre, we’re just doing it at a slower pace than we anticipated,” he said in an interview.

“Large players should invest in their own networks. That increases competition and it increases network resiliency, and it’s the best way to ensure that all Canadians, including rural, are connected.”

Earlier today, BCE and PSP Investments issued a press release announcing a strategic partnership to create Network FiberCo:

MONTRÉAL, May 8, 2025 – BCE Inc. (TSX: BCE) (NYSE: BCE), Canada’s largest communications company1, and Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investors, today announced the formation of Network FiberCo, a long-term strategic partnership to accelerate the development of fibre infrastructure through Ziply Fiber, in underserved markets in the United States. 

As a premier wholesale network provider, Network FiberCo will be focused on last-mile fibre deployment outside of Ziply Fiber’s incumbent service areas, enabling Ziply Fiber to potentially reach up to 8 million total fibre passings.  

PSP Investments has agreed to a potential commitment in excess of US$1.5 billion.

Leadership Perspectives 

“Today’s announcement represents a pivotal step in BCE’s fibre growth strategy. By bringing PSP Investments’ financial resources and acumen to Ziply Fiber, we are creating a scalable, capital-efficient platform to fund U.S. fibre footprint expansion. This strategic partnership will improve free cash flow generation and strengthen EBITDA accretion over the long term, reinforcing our commitment to delivering long-term value for shareholders while maintaining financial discipline.” 

• Mirko Bibic, President and CEO, BCE and Bell Canada 
  

“PSP Investments is pleased to partner with BCE, a long-standing Canadian champion of innovation and connectivity, to support the development of fibre infrastructure in Ziply Fiber’s target markets, which benefit from secular tailwinds. This commitment by PSP Investments will generate inflation linked and downside protected returns, which will contribute to fulfilling our mission to support the retirement of people who protect and serve Canada. PSP Investments has been an investor in Ziply Fiber, and this partnership, leveraging our global infrastructure experience, aligns perfectly with our strategy and strengthens our diversified portfolio.” 

• Deborah Orida, President and Chief Executive Officer, PSP Investments 
  

“This strategic partnership aligns perfectly with Ziply Fiber’s mission to improve connectivity in the communities we serve. We’re combining our operational expertise with BCE’s scale and PSP Investments’ financial strength to accelerate fibre deployment, enhance customer experiences, and drive sustainable growth.” 

• Harold Zeitz, CEO, Ziply Fiber 
  

Key Highlights of the Strategic Partnership 

• Ownership Structure: BCE through Ziply Fiber will hold a 49% equity stake in Network FiberCo, with PSP Investments owning 51% through its High Inflation Correlated Infrastructure Portfolio (HICI), contingent on closing of BCE’s acquisition of Ziply Fiber.  

• Fibre Expansion Goals: Network FiberCo will develop approximately 1 million fibre passings in Ziply Fiber’s existing states and will target development of up to 5 million additional passings, which will enable Ziply Fiber to reach up to 8 million total fibre passings. 

• Optimized Capital Efficiency: Network FiberCo will have its own non-recourse debt financing, which is anticipated to be the majority of its capital over time. BCE and PSP Investments will proportionately fund equity required by Network FiberCo to support fibre expansion. 

• Complementary Skill Set: The operational capabilities of BCE combined with PSP Investments’ significant infrastructure investing experience will enable Network FiberCo to capture the substantial growth anticipated and deliver the target fibre passing for Ziply Fiber.  
  

Strategic Rationale 

The U.S. fibre broadband market represents a transformative growth opportunity, with penetration rates well below Canada’s and efficient construction costs enabling large-scale deployment. Network FiberCo’s scalable platform supports both organic fibre expansion and potential acquisitions while enhancing returns through its capital-efficient structure. 

Driving Sustainable Growth 

BCE’s proposed acquisition of Ziply Fiber marks a strategic entry into the U.S. broadband market, securing a leading management team and operating platform with significant long-term growth potential. This disciplined reinvestment unlocks value through an expanded and diversified fibre footprint while benefiting from economies of scale.  

Ziply Fiber has achieved significant fibre broadband subscriber growth and adjusted EBITDA growth in 2024, validating the strategic rationale and demonstrating its ability to generate meaningful and sustainable long-term cash flow. 

Ownership and Operations 

Upon, and contingent on, close of the previously announced acquisition of Ziply Fiber, BCE will assume 100% ownership of Ziply Fiber’s existing operations. Ziply Fiber, as a BCE subsidiary, will continue to operate its existing network and execute its in-footprint fibre-to-the-home build strategy. Ziply Fiber will become a long-term partner to Network FiberCo, jointly owned by PSP Investments and BCE, as the exclusive Internet service provider to locations passed by Network FiberCo.

Additional Transaction Details 

The transaction is expected to close in the second half of 2025, subject to customary closing conditions and the closing of BCE’s previously announced acquisition of Ziply Fiber.  

Analyst Call Details 

BCE will hold a conference call with the financial community at 8:00 AM ET today, May 8, 2025 to discuss its Q1 2025 results and speak to the Network FiberCo strategic partnership. Media are welcome to participate on a listen-only basis. To participate, please dial toll-free 1-844-933-2401 or 647-724-5455. A replay will be available until midnight on June 8, 2025 by dialing 1-877-454-9859 or 647-483-1416 and entering passcode 7485404. A live audio webcast of the conference call will be available on BCE's website at BCE Q1-2025 conference call.   

About BCE 

BCE is Canada’s largest communications company1, providing advanced Bell broadband wireless, Internet, TV, media and business communication services. To learn more, please visit Bell.ca or BCE.ca. 

Through Bell for Better, we are investing to create a better today and a better tomorrow by supporting the social and economic prosperity of our communities. This includes the Bell Let's Talk initiative, which promotes Canadian mental health with national awareness and anti-stigma campaigns like Bell Let's Talk Day and significant Bell funding of community care and access, research and workplace leadership initiatives throughout the country. To learn more, please visit Bell Let’s Talk. 

About PSP Investments 

The Public Sector Pension Investment Board (PSP Investments) is one of Canada's largest pension investors with C$264.9 billion of net assets under management as of 31 March 2024. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on LinkedIn. 

Earlier today, Charles Bonhomme, Senior Advisor External Communications and Media Relations, sent me a few background points on this deal:

• This strategic partnership with BCE, a long-standing Canadian champion of innovation and connectivity, will enable PSP to capitalize on the transformative growth opportunity presented by Ziply Fiber’s target broadband markets.
• Aligned with PSP’s investment strategy, this partnership will generate inflation-linked, and downside protected returns, helping PSP Investments to meet its mission to support the retirement of people who protect and serve Canada. 
• PSP Investments brings significant global infrastructure investing experience to this partnership, and combined with BCE’s operational capabilities, forms a complimentary skillset that will enable Network FibreCo to capture the substantial growth anticipated and deliver the target fibre passing for Ziply Fiber.
• Investing in high-quality, essential infrastructure like transportation, communications, and energy is a core part of our strategy. We look for reliable assets that generate steady returns, and this partnership aligns perfectly with our strategy and strengthens our diversified portfolio.
• PSP Investments has been an investor in Ziply Fiber, and this strategic partnership supports the development of fibre infrastructure in Ziply Fiber’s target markets, while achieving our mandate.

Recall that BCI, CPP Investments and PSP Investments exited Ziply Fiber back in November 2024 when BCE acquired it.

At the time, I provided a background on Ziply Fiber and explained how the syndicate put in US$2.45 billion in total (including debt) and sold Ziply to BCE for US$3.6 billion (CAD $5 billion) five years later for a decent return.

In this latest deal, BCE and PSP Investments announced the formation of Network FiberCo, a long-term strategic partnership to accelerate the development of fibre infrastructure through Ziply Fiber, in underserved markets in the United States.  

