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Japan Says It Counts Three Consecutive Days Of FX Intervention As One

Japan Says It Counts Three Consecutive Days Of FX Intervention As One

Earlier today we joked when, after the third intervention attempt by Japan’s MOF/BOJ, the yen promptly sold off again as Japanese officials continued to sink billions of dollars into what has become bottomless monetary pit (ignoring for a second the lunacy of spending dollars to strengthen your currency while at the same time printing yet), one which gets bigger every day the BOJ refuses to simply raise interest rates. 

So perhaps realizing the futility of their now daily interventions, which are taking place precisely at a time that is meant to to take advantage of the low domestic FX liquidity thanks to the Golden Week holiday, a Japanese Finance Ministry official on Monday cited a rule saying that three days of intervention count as a single operation. Even if Japan is on a public holiday, intervention can still be counted if global markets are open, the Finance Ministry person said. Based on this, May 4 would be considered the third consecutive day from April 30, the official added.

Japan was referring to International Monetary Fund fine print, which considers three consecutive business days of exchange-market intervention as a single episode, the official told reporters. The comments came after the yen rose following a reported intervention on Thursday, yet fell after each of the subsequent two interventions on Friday and Monday.

Furthermore, the IMF rules state that up to three such episodes within six months is consistent with a free-floating exchange rate regime, said the official, who accompanied Finance Minister Satsuki Katayama to an international conference in Samarkand, Uzbekistan. But if Japan’s interventions exceed three such occasions, the IMF tends to classify it as a floating – rather than free-floating – exchange-rate regime.

The comments came as the yen strengthened for three straight days, fueling speculation that authorities intervened in the currency market on consecutive business days, as they did in 2024 (See “Japan’s Double Yen Intervention, As Seen Through 10 Charts From Goldman’s FX Desk“).

Japan intervened on Thursday after the yen weakened to 160.72 against the dollar, before surging to 155 and then resuming its slide. A Bloomberg analysis suggested authorities spent about $34.5 billion to support the currency on Thursday. The likely spent another $20 billion in the ensuing two interventions. 

Katayama reiterated on Monday that the government stands ready to take bold action against speculative currency moves, in line with a US-Japan agreement reached last year. Such action typically refers to currency intervention to support the yen.

Tyler Durden
Mon, 05/04/2026 – 18:00

Welfare Enrollment Drops Sharply Following New Federal Work Requirements

Welfare Enrollment Drops Sharply Following New Federal Work Requirements

Via American Greatness,

Enrollment in the Supplemental Nutrition Assistance Program has declined significantly since new federal work requirements took effect in mid-2025, with millions fewer Americans receiving benefits, according to newly reported federal data.

The number of people enrolled in SNAP has fallen by roughly 3.5 million since July 2025, dropping from an average of 42.1 million participants in the prior fiscal year to about 38.5 million as of January 2026, according to reporting by The Wall Street Journal.

The decline follows the implementation of expanded eligibility rules included in the “One Big Beautiful Bill,” signed into law by Donald Trump on July 4, 2025.

The legislation broadened existing work requirements for able-bodied adults, mandating that individuals between the ages of 18 and 64 without young dependents participate in at least 80 hours per month of work, volunteering, or government-run programs.

Previously, the requirements applied to a narrower age group and included different criteria for dependents, according to the U.S. Department of Agriculture, which oversees SNAP. Officials told The Wall Street Journal that the recent changes represent the most sweeping adjustments to the program in decades.

Under the updated policy, eligibility restrictions have also tightened for some categories of legal immigrants. Federal law has long barred undocumented immigrants from receiving SNAP benefits.

Data compiled by the Center on Budget and Policy Priorities shows that nearly every state has experienced a decline since the policy took effect.

Alaska, Hawaii, and Kentucky are exceptions, each reporting modest increases.

Meanwhile, SNAP participation in Guam has risen sharply, while Puerto Rico operates under a separate nutrition assistance program.

Several states, including Virginia, Florida, North Carolina, and Tennessee, have reported double-digit percentage declines. In response, some state officials have begun efforts to connect affected residents with employment and volunteer opportunities to help them meet the new requirements.

Arizona has seen the steepest drop, with participation falling by more than half.

According to state data, more than 424,000 fewer residents are receiving benefits, including approximately 181,000 children. State officials attributed much of the decline to the rapid implementation of the new federal rules.

“The expanded work requirements were primarily responsible for the drop,” Brett Bezio, a spokesman for Arizona’s Department of Economic Security, told The Wall Street Journal.

Tyler Durden
Mon, 05/04/2026 – 15:00

Trump Renews Call For Israel To Pardon Teflon Bibi, The “Wartime Prime Minister”

Trump Renews Call For Israel To Pardon Teflon Bibi, The “Wartime Prime Minister”

President Trump has renewed US pressure on some Israeli government decision-makers to grant a pardon to Prime Minister Benjamin Netanyahu as he’s still battling multiple corruption charges, at a moment he has ordered the armed forces to be engaged in several fronts, including in Lebanon. 

Trump told the Israeli outlet Kan News on Sunday, “Tell your president to pardon Bibi. He’s a wartime prime minister. They wouldn’t have Israel if it wasn’t for me and Bibi in that order. You want to have a PM that can focus on the war, not focus on nonsense.”

via Reuters

Trump interestingly tried to flip the script with this statement, at a moment some conservative ‘influencers’ have increasingly attacked the White House for falling too much under Israeli influence. 

But the US President is here saying the White House controls the narrative on Israel and its fate, not the other way around. And yet it also clearly affirms the airtight relationship, at a moment US naval forces are bogged down in trying to open back up the Strait of Hormuz.

Trump is directing his request to pardon Netanyahu to the only top official with the power to make it happen – Israel’s President Issac Herzog.

“I like the guy, Herzog,” Trump said in the fresh remarks. “He will be a national hero if he gives Bibi a pardon. I will very much appreciate it.” Trump has also long charged that this is a “witch hunt” by Bibi’s enemies.

Netanyahu has long been accused, even within Israel, of seeking to prolong Israel’s ‘multi-front’ wars in order to permanently delay the corruption trial and ensure his time in power is extended.

The trial focuses on three corruption cases – including charges of fraud and breach of trust, as well as charges of bribery.

The allegations range from illegally receiving expensive gifts based on political favors, to quid pro quo agreements with some Israeli media sources for more favorable coverage, to authorizing telecom-related regulatory decisions to benefit friends and allies.

In the meantime, Herzog says he does not plan to make a decision before ongoing negotiations with Netanyahu’s legal team have reached conclusion. An October election loss for Netanyahu’s Likud party means he could actually face jail time.

Will Benjamin Netanyahu be the next Prime Minister of Israel?
Yes 47% · No 54%
View full market & trade on Polymarket

However, he’s long been called ‘Teflon Bibi’ for his ability to dodge major political bullets over the years and decades, while staying in power as the country’s longest serving prime minister.

Tyler Durden
Mon, 05/04/2026 – 14:40

Ceasefire Over? US Mum As UAE, Israel Prepare Military Response After Fresh Iranian Cross-Gulf Missile Attack

Ceasefire Over? US Mum As UAE, Israel Prepare Military Response After Fresh Iranian Cross-Gulf Missile Attack

Summary

  • Fujairah says 3 injured in Iranian attack on Oil Industry Zone, UAE confirms “air defenses are now dealing with a missile threat”, we have gotten reports of explosions in Dubai, which has sent oil higher and Emini futures into the red. UAE threatens retaliation

  • CENTCOM hails two US merchant ships exiting Hormuz Strait safely in “first step”. Bessent issues remarks warning the US “will fire if fired upon.”

  • Iran insists Hormuz is under its control & says it targeted & struck a US Navy vessel, which the Pentagon/Central Command has denied.

  • Trump announced Sunday US will ‘help free up’ ships stuck in Hormuz Strait through Project Freedom. Iran has in response issued a “redefined the control zone” in Strait of Hormuz.

  • Pakistan facilities good faith return of Iranian crew members of US-seized merchant ship from two weeks ago.

US x Iran permanent peace deal by June 30, 2026?
Yes 37% · No 64%
View full market & trade on Polymarket

*  *  *

Ceasefire Broken? Israel Awaiting US Greenlight, Trump Downplays

There remain lingering questions over whether the US-Iran ceasefire has definitively broken down with today’s Iranian attack on the UAE, as well as tit-for-tat hostilities in the Persian Gulf area. This as Israeli media says the Netanyahu government is awaiting a ‘green light’ to attack Iran again. Also the UAE is now planning a ‘severe retaliatory response’ and ‘harsh revenge’ against Tehran, per MS Now.

Yet strangely, the latest statement out of CENTCOM doesn’t touch on the question of a broken ceasefire, and President Trump himself has been silent on the matter, per the AP:

Cooper declined to say whether the exchange of hostilities between U.S. and Iranian forces in the Strait of Hormuz today amounted to an end to the ceasefire agreement. Cooper told reporters in a phone call this afternoon that Iran “initiated aggressive behavior” in the strait, according to a readout of the call provided by The Associated Press. “What we saw this morning was Iran initiating aggressive behaviors,” Cooper said. “We are simply going to respond to that.”

Trump’s response:

Meanwhile, amid the looming threat of bigger, renewed war:

UAE SAYS ALL SCHOOLS TO SWITCH TO REMOTE LEARNING

UAE Threatens Military Response

A fresh official statement: “The United Arab Emirates strongly condemns the new Iranian attacks that targeted civilian sites and facilities in the country, using missiles, drones, and cruise missiles, which resulted in the injury of three Indian nationals.”