On LinkedIn, PSP Investments posted these comments from CEO Deborah Orida:

She notes how this commitment by PSP will generate inflation linked downside protected returns and that they have been an investor in Ziply Fiber and therefore know the company well.

The press release states PSP Investments has agreed to a potential commitment in excess of US$1.5 billion. 

That's a significant commitment and I think it's a wise one as Network FiberCo will help Ziply Fiber accelerate its growth in US broadband markets it is serving.

Keep in mind, both the US and Canada are experiencing strong growth in fiber-to-the home-adoption, driven by increased demand for faster internet speeds and the need to modernize infrastructure.

Think about how often you stream movies or shows from Netflix, Disney or another provider and think about how all that demand for streaming gets through to households.

That is why Ziply Fiber is growing very rapidly, providing fast fiber speeds to meet this growing demand.

A lot of analysts criticized BCE's acquisition stating it was too risky but I think they did the right long -term move here and now with PSP Investments as its strategic partner in Network FiberCo, they will provide the needed support for Ziply Fiber to accelerate its growth. 

Again, this mega deal shows how Canada's large pension funds can work with large strategic corporations to help them grow and the telecom sector is a great area because it requires a massive amount of capital.

What does BCE get? A strategic partner in PSP that will provide significant and stable capital and strong knowledge of the communications infrastructure space. It can use its balance sheet more effectively with PSP as a partner to accelerate the growth of this strategic asset in the US.

And despite the big cut in the dividend, BCE shares had a strong day:

That tells me most investors were expecting the cut and are happy about it.

Now, I realize a lot of investors, especially retired seniors, aren't happy to hear the dividend has been chopped in half (14% to 6%) but BCE CEO Mirko Bibic said the new dividend will allow them to "de-lever and invest for growth."

With the decline in immigration and the stock way off its 5-year high, I don't think BCE has much of a choice because growth will be hard to come by.

As far as PSP Investments, I foresee more strategic partnerships with large corporations in areas like this where they can realize stable inflation-linked, downside-protected returns and commit significant capital.

This deal definitely fits in their mandate and in a slowing economy, it makes a lot of sense.

Below, Mirko Bibic, president and chief executive officer of BCE and Bell Canada, joins BNN Bloomberg to discuss Q1 2025 earnings results.

Bibic discusses the joint venture with PSP to accelerate last mile fiber at Ziply Fiber and explains why this will drive subscription revenue and EBITDA growth at Ziply and increase free cash flow profile at Bell by over a billion dollars over next three years.

Also, Dan Rohinton, portfolio manager at iA Global Asset Management, shares his analysis of BCE Inc. earnings results and the decision to cut its dividend. 

Listen to his comments on how PSP has bought in for the majority of the fiber buildout with this new joint venture and how it stands to gain significantly on this deal.

Nina Kienle and Adria Calatayud of the Wall Street Journal report Veolia to Buy CDPQ's Stake in Water Technologies and Solutions for $1.75 Billion:

Veolia said it agreed to buy Caisse de Depot et Placement du Quebec's minority stake in its Water Technologies and Solutions subsidiary for $1.75 billion, taking full ownership.

The French utility and resource-management company said Wednesday that the acquisition of the investment group's 30% stake will allow it to achieve cost savings and accelerate earnings growth at the business.

It now aims to achieve an annual growth rate in earnings before interest, taxes, depreciation and amortization of at least 10% for its water-technologies division over the 2023-27 period, it said.

The business generated an Ebitda of 612 million euros ($695.8 million) in 2024 with an organic growth rate of 16%. Sales in the first quarter of 2025 were stable on year.

The deal, due to be completed by the end of June, is expected to lead to annual cost synergies of 90 million euros by 2027, the company said.

This in turn should serve as an important new growth driver in achieving its medium-term Ebitda target, RBC Capital Markets analysts said in a note to clients.

Whilst additional synergies are a positive, Jefferies analyst Yi Shu Ho notes that the transaction is part of Veolia's GreenUp plan and not incremental. "Market will likely be concerned over balance sheet headroom," he said.

JPMorgan analysts find the acquisition to be strategic, but note results for the first quarter were only neutral.

The company posted sales for the three-month period that fell to 11.51 billion euros from 11.57 billion euros the prior-year period. The figure missed analysts' expectation of 11.62 billion euros, according to consensus estimates provided by Visible Alpha.

Earnings before interest, taxes, depreciation and amortization, however, rose to 1.70 billion euros from 1.62 billion euros with a margin expansion of 14.7% from 14.1%, it said.

Current earnings before interest and taxes also rose, amounting to 915 million euros, up from 843 million euros, it added.

Veolia backed its guidance for the year, targeting organic Ebitda growth at around 5% to 6% and current net income growth of around 9%, it said.

Shares trade 2.5% lower at 31.63 euros.

Dimitri Rhodes and Etienne Breban of Reuters also report Veolia to take full ownership of water management unit in $1.75 billion deal, gets $750 million in new contracts:

May 7 (Reuters) - French group Veolia said on Wednesday it will buy the 30% of shares in Water Technologies and Solutions (WT&S) that it does not already own from Quebec Deposit and Investment Fund (CDPQ) for $1.75 billion.

The waste and water management company also announced $750 million in three new contracts to supply water to clients in the energy and semiconductor sectors. Veolia also estimated that gaining full control of WT&S will help it extract 90 million euros ($102.3 million) of additional cost synergies by 2027. "This (deal) will allow us to take full control of all our water technology branches, and thus deliver the full potential of this activity, which is at the heart of our strategic business," CEO Estelle Brachlianoff told Reuters. Over half of WT&S's business is in North America, the CEO added in a press call, consistent with Veolia's plan to strengthen its presence in water technologies activities and in the United States, both identified as priority growth boosters. It expects the WT&S deal to close by the end of June. Veolia said the new contracts included a $550 million deal with a very large microelectronics factory in the American Midwest, and smaller contracts in San Francisco, Brazil and the UAE. "By 2027, we want to increase our turnover in the United States by 50%, and we want to double the size of our business in the United States by 2030," Brachlianoff said in the press call. Veolia reported 20% of group sales in France, 60% of group sales in Europe, including France, and 40% of group sales outside Europe, including $5 billion in the U.S. in 2024, the CEO said. The company posted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 1.7 billion euros for the first quarter, up from 1.62 billion euros a year ago. It also reiterated its guidance for 2025. ($1 = 0.8814 euros)

Veolia issued a press release stating it has acquired CDPQ’s 30% stake in Water Technologies and Solutions, achieving full ownership to accelerate value creation:

Veolia has signed an agreement with CDPQ for the acquisition of its 30% stake in Veolia’s subsidiary Water Technologies and Solutions (“WTS”), allowing Veolia to achieve full ownership of WTS, enabling to unlock more value potential, simplify further its structure and extract additional run-rate cost synergies of ~€90m.

This acquisition is a logical step in the deployment of Veolia’s GreenUp strategic roadmap, with an efficient capital allocation to strengthen the Group’s anchoring in Water technologies activities and in the United States, both identified as priority growth “boosters”.

The acquisition of CDPQ’s minority interests will further strengthen Veolia's unique positioning as a global leader in Water Technologies. The Group is perfectly positioned to take advantage of the growing demand for innovative water treatment technologies and solutions, fueled by macro-trends such as water scarcity, adaptation to climate change, health concerns and the development of strategic industries such as semiconductors, pharmaceuticals and data centers.

The acquisition of the remaining 30% of Veolia’s subsidiary WTS will allow full operational control, enabling it to enhance operational performance and seize all opportunities for development and innovation, through a complete integration process. Following the acquisition, the Group will be able to unlock additional ~€90m of run-rate cost synergies by 2027. Those synergies are already well-identified and benefit from a very low execution risk, given the deep and intimate knowledge of the asset and Veolia’s proven track-record in synergies extraction. The acquisition is expected to be accretive from 2026 and will contribute to improve Group ROCE.

The purchase price for the acquisition will be $1.75bn (~€1.5bn), corresponding to ~11x EV/post-synergies 2025e EBITDA. Post-transaction, Veolia will still maintain headroom compared to its Net Debt / EBITDA target of 3x, allowing the Group to retain strategic flexibility to continue to deploy its GreenUp strategic plan.

Veolia confirms all 2025 guidance and GreenUp targets previously communicated both at Group level and at Water Technologies level, and now aims to achieve an EBITDA CAGR of at least +10%(1) over the 2023-2027 period for its Water Technologies division.

“This acquisition marks a pivotal step in unlocking the full value potential of Water Technologies, a growth booster identified as a priority in our GreenUp strategic plan, and a segment where we are already a market leader. Full ownership will enable us to accelerate growth, enhance operational efficiency and synergies as well as deepen the alignment with strategic priorities. This move is especially crucial given the urgent and rapidly evolving needs of the market, allowing us to respond faster and more effectively to emerging opportunities and challenges," said Estelle Brachlianoff, Veolia’s Chief Executive Officer.

“We are proud of WTS’ achievements since our investment in 2017, as it has grown into a global market leader in water technologies. Through our partnership, we helped strengthen the company’s foundations and position it for sustained growth and long-term value creation. We are grateful for the close collaboration with the management teams at WTS and Veolia, and we wish them every success in this next chapter," said Albrecht von Alvensleben, Managing Director, Head of Private Equity Europe at CDPQ.

The closing of the transaction is expected by the end of June 2025.

Veolia Water Technologies segment

• In FY2024, Veolia Water Technologies segment achieved revenues of €4.97bn (41% North America, 25% Europe, 13% Asia Pacific, 13% Africa Middle-East and 8% Latin America) and EBITDA of €612M. The business serves over 8,000 clients in 44 countries, with 38 technological sites and 11 dedicated R&I laboratories.
• Veolia Water Technologies activities include both Veolia WT, 100% owned and Water Technologies and Solutions “WTS” subsidiary, 70% Veolia-30% CDPQ.

Water Technologies and Solutions “WTS” subsidiary;

• WTS was formed as a 70%-30% joint venture between Suez and CDPQ in 2017, before becoming a subsidiary of Veolia following the Veolia–Suez merger in 2022, with CDPQ keeping its 30% minority stake. In FY2024, WTS achieved revenues of €3.3bn ($3.6bn) and EBITDA of €472M ($511M).

ABOUT VEOLIA

Veolia group aims to become the benchmark company for ecological transformation. Present on five continents with 215,000 employees, the Group designs and deploys useful, practical solutions for the management of water, waste and energy that are contributing to a radical turnaround of the current situation. Through its three complementary activities, Veolia helps to develop access to resources, to preserve available resources and to renew them. In 2024, the Veolia group provided 111 million inhabitants with drinking water and 98 million with sanitation, produced 42 million megawatt hours of energy and treated 65 million tonnes of waste. Veolia Environnement (Paris Euronext: VIE) achieved consolidated revenue of 44.7 billion euros in 2024.

It is worth going back to the 2017 press release when CDPQ teamed up with SUEZ in a joint venture to acquire GE Water:

Today Caisse de dépôt et placement du Québec and SUEZ announced that they have entered into an agreement with General Electric Company to acquire its Water & Process Technologies business (“GE Water”), a leading provider of water treatment solutions. The transaction values GE Water at approximately USD 3.4 billion. As part of the transaction, CDPQ will invest over USD 700 million for a 30% stake. SUEZ will have a 70% stake and will contribute its industrial water business to GE Water to create a new self-standing business unit within SUEZ encompassing all industrial water activities with a global focus.

With operations in 130 countries and over 7,500 employees, GE Water is a global leader in the provision of equipment, chemicals and services for the treatment of water and wastewater. In order to address its industrial clients’ increasingly complex needs, GE Water invests heavily in research and development of unique solutions. Its innovative technology has made it one of the most sophisticated players in its industry.

Long-term demand for water treatment equipment, chemicals and services are expected to remain strong both as a consequence of growing water scarcity and the impact of global warming on the water cycle. Furthermore, there are increasing global concerns related to industrial wastewater and its impact on the environment which make advanced treatment of water an absolute necessity. In this context, CDPQ is looking to increase its exposure to the water sector and views this investment as a way to generate long-term value.

“With an emphasis on industrial applications, GE Water has positioned itself as a key player in the water treatment industry thanks to its cutting-edge technology and a management team that has proven itself highly skilled at leveraging that competitive advantage,” said Michael Sabia, President and Chief Executive Officer at CDPQ. “Operating in a core industry, GE Water has built a premier business with recurring revenues and a high-quality and diversified customer base. This investment is therefore highly aligned with CDPQ’s long-term vision and its strategy of increasing its emphasis on stable assets anchored in the real economy, alongside a world-class operator such as SUEZ.”

Jean-Louis Chaussade, CEO of SUEZ, said: “I am very proud to announce the acquisition of GE Water, which will accelerate the implementation of SUEZ’ strategy by strengthening its position in the promising and fast-growing industrial water market. This combination will create further value for both our clients and shareholders. Clients will benefit from the combined knowledge, expertise, geographic footprint and leading edge products and services available. The transaction will also deliver strong value to our shareholders by enhancing SUEZ’ profitable growth profile. I look forward to integrating GE Water’s highly skilled staff to our teams to form an unparalleled industrial water platform. We are also thrilled to join forces with CDPQ, a financial investor which shares our long term vision for our business.”

SUEZ is a French, publicly-listed industrial services and solutions company focused on water optimization and waste recovery. By teaming with SUEZ, CDPQ gains a strong partner which can help accelerate the growth and success of GE Water.

In 2017, GE Water was rebranded as SUEZ Water Technologies & Solutions after it was acquired and SUEZ and Veolia finally merged in 2022 and the company became known as Water Technologies and Solutions.

CDPQ acquired a 30% stake for $700 million and exited selling it to Veolia for $1.75 billion (all USD figures) after eight years.

The key here is what Veolia’s CEO Estelle Brachlianoff and CDPQ's Managing Director, Head of Private Equity Europe lbrecht von Alvensleben stated in the press release:

“This acquisition marks a pivotal step in unlocking the full value potential of Water Technologies, a growth booster identified as a priority in our GreenUp strategic plan, and a segment where we are already a market leader. Full ownership will enable us to accelerate growth, enhance operational efficiency and synergies as well as deepen the alignment with strategic priorities. This move is especially crucial given the urgent and rapidly evolving needs of the market, allowing us to respond faster and more effectively to emerging opportunities and challenges," said Estelle Brachlianoff, Veolia’s Chief Executive Officer.

“We are proud of WTS’ achievements since our investment in 2017, as it has grown into a global market leader in water technologies. Through our partnership, we helped strengthen the company’s foundations and position it for sustained growth and long-term value creation. We are grateful for the close collaboration with the management teams at WTS and Veolia, and we wish them every success in this next chapter," said Albrecht von Alvensleben, Managing Director, Head of Private Equity Europe at CDPQ.

Apart from cost savings, full ownership will enable Veolia to accelerate growth, enhance operational efficiency and synergies as well as deepen the alignment with its Green Up strategic plan.

CDPQ exits at a nice return and can redeploy that capital elsewhere.

This is what I call a successful joint venture that went well for all parties.

In other related CDPQ news, La Presse reports that CEO Charles Emond appeared before the Quebec National Assembly to state there are no plans to export the REM to the United States.

He also said the Azure India bribery scandal that plagued the organization last year was isolated to three former employees and that the toll road projects in India are profitable. 

You can read the entire article here and I will just say that CDPQ needs to focus on the REM here to make sure it addresses all operational glitches as there are too many issues that impact service.

As far as the India bribery scandal, well, let's hope it is an isolated case that never repeats itself ever again.