“The Ministry of Foreign Affairs affirmed in its statement that these attacks constitute a serious and reckless escalation, and a blatant violation of the security and stability of the state, as well as a clear violation of the principles of international law and the United Nations Charter.” And the UAE followed with the threat that it has the right to respond militarily against ongoing “aggression and provocation”: 

The UAE stressed that it will not tolerate any aggression against its security and sovereignty, and that it will respond with full force and firmness to these attacks, in a manner that fully protects its national security and the safety of its citizens and residents, in accordance with international law.

There are further confirmed reports of injuries and a fire at one or more oil facilities:

Three Indian nationals have been injured in the drone attack on Fujairah’s petroleum industrial site being blamed on Iran, the Fujairah Media Office says. The three have been taken to the hospital and their injuries have been termed “moderate”.

UAE, Bahrain, Oman Under Threat

UAE air defences are actively engaging multiple Iranian missile and drone threats today, with the Ministry of Defence confirming four cruise missiles were detected heading toward the country; three were successfully intercepted over territorial waters while the fourth fell into the sea. Explosions have been reported in the Dubai area as air defence systems responded, prompting the National Emergency Crisis and Disaster Management Authority (NCEMA) to issue public safety alerts. In Fujairah, Iranian drones struck the Petroleum Industries Zone, causing a fire at the critical oil export terminal that includes the VTTI facility – the UAE’s key Hormuz-bypass hub. The Fujairah Media Office has confirmed three Indian citizens were moderately injured in the attack, marking the first reported civilian casualties in the current wave. UK Maritime Trade Operations (UKMTO) separately reported suspicious activity and a fire aboard a cargo vessel approximately 36 nautical miles north of Dubai, with cause unknown.  

The incidents unfold against a backdrop of heightened US-Iran tensions in the Strait of Hormuz, where Iran claims control and has warned it will “forcefully stop” vessels violating its regulations, while denying US reports of safe transits under “Project Freedom.” CENTCOM has rejected Iranian claims of striking a US Navy vessel. Markets reacted sharply: Brent crude pushed back toward session highs above $119, E-mini futures turned lower, equities sold off, and the US 30-year Treasury yield rose above 5.01% for the first time since July. The situation remains fluid with conflicting claims on both sides, and further official updates from UAE authorities are expected.

Injuries Reported

The Fujairah Media Office / Emirate has confirmed that 3 Indian citizens/residents were moderately injured in today’s Iranian drone attack on the Fujairah Petroleum Industries Zone (oil industry complex).

  • Injuries are described as moderate (no fatalities reported).
  • This is the first confirmed civilian injuries from the current wave of attacks.
  • The incident is directly linked to the VTTI oil facility strike and the fire reported minutes earlier in the same zone.

Dubai, UAE Oil Infrastructure, Cargo Tankers Reportedly Struck by Iranian Missiles & Drones 

Following reports from the Following a report from the UAE National Emergency Crisis and Disaster that Emirati air defenses are responding to a missile threat, we have seen reports of explosions in Dubai, which has sent oil higher and Emini futures into the red

https://x.com/NCEMAUAE/status/2051337214282596616?s=20

Bloomberg adds that the UAE has detected four missiles coming from Iran

  • *UAE DETECTS FOUR MISSILES COMING FROM IRAN: DEFENSE MINISTRY

At the same time, the UK MTO Operations Center said that it has received reports multiple “Suspicious activities”

  • *UKMTO RECEIVES REPORT OF INCIDENT 36NM NORTH OF DUBAI

  • *UK NAVY: CARGO VESSEL REPORTED A FIRE IN THE ENGINE ROOM

  • *UK NAVY: CAUSE OF THE FIRE IS UNKNOWN AT THIS TIME

Perhaps worst of all, it appears attacks have recommenced on UAE energy infrastructure (specifically, Fujairah – the end point of the pipeline the UAE uses to bypass the Strait of Hormuz).

  • *UAE’S FUJAIRAH SAYS AERIAL ATTACK FROM IRAN

  • *FUJAIRAH: IRAN DRONE ATTACK CAUSES FIRE AT OIL INDUSTRIAL ZONE

  • Operations at the strategic facility have been affected. 

In the fog of war, it is increasingly unclear what is real and what is fiction, but while it is certainly possible that Iran has decided to re-escalate against the UAE, which is now as much of a nemesis as Iran, there is the possibility that the UAE is creating conditions for a false flag, hoping to drag the US into what would now be a “defensive” operation and thus not needing Congressional clearance.

In any case, the market is not happy, with stocks turning red…

… and oil pushing back to session highs.