Charles Emond stated this at the National Assembly: "There is no perfect system for detecting the behavior of three former employees who decided to act through collusion outside of the Caisse's systems." 

That may be true but there should be checks and balances all the time to detect and prevent fraud.

To be blunt, no pension fund can afford to be embroiled in any bribery scandal anywhere, especially a global investor like CDPQ.

Below, Veolia CEO Estelle Brachlianoff celebrates 170 years of innovation (as you will notice, video uses AI to communicate in many languages, turn on closed captioning for translation). 

Very impressive company cleaning water all over the world.

Harrisson Connery of PERE reports that Ares’ Arougheti sees tariffs will boost real estate values, transaction activity:

As tariff-related uncertainty casts a shadow over global property markets, Ares Management chief executive Michael Arougheti said his firm’s real estate strategies stand to benefit from the disruption. 

“We continue to believe that this is an opportune time for continued growth in our real estate business,” said Arougheti on the Los Angeles-based manager’s first-quarter earnings call this week. “Tariffs should drive up construction costs, which might constrain supply in markets that are already supply-constrained. This, coupled with a decrease in cost of capital and lower interest rates should improve values of real estate held and spur transaction activity.”  

Arougheti’s comments came as Ares reported $3.9 billion in fundraising for its real estate strategies in the quarter, up from just $400 million for the same period last year.  

It was Ares’ first quarterly update since finalizing its $3.7 billion acquisition of Singapore-based logistics and data center specialist GLP Capital Partners’ non-China business, and Ares’ revised portfolio metrics reflect the scale of that transaction. Its real assets platform now manages $124.2 billion in assets, Ares reported, up from $75.3 billion at the end of 2024. 

The GLP deal significantly boosted Ares’ regional footprint as well, particularly in Japan and Southeast Asia, and the manager’s first Japanese data center development fund attracted $1.5 billion in commitments in the first quarter, Arougheti said, adding that he anticipates a final close “in the near term.”  

Ares’ American real estate equity real estate funds produced returns of 1.8 percent for the quarter and 7.3 percent over the past 12 months, and its European real estate equity strategies produced returns of 0.2 percent last quarter and 1 percent over the prior year. It deployed $3.3 billion into real estate assets in the quarter, up from $500 million in the first quarter of 2024. 

Arougheti’s optimism stands in contrast to some of the prevailing concerns held by other private real estate managers that tariffs will bring further pain to the industry. Investors and managers alike have told PERE that Trump’s on-again, off-again policies would make underwriting all but impossible in the near term. The potential for prolonged transaction paralysis helped contribute to a record secondaries fundraise for New York-based StepStone Group last week, according to Jeff Giller, the manager’s head of real estate.   

Arougheti said the macro-environment has not impacted his outlook on logistics and data center assets, for which he believes there is strong demand, and added that US tariffs could drive more volume towards Ares’ distribution businesses in Japan.  

“There is a modest shift of investor interest and appetite away from the US markets,” he said. “So I could envision that if we continue to be in that type of environment, that the opportunity to offer non-US product in Japan and in our European distribution business could actually catch a stronger bid here and be a net beneficiary.”

Ares's co-founder Michael Arougheti is optimistic on real estate, private equity and private credit and believes his firm stands to benefit from any severe dislocation.

Speaking from the Milken Institute conference, he also stated that tariffs are unlikely to trigger a sharp uptick in private-equity-owned companies failing to repay their loans.

Things are going very well for Ares Management. Silas Sloan of Secondaries Investor reports the firm is looking to close its third infrastructure fund and its secondaries fund is attracting a lot of capital too:

Ares Management is looking to close its third infrastructure fund soon with its secondaries business continuing to “generate significant investor interest”, chief executive Michael Arougheti said on the firm’s recent earnings call.

Ares Secondaries Infrastructure Solutions III crossed $2 billion in total commitments, doubling its predecessor, Arougheti said during the firm’s Q1 2025 earnings call on 5 May. The fund is expected to hold a final close this summer.

Arougheti’s comments mean the fund launched in 2023 has also hit its target, which is $2 billion, according to Secondaries Investor data. The infrastructure fund collected about $400 million in the first quarter, according to slides prepared for the earnings call.

In addition to the infrastructure fund, Ares Credit Secondaries I raised $475 million in Q1 and $700 million in April, bringing the total equity commitments in the strategy to $3 billion and exceeding the fund’s target, Arougheti said on the call.

Ares raised about $2.3 billion in Q1 across PE, credit, infrastructure and real estate. Overall, the firm raised more than $20 billion in the first three months of the year, which Arougheti said was the strongest first quarter of fundraising ever for the firm.

“As we think about fundraising for 2025 and how it could be impacted by the current market uncertainty, we believe that we’re well-positioned due to the strength in the institutional channel and the global diversity of our investor base,” Arougheti said on the call. “We have deep relationships with our LPs who tend to be repeat investors across our funds and strategies as they seek to consolidate with key relationships.”

Fundraising got off to a blazing start in 2025, collecting a total of $50.7 billion in Q1, according to Secondaries Investor data. It was a massive step up from the $10 billion raised in Q1 2024.

However, there’s more than meets the eye when it comes to that Q1 total, as nearly 60 percent came from Ardian’s $30 billion close on Ardian Secondary Fund IX in January. Without the behemoth fund, Q1 2025 secondaries fundraising would have seen its fourth-largest tally for total closed commitments across the first three months of the year since 2020.

Ares is a strategic partner to Canada's large pension funds and institutional funds all over the world. Therefore I would pay attention to what this firm is doing and what its CEO and co-founder is saying. Below, Ares Management CEO and co-founder Michael Arougheti discussed the market impact of trade tariffs, investment in China markets, investors taking shelter in credit markets and where he sees “massive opportunity” for private equity. Arougheti spoke with Sonali Basak on the sidelines of The Milken Institute Global Conference in Beverly Hills, California.

Also, Michael Arougheti joins CNBC's 'Squawk on the Street' to discuss macro outlooks, growth expectations for Ares, and more.

Lastly, Blackstone President Jon Gray says he expects some countries will strike trade deals with the US “fairly soon,” and the effective tariff rate will be around 10%. Gray says the uncertainty around a trade war is likely to slow down GDP growth. He also talks about the AI revolution, real estate and inflation in the US. He speaks to Bloomberg's Sonali Basak at the Milken Conference. 

All great interviews, worth listening to their views.

CDPQ's Executive Vice-President and Head of CDPQ Global and Global Head of Sustainability, Marc-André Blanchard, received the 2025 Testimonial Dinner Award on April 24 in Toronto. 

In his acceptance speech, Mr. Blanchard reflected on the urgent need for engagement, trust and partnership in solving the most pressing challenges of our time.

The former diplomat shared insights from his time at the United Nations, and called for public institutions to refocus on results, for silos to be broken across sectors and for trust to be rebuilt — drop by drop — through collaboration and engaged action:

I want to begin with just one word — gratitude, but gratitude in three parts. First, the five distinguished Canadians with whom I have the privilege of being honored tonight, they each inspire me.

Anil Arora. Anil is a legend amongst the global statistician community, I saw it with my own eyes at the UN.

The honourable Elizabeth Dowdeswell, a life dedicated to building and strengthening resilient local communities in Canada and around the world.

Chief Crystal Smith, your focus on economic reconciliation and building innovative partnerships is exactly what we need, not only for our national reconciliation, but also globally, for a more sustainable world.

Steve Paikin, last week’s debate reminded us how lucky we have been to have had you as a pillar in journalism and in our country for so long.

And Alfred, well, your optimism and generosity and focus on action will bring all of us somewhere else.

Second, gratitude to this room, to this community, to the Public Policy Forum. And allow me a special thanks, that’s never easy to do, to my wife Monique, merci.

Our sons, Adrian and Laurent, who are here tonight. This is my family. (In French: I would never have been here without you. You are my north star.) Thanks also to all of my friends here and my former colleagues, whether from McCarthy or from the public service or at CDPQ, or all of the organizations, my alma mater. Thank you. I’ve been so lucky in my life that my life has crossed your paths, and thank you for being here.

And third, I’m grateful for the opportunity to share some of my thoughts. And don’t worry, they’re not that long. It’s a gift, and I’m deeply thankful to all of you for giving me the reason and the space to pause, reflect and share.

The first thing I recognize is this — despite our deeply troubling times, like most of you, I’m certain I stand before you as someone who remains deeply, deeply hopeful in our future. To state the obvious, the challenges that brought me into public policy and public service, the kind that shaped my purpose, are today even more complex, more urgent and more intertwined than ever before. Never has the distance between our ideals and our actions been so radically exposed, so consequential, and so necessary to bridge.

Well, I happen to know a thing or two about idealism. You know, after all, I served in the halls of the United Nations for nearly five years. And when I arrived in the spring of 2016 there was so much hope. The world had just adopted the sustainable development goals and the Paris Accord, the world would finally get to work on two of its biggest and most pressing challenges — inequality and climate change. Then, within a few months, Brexit, President Trump, a few years later, the pandemic, Syria, Ukraine.

So, I’ve lived through the great declarations and stirring speeches. I’ve also lived through the disappointments left by our institutions’ inability to deliver what is being promised to citizens. This disappointment is felt in Canada and almost everywhere else in the world. Throughout the world, it has eroded the trust in our democratic institutions. And globally, the multilateral institutions so dear to Canada are being sidestepped without much reaction by the populations.

A friend of mine, Baroness Valerie Amos, the Master of University College of Oxford, recently said people need to see the difference that institutions make in their lives, and they need to have a mechanism that enables them to have an influence on those institutions. So how do we get our institutions to deliver for the people on the ground? How do we get from our idealism and our values to results?

Well, to me, a big part of the answer is about engagement. We need results. To get results, we need people invested in the kind of change they want to see. I can think of three rules of engagement that if applied, would deliver results faster, and of scale.

First, as I mentioned, engagement must be focused on results. Populism is not an anomaly. It’s a symptom, a warning sign of deeper democratic fatigue. Populism can only thrive in the void left by a lack of real results, in the absence of meaningful, visible change in people’s lives. To succeed in delivering faster, we need to remember that excellence in public policy does not require perfection. It requires progress, delivery and results.

Engagement, therefore, must be redefined, not as dialog alone, or even worse, a process, but as a deliberate, measurable pursuit of relentless impact.

Second, engagement must break down the silos and lead to innovative partnerships of the kind we heard just before. Well, this is tougher than it sounds. And to my dear friends of the public sector, my public sector colleagues, let me tell you a well-kept secret of the private sector. The private sector has silos, too.

In today’s world, with this climate, this economy, this global uncertainty, the real breakthroughs, the ones that will shape the next generation, will come when both sectors, public and private, start truly collaborating.

Well, let me brag a little bit. So I promise, I’ve been a citizen of Toronto, I promise not to make any explicit comparison with the Eglinton line here in Toronto. But I can offer no better example than the REM (Réseau express métropolitain) in Montreal, a very innovative partnership between CDPQ and three levels of government, various Crown corporations and the private sector, involved in delivering in a very short time — started the construction in 2018, first line going up in 2023 at reasonable cost — 67 kilometers of light rail train. If there had been no trust, there would have been no REM.

Which leads me to my third and final rule. Engagement must be built and rebuilt on trust. They say that trust is earned in drops and lost in buckets. And in recent years, here at home and around the world, we’ve watched too many of those buckets spill over. There is no shortcut to trust. There is only the steady, honest, often uncelebrated, work of listening, of engaging with people who disagree with us, not thinking we know better, of standing in someone else’s shoes, of doing the right thing and the right thing is often not theoretical perfection, but a good old Canadian compromise, even when it’s hard. Drip by drip. Act by act.

As we look to the future, please remember this. Every grand plan, every vision to reinvigorate our democracy, to renew our economy or realign our world will demand deep collaboration and even deeper trust. Without that trust, we’re left with talk, with the illusion of progress and none of the results. The reality is that listening builds trust and relationships. Trust and relationships accelerate action. And engagement leads to impact.

So thank you from the bottom of my heart for this honour, really. And let’s never forget that there is no challenge that we cannot overcome. After all, together we’ve built the best country in the world.

Vive le Canada et merci beaucoup.

Great speech by Marc-André Blanchard, eloquent, short, optimistic, striking the right balance between idealism and realism.

He cites the example of the REM where three levels of government were involved and nothing would have gotten done if there was no trust. 

He correctly notes:

“In today’s world, with this climate, this economy, this global uncertainty, the real breakthroughs, the ones that will shape the next generation, will come when both sectors, public and private, start truly collaborating.” 

And ends on this note:

As we look to the future, please remember this. Every grand plan, every vision to reinvigorate our democracy, to renew our economy or realign our world will demand deep collaboration and even deeper trust. Without that trust, we’re left with talk, with the illusion of progress and none of the results. The reality is that listening builds trust and relationships. Trust and relationships accelerate action. And engagement leads to impact.

Well, Marc-André Blanchard and his team at CDPQ are certainly doing their part to engage and lead to impact on responsible investing.

I recently covered CDPQ's 2024 Sustainable Investing Report where they exceeded their targets here.

Below, Marc-André Blanchard accepts the 2025 Testimonial Dinner Award. Great speech, well done.

Sean Conlon and Hakyung Kim of CNBC report Dow jumps 500 points, S&P 500 posts longest win streak in 20 years as stocks claw back tariff losses:

Stocks rose on Friday as Wall Street digested a better-than-expected nonfarm payrolls report for April, which eased recession fears and lifted the S&P 500 for its longest winning streak in just over two decades.

The S&P 500 advanced 1.47% and closed at 5,686.67. This marked the broad market index’s ninth consecutive day of gains and its longest winning run since November 2004. The Dow Jones Industrial Average jumped 564.47 points, or 1.39%, to end at 41,317.43. The Nasdaq Composite gained 1.51% and settled at 17,977.73.

With Friday’s surge, the S&P 500 has now recovered its losses since April 2, when President Donald Trump announced his “reciprocal” tariffs. This comes a day after the tech-heavy Nasdaq accomplished the same feat.

Payrolls grew by 177,000 in April, above the 133,000 that economists polled by Dow Jones had anticipated. That figure was still down sharply from the 228,000 added in March but much better than feared after recession worries ramped up last month. The unemployment rate stood at 4.2%, in line with expectations.

“Markets breathed a sigh of relief this morning as the jobs data came in better than expected,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management. “While recession fears are still simmering on the back burner, the buy-the-dip dynamic can continue – at least until the tariff pause runs out.”

Investors were already upbeat prior to the strong jobs report after China said that it is evaluating the possibility of starting trade negotiations with the U.S. Still, Chinese authorities reaffirmed their belief that the U.S. should remove all unilateral tariffs, saying in a statement that “if the U.S. wants to talk, it should show its sincerity and be prepared to correct its wrong practices and cancel the unilateral tariffs.” Later in the day, a report from The Wall Street Journal suggested that Beijing is open to trade talks.

The Street was also mulling over earnings reports from two “Magnificent Seven” members. Apple slid 3.7% after posting fiscal second-quarter revenue from its services division that fell short against analyst estimates. Additionally, the iPhone maker said it expects to add $900 million in costs in the current quarter due to tariffs. Amazon shares, meanwhile, were marginally lower after the company issued light guidance, highlighting “tariffs and trade policies” as factors.

“We’ve already seen how financial markets will react if the administration moves forward with their initial tariff plan, so unless they take a different tack in July when the 90-day pause expires, we will see market action similar to the first week of April,” Zaccarelli also said.

Stocks have made an incredible comeback since Trump announced last month that’s he’s temporarily reducing his new tariff rates for most countries to 10% for 90 days. The market has especially picked up steam lately, leading to the S&P 500′s winning streak, as solid earnings have come out.

All three major averages posted their second positive week in a row. The S&P 500 added 2.9%, sitting more than 7% below its February high after at one point being down nearly 20%. The Dow posted a 3% advance on the week, while the Nasdaq added 3.4%.

‘We’ve passed peak tariff tantrum,’ InfraCap’s Jay Hatfield says

The recent sell-off spurred by worries around President Donald Trump’s tariff plans may be over, said Jay Hatfield of Infrastructure Capital Advisors.

“We think we’ve passed peak tariff tantrum,” the firm’s chief executive said in an interview with CNBC, adding that he has a year-end target on the S&P 500 of 6,600. That implies nearly 18% upside from Thursday’s close.

Hatfield also thinks there’s going to be a summer rally once the market gets through a “seasonally weak” May-to-June period. That said, he doesn’t believe the S&P 500 will rally past the 6,000 level until most concerns among investors have been resolved.

“We think there’s three areas of uncertainties, not just tariffs but also Fed policy and tax policy,” he added. “We don’t think we’re going to bust significantly above 6,000 until we get at least two of those three pretty well defined.”

It was a very strong week in the stock market led by mega cap tech stocks like Microsoft and Meta which posted solid earnings:

But the real story again this year is Palantir which was up over 300% last year and is flying high once again this year:

Incredibly, Palantir shares hit a low of $66 on April 7th and have since ripped higher and are right on the cusp of making a new 52-week high.

All this action spurred the Nasdaq higher this week but it's still off its 52-week high:

 Nonetheless, all the talk of tariffs, recession, the end of American exceptionalism looks silly when you look at the S&P 500 which has now recovered all its losses since Liberation Day (April 2nd). 

However, the US dollar remains weak and some claim there's more downside to go (I'm not in that camp and believe the selloff in the US dollar was way overdone):

More worrisome, long maturity US Treasuries are also struggling to rally as investors weigh the real possibility of stagflation ahead: 

Also, despite the recent selloff which I foresaw, gold shares remain in a solid uptrend:

Not surprisingly, when you look at the top performing US large cap stocks, gold shares figure prominently (a few Canadian gold companies there) but it's a mixed bag with Palantir and biotechs I track closely like Verona Pharma, Summit therapeutics and TG Therapeutics. 

 

Apart from a few stocks however, biotech shares remain well off their 52-week high even after rallying massively the last couple of weeks:

Still, I see a few great opportunities in biotech as long as RISK ON markets gain traction but you really need to dig deep, pick your spots and know the companies and risks very well.

The big question that still persists is whether there is a slowdown in the US economy and are we in a recession.

This week, the US economy contracted for first time since 2022 as imports surged but today's US jobs report showed defied expectations as nonfarm payrolls increased a seasonally adjusted 177,000 for the month, slightly below the downwardly revised 185,000 in March but above the Dow Jones estimate for 133,000. 

The unemployment rate, however, stayed at 4.2%, as expected, indicating that the labor market is holding relatively stable.

The jury is still out in terms of recession but some indicators like housing activity are already pointing to one and I would encourage my institutional readers to listen to Francois Trahan's latest conference call entitled "It's Different This Time...Legitimately!".

Francois thinks all roads lead to stagflation and things will come to fruition in the second half of the year. 

Alright, let me wrap this up and post some great interviews below.

First, Nicolai Tangen, the head of Norway’s $1.8 trillion sovereign wealth fund, discusses the outlook for global markets amid recent trade policy upheaval and what that means for the fund's US investments. He talks with Bloomberg's Francine Lacqua in Oslo.

Tangen also spoke to CNBC International discussing investments in the US at the Norwegian sovereign wealth fund's annual investment conference.

Third, Mike Wilson, Morgan Stanley, joined 'Closing Bell' on Thursday to discuss what markets need to see to indicate a more sustained recovery from April's lows, if the equity rally is sustainable, and much more.

Fourth, Adam Parker, Trivariate Research founder, joins 'Closing Bell' to discuss the most recent news that sticks out to Parker the most, investor's attitude towards equity markets, and much more.

Fifth, David Zervos, Jefferies chief market strategist, joins CNBC's 'Squawk on the Street' to discuss outlooks on tech.

Sixth, Bob Elliott, Unlimited CEO and Adam Kobeissi, The Kobeissi Letter editor-in-chief, join 'Closing Bell: Overtime' to discuss market rally, their outlook for stocks and Fed day.

Seventh, Jeremy Siegel, Wharton School professor of finance, joins CNBC's 'Closing Bell' to discuss market outlooks.

Lastly, Bill Smead, Smead Capital Management, joins 'The Exchange' to discuss the mood in Omaha ahead of Berkshire Hathaway's annual investor meeting, the market opportunities, and much more.

Jasmine Kilman of Connect CRE reports Hoffman & Associates, Madison Marquette sell The Wharf to PSP Investments:

Hoffman & Associates and Madison Marquette have sold their stakes in The Wharf, a mile-long 3.5 million-square-foot megadevelopment waterfront neighborhood in Washington, D.C., to Public Sector Pension Investment Board (PSP Investments).

PSP Investments, which has been a financial equity partner in the development since 2014, will own The Wharf in its entirety. Hoffman & Associates and Madison Marquette developed the $3.6 billion riverfront neighborhood located along the Potomac River, just south of downtown D.C.

“Since 2006, we’ve led The Wharf’s transformation from vision to reality, creating a dynamic, world-class neighborhood that includes everything from concert venues and homes to restaurants, parks, piers, and unparalleled waterfront access,” said Monty Hoffman, Founder & Chairman of Hoffman & Associates. “We have full confidence in our partner to carry forward our shared vision for The Wharf as we continue expanding communities across the DMV and beyond.”

With this sale, The Wharf marks the successful completion of its evolution from a transformative development to a nearly fully leased neighborhood offering residential, office, retail, and public space. 

In an exclusive interview, Monty Hoffman (featured above) discusses the sale of the project conceived two decades ago. You can read that Washington Business Journal article here (subscription required).

You can also read a lot more about The Wharf here and see many pictures of this exclusive waterfront property.

 As stated above, PSP Investments, which has been a financial equity partner in the $3.6 billion development since 2014, will own The Wharf in its entirety. 

That's quite an impressive asset to own and I guess the developers are exiting the project after many years of developing it.

In other recent news, Freschia Gonzales  of Benefits and Pensions Monitor reports PSP and partner exit as offshore wind company changes hands: 

Havfram, an offshore wind installation company established in 2021 by Sandbrook Capital and PSP Investments, is set to be acquired by global dredging and marine engineering group DEME. 

The transaction, valued at approximately €900m, is expected to close by the end of April, subject to customary closing conditions. 

Sandbrook Capital and PSP Investments formed Havfram to address growing demand for Wind Turbine Installation Vessels (WTIVs) among major energy companies.  

Since its founding, the company has developed into a key player in the offshore wind sector, with two state-of-the-art WTIVs under construction and a strong contract backlog to support some of the largest offshore wind projects. 

“We partnered with PSP Investments to build Havfram because we saw a unique market opportunity to provide the state-of-the-art vessels required to build today’s enormous offshore wind farms,” said Christopher Hunt, partner at Sandbrook Capital.  

He added that DEME will take over as the company enters its next phase. Hunt also noted that Havfram has grown significantly in recent years and generated financial returns for investors. 

Sandiren Curthan, managing director and global head of Infrastructure Investments at PSP Investments, said the investment demonstrates the firm's broader capabilities and its commitment to investing in essential assets within the renewables value chain.    

Goldman Sachs acted as financial advisor, while Thommessen served as legal advisor to Sandbrook Capital and PSP Investments. 

PSP investments issued this press release on this deal:

London, UK; Montreal, QC; Oslo, Norway — April 9, 2025 — Sandbrook Capital, a private investment firm focused on building leading climate infrastructure companies, and the Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investors, today announced the signing of an agreement to sell Havfram, an international offshore wind infrastructure company, to DEME (Euronext: DEME), a global leader in offshore energy and marine engineering. 

Established in 2022 through a strategic partnership between Sandbrook Capital and PSP Investments, Havfram was created to provide critical offshore wind installation capacity to the world’s leading energy companies. Under their ownership, Havfram has evolved into a world-class operator of Wind Turbine Installation Vessels (WTIVs), with two state-of-the-art vessels currently under construction and a strong contract backlog to build some of the largest offshore wind farms. 

“We partnered with PSP Investments to build Havfram because we saw a unique market opportunity to provide the state-of-the-art vessels required to build today’s enormous offshore wind farms” said Christopher Hunt, Partner at Sandbrook Capital. “In just a few years, Havfram has become one of the most important players in the offshore wind industry. We are proud of what the team has achieved and the positive financial returns delivered to our investors.  DEME will be an outstanding steward of the company in its next phase of growth.” 

“Our investment in Havfram reflects our broader capabilities and commitment to invest in assets essential to the renewables value chain, while generating strong risk-adjusted returns,” said Sandiren Curthan, Managing Director and Global Head of Infrastructure Investments, PSP Investments. “We are proud to have partnered with Sandbrook Capital and with the Havfram team to build a fleet of next generation WTIVs.” 

“The support and long-term vision of Sandbrook Capital and PSP Investments have been instrumental in building Havfram into what it is today,” said Ingrid Due-Gundersen, CEO of Havfram. “We’re incredibly excited to join forces with DEME, a global leader with a shared mission to accelerate offshore wind deployment. Together, we will play a major role in enabling the energy transition around the world.”  

The transaction, valued at approximately € 900 million, is expected to close by the end of April 2025, subject to customary closing conditions. 

Goldman Sachs served as financial advisors and Thommessen served as legal advisor to Sandbrook Capital and PSP Investments. 

About Sandbrook Capital
Sandbrook Capital is a private investment firm dedicated to building the next generation of climate infrastructure companies. Founded by a team of seasoned investors and operators, Sandbrook partners with exceptional management teams to grow sustainable businesses that deliver attractive financial returns and meaningful climate benefits. For more information, visit www.sandbrook.com.

About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada's largest pension investors with C$264.9 billion of net assets under management as of 31 March 2024. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on LinkedIn.  

About Havfram
Havfram is a Norwegian offshore wind installation company providing critical services to the global renewable energy industry. With two newbuild WTIVs under construction and a robust backlog, Havfram is positioned as a leading player in enabling the deployment of next-generation offshore wind farms. For more information, visit www.havfram.com. 

I vaguely remember this deal but clearly PSP and Sandbrook Capital did a great job developing Havfram into a world class offshore wind installation company and are now selling it to DEME, a global leader in offshore energy and marine engineering. 

The transaction, valued at approximately € 900 million, is expected to close by the end of April 2025, subject to customary closing conditions.

Ingrid Due-Gundersen, CEO of Havfram states: “We’re incredibly excited to join forces with DEME, a global leader with a shared mission to accelerate offshore wind deployment. Together, we will play a major role in enabling the energy transition around the world.”  

I'd say this was a strategic win-win for all parties involved. 

In other related PSP news, David Casey, Editor in Chief of Routes, reports AviAlliance plans to invest £350M In AGS Airports overhaul:

AviAlliance plans to invest £350 million ($465 million) over the next five years to modernize AGS Airports, which includes Aberdeen, Glasgow and Southampton airports. 

The company also appointed Charles Hammond, former CEO of Forth Ports, as the new chairman of AGS.​

The investment marks the largest capital program since AGS was formed in 2014 and follows AviAlliance’s £1.53 billion acquisition of the airport group from Ferrovial and Macquarie in January. The funds will support terminal upgrades, airfield infrastructure improvements and energy efficiency initiatives across all three airports.​

Scotland's Glasgow Airport will undergo a transformation of its main terminal, expanding floor space to accommodate more airline gates and enhance retail and dining options. Aberdeen Airport, also in Scotland, will see airfield infrastructure enhancements, while Southampton Airport's terminal will be redeveloped.​

“This significant investment will not only enhance the fabric of our airports, it will enhance the role they currently play in facilitating trade and tourism and, importantly, in generating meaningful employment across the country,” AGS CEO Kam Jandu says.

Glasgow is the largest airport in the AGS portfolio, handling approximately 8 million passengers in 2024. Aberdeen followed with 2.3 million, while England's Southampton Airport served around 850,000 passengers during the year.

AviAlliance, a subsidiary of Canada’s PSP Investments, entered the UK airport sector for the first time with the AGS deal, part of a strategic pivot following its exit from Budapest Airport and amid ongoing challenges in Germany’s aviation market. The company maintains holdings in Düsseldorf and Hamburg airports in Germany, as well as Athens, Greece, and San Juan, Puerto Rico.

Soon after finalizing the acquisition, AviAlliance sold a 22% stake in AGS to U.S.-based Blackstone for £235 million, retaining a 78% majority share and full operational control. The deal provides AGS with a new financial partner while keeping AviAlliance as the lead on strategy and operations.

Despite the investment, AGS’ three airports face headwinds. Glasgow has struggled to keep pace with Scottish capital Edinburgh, now Scotland’s main international gateway. Aberdeen, long reliant on oil and gas traffic, is adjusting to a shifting energy landscape. Southampton, meanwhile, faces competition from nearby Bournemouth and Bristol airports.

However, AviAlliance stressed the long-term potential. “AviAlliance takes a long-term view across all the airports within our portfolio, and this investment will assist AGS in accelerating its plans for delivering a superior passenger experience and growing connectivity,” AviAlliance Managing Director Gerhard Schroeder says.

“We are looking forward to working with AGS’ regional and national partners over the coming years to realize the full and undoubted potential of Aberdeen, Glasgow and Southampton airports.”

Recall, back in January, PSP announced the completion of its acquisition of AGS Airports, the operator of Aberdeen, Glasgow and Southampton airports from Ferrovial and Macquarie for an enterprise value of £1.53 billion.

More recently, Blackstone announced that Blackstone’s infrastructure strategy for individual investors has agreed to acquire a minority stake of 22% in AGS Airports (“AGS”), a platform of high-quality freehold airports providing access to key UK markets, from AviAlliance for £235 million:

Blackstone’s investment, together with AviAlliance and PSP Investments, is intended to support the continued growth of the travel and tourism industries across the United Kingdom.

AviAlliance, one of the world’s leading airport investors and operators, will remain the majority shareholder in AGS with a 78% stake.

AGS handles over eleven million passengers annually and is the owner and operator of three critical UK airports: Glasgow and Aberdeen in Scotland and Southampton in England.

If Blackstone is getting an important minority stake, that's quite an endorsement of this deal.

What else? PSP took part in the C$7 billion equity investment into Rogers managed by Blackstone and also took part in the the restructuring of capital led by Temasek of  Ceva Animal Health (Ceva), the world's fifth-largest animal health company. See details of that here.

Lastly, on the organizational front, at the end of March, PSP announced a new CFO and CRO:

Montréal, Québec (March 27, 2025) – The Public Sector Pension Investment Board (PSP Investments) today announced the appointment of Caroline Vermette as Senior Vice President and Chief Financial Officer (CFO) of PSP Investments. PSP Investments also announced the appointment of Alexandre Roy as Senior Vice President and Chief Risk Officer.  

Caroline Vermette joins PSP Investments from National Bank of Canada, where she most recently served as Senior Vice President, Internal Audit, providing independent assurance to the Board and senior management on the effectiveness of the Bank’s risk management, governance, and internal controls. She brings over 20 years of experience in financial leadership roles, demonstrating a proven track record of strategic financial planning, risk management, and driving efficiency through technology and innovation. 

“The appointment of Caroline Vermette as CFO marks an exciting new chapter for PSP Investments", said Deborah K. Orida, President and Chief Executive Officer, PSP Investments. "Her wealth of experience in financial reporting, internal audit, and risk management, combined with her deep understanding of complex financial transactions and international accounting standards, will be instrumental in ensuring the continued financial strength and strategic direction of PSP Investments. Caroline will strengthen PSP Investments ability to navigate an increasingly complex global investment landscape and deliver on our mandate for our beneficiaries."

Alexandre Roy joined PSP Investments in 2007 and has long played a critical role in strengthening the organization's risk management function and portfolio construction process. Through progressively senior roles, culminating in his position as Senior Managing Director, Total Fund Management, where he developed and implemented the Total Fund approach. This approach treats all asset classes and investment activities as a cohesive unit and as such has optimized the investment process, enhanced portfolio performance, and improved risk management across the organization. Most recently, he also assumed interim responsibilities of the Chief Investment Office.  

“Alexandre’s exceptional talent and leadership has long been instrumental to PSP Investments in delivering value for our beneficiaries and advancing our strategic objectives. His appointment as Chief Risk Officer reflects his deep understanding of our business, his proven ability to develop and implement new approaches to strengthen our organization, and his unwavering commitment to safeguarding the integrity of our investment portfolio. I am delighted to welcome Alexandre to our Executive Committee and look forward to the valuable insights he will bring. I am confident that in this role, he will continue to strengthen our risk management framework and contribute to the long-term success of PSP Investments," added Ms. Orida. 

I've heard nothing but good things about Alexandre Roy and I'm sure Caroline Vermette is highly qualified and will be a great CFO. 

You can view all of PSP Investments' senior managers here including Arun Bajaj, the new Senior Vice President, Chief People and Corporate Development Officer.

Alright, I started off discussing The Wharf and morphed this into a PSP Investments' latest deals and organizational changes comment.

Below, a virtual tour of The Wharf, one of the most popular areas for visitors and tourists to check out during a trip to Washington.

Wendy Lee, Local 575 of the Ontario Public Service Employees Union (OPSEU/SEFPO) posted updates in the Healthcare of Ontario Pension Plan (HOOPP):

The Healthcare of Ontario Pension Plan (HOOPP) is one of the strongest defined benefit pension plans in Canada, helping Ontario’s healthcare workers build the foundation for a financially secure retirement since 1960. Serving over 475,000 members and 700 employers, they are committed to providing members with the lifetime pension members have earned and the peace of mind members deserve.

Annesley Wallace became President & Chief Executive Officer of HOOPP on April 1, 2025.  It’s exciting to see that a significant, high performing pension plan is now being led by a female executive.  The predominant membership of HOOPP contributors are female.

Prior to joining HOOPP Annesley was Executive Vice-President, Strategy and Corporate Development and President, Power and Energy Solutions at TC Energy. In her role, Annesley was responsible for leading and executing the development of TC Energy’s corporate strategy, corporate development activities and capital allocation process, as well as for all aspects of the Company’s power generation and unregulated natural gas storage businesses.

Before joining TC Energy in May 2023, Annesley served as Executive Vice-President and Global Head of Infrastructure at OMERS, overseeing a global team and portfolio of approximately C$34 billion in assets across sectors including energy, digital, transportation and government-regulated services. Previously, Annesley also spent time at SNC-Lavalin, focused on engineering, procurement, project controls and project management for their energy, infrastructure and power businesses.

Annesley holds a Bachelor of Science and Master of Science in Engineering from Queen’s University, and a Master of Business Administration from the Schulich School of Business, York University. Annesley is also a registered Professional Engineer in Ontario and a former recipient of Canada’s Top 40 Under 40.

On a more personal level, she grew up in Ontario.  She is also a mother of two twin boys – a working mother who understands the impact pensions has on all of us, for all of us.

During today’s discussions, Annesley stated her leadership belief is that “health care is a fundamental right that we must defend” and as such, she indicated that HOOPP is “uniquely positioned” to be “flexible and adaptable” in these uncertain economic times as HOOPP has “a strong foundation with significant expertise”.

The four key focal points of HOOPP moving forward are the following:

• Focus remains on long-term success to ensure pension security for members by maximizing the over value of HOOPP.
• Be well positioned to navigate a challenging geopolitical and economic landscape by increasing adaptability.
• Continue to prioritize that enable HOOPP to be both flexible and adaptive in less certain economic times.
• Maintain the belief that when Canadians have access to a secure retirement, all will benefit. There is an acknowledgement that our members’ pension dollars are a huge spending component of the economy.  Thereby pension incomes can lead to the creation of jobs.

HOOPP has not had to increase member contributions since 2004.  This is an important to highlight that there has been stable contributions for over 20 years.  HOOPP has also improved the online tool for survivors’ benefit plan.  The strength of HOOPP’s stance, is what a member accrues, it belongs to the member.  The two items that are revisited on an annual basis is the Cost of Living Adjustments (COLA) for pensioners.  HOOPP provided a COLA increase on April 1, 2024 of 3.40% and 1.83% on April 1, 2025. The contribution rates may also change from year to year.

There are currently 478,879 members and 134,000 retired members.  The average annual pension is $32,000 for a total of $3,3 billion benefits being distributed to retired workers annually.  There were 5,965 members who started their monthly pensions in 2024.

HOOPP is a very well diversified portfolio where the intention “is not to outperform the market” but ensure that funds are maintained for ongoing pension pay outs, shared by Annesley.  The HOOPP pension reviews potential investments and enter the right risk(s) in a very calculate for the long-term view.  Based on its firm foundation, HOOPP is able to take advantage of good investment opportunities, thereby making the plan more adaptable to change.

For those that interested in speaking with someone about HOOPP for their workplace, please feel free to connect with Bobby Argiropoulos, Public Relations at 416-459-5384 or via email at bargiropoulos@hoopp.com.

On LinkedIn, HOOPP's new CEO Annesley Wallace posted this five days ago:

I note the following:

This week, I had the opportunity to speak with leaders from Ontario Public Service Employees Union (OPSEU/SEFPO)’s Hospital Professionals Division at its 2025 Convention, discussing HOOPP (Healthcare of Ontario Pension Plan)’s commitment to providing healthcare workers in Ontario a reliable, stable pension for life. 

HOOPP is proud to serve the 25,000 OPSEU/SEFPO members under the Hospital Professional Division, who provide critical public health support across 84 hospitals every day. Thank you for having me!

So what's the big deal? Annesley Wallace meeting with members of HOOPP who are part of the Ontario Public Service Employees Union.

To me it is a big deal because Annesley Wallace officially started as the new CEO at the beginning of the month (she was there before to get the lay of the land as Jeff Wendling prepared to retire) and one of her first big presentations is with plan members to inform and reassure them.

Take note, if you want to be a great leader of a pension plan, always remember whose money you're managing and show them the respect they deserve.

And actions speak louder than words.

OMERS CEO Blake Hutcheson who Annesley worked with in the past once told me the part of the job he loves the most is talking to members and I believe him.

Anyway, time to watch the Montreal Canadiens and hope they win tonight.

Below, a reminder from five years ago of how dedicated HOOPP's members are and why it's important to safeguard their pensions. It's eerie watching this video, can only imagine how HOOPP's members felt back then.

Also, CNBC's Steve Liesman, Raymond James’ Ed Mills, Nationwide Mutual’s Kathy Bostjancic, and Fundstrat’s Tom Lee join 'The Exchange' to discuss what investors know about the economy and the markets.