And bonds are being dumped with 30Y yield back above 5.01% for the first time since July…

Bear in mind what Goldman warned on Friday: 

It feels as though there are a few lines in the sand starting to develop in markets:

  • 120 USD in Crude (note COA roll likely dampens vol a bit today compared to earlier in the week),

  • 4.5% and 5.0% in UST 10/30yrs,

  • 160 in USDJPY

we would be wary of all of these and the proximity to them all adds further fuel to any future resolution risk rally/Dollar sell-off.

Patience is key as always.

Some of those signals have been hit and others are looming.

* * * 

Bessent: Will Fire if Fired Upon

Coinciding with ‘Day 1’ of Trump’s Project Freedom to “guide” stranded vessels out of the heavily contested Strait of Hormuz, Treasury Secretary Scott Bessent has issued fresh remarks and warnings on Monday.

US Treasury Secretary Bessent says US is opening up the strait, we have absolute control of the strait. A quick summary of his main points via Newsquawk:

• Iranians do not have control of the strait.
• Project freedom was not done in coordination with Iran.
• If Iranians want to escalate, we are willing to do so.
• US is firing only when fired upon.
• It is a good time for US partners to step up and pressure Iran.

He further gave a very broad and fuzzy timeline, stating this ‘aberration’ will be over in ‘weeks or months’. At this point, admin officials are careful to avoid calling it a ‘war’ – given it has been 60 days since the start, and there’s the lingering question of Congressional authorization and war powers. Latest out of Hormuz:

Iranian IRGC attack hit a South Korean-linked ship in the Strait of Hormuz. Source: Yonhap

Pentagon: Two US-Flagged Ships Exit Hormuz

On Monday morning, US Central Command announced that within 12 hours after President Trump unveiled ‘Project Freedom’, a pair of US-flagged merchant ships made it out of the Strait of Hormuz. The wording of the statement makes it sound like a US naval escort made this possible – though the degree to which this was the case remains unclear. Below is the CENTCOM statement.

U.S. Navy guided-missile destroyers are currently operating in the Arabian Gulf after transiting the Strait of Hormuz in support of Project Freedom. American forces are actively assisting efforts to restore transit for commercial shipping. As a first step, 2 U.S.-flagged merchant vessels have successfully transited through the Strait of Hormuz and are safely headed on their journey.

This is being hailed as a the latest Pentagon success, however, the reality remains that Washington is celebrating a solution to a problem that did not exist before the launch of Operation Epic Fury. Or in other words, the US is seeking to open the strait which had never been closed prior to the Iran war. Meanwhile…

IRGC Says It Struck US Navy Ship, US Officials Deny

Iran is claiming to have attacked and struck a US Navy vessel, announcing that it stopped US warships from entering the Strait of Hormuz “with a firm and swift warning” and noting that “additional news will be announced later” – a statement by state Tasnim News Agency said. Soon after, Fars news agency said that two missiles hit a US navy vessel near Jask island after it ignored warnings from the IRGC to halt. Jerusalem Post also picked up on the statement, writing:

The ship reportedly turned back after being hit. The report further noted that the missiles had been launched after the US “violated security protocols for transit and navigation near Jask with the intent to pass through the Strait of Hormuz.”

However, soon after Axios stated that a “senior US official denies a US ship was hit by Iranian missiles.” CENTCOM soon after said that no US navy ships have been struck, adding that US forces are supporting Project Freedom and enforcing the naval blockade on Iranian ports. It is the latest claimed major incident soon on the heels of President Trump the night prior announcing “Project Freedom” to “guide” stranded ships out of the Strait of Hormuz. New threats:

But as we also noted, WSJ explained that Project Freedom “is a process through which countries, insurance companies and shipping organizations can coordinate moving traffic through the Strait, according to a senior U.S. official. It doesn’t currently involve U.S. Navy warships escorting vessels through the strait, the official said.” So a lot of confusion remains. UAE meanwhile chimes in with some verification of a strike on a LNG tanker:

  • UAE SAYS ADNOC VESSEL HIT BY TWO IRAN DONRES IN HORMUZ
  • UAE CONDEMNS TARGETING OF ADNOC VESSEL BY DRONES IN HORMUZ

Trump had also said in his Monday Truth Social statement that he is “fully aware that my Representatives are having very positive discussions with the Country of Iran, and that these discussions could lead to something very positive for all.”

Iranian Tanker Crew Swap in Pakistan

Some kind of ‘good faith’ swap is in the works, per Al Jazeera:

The crew members of an Iranian ship that was seized by the United States after it “failed to comply” with the US blockade on Iranian ports have been transferred to Pakistan for repatriation, Pakistan’s Ministry of Foreign Affairs has said.

“As a confidence-building measure by the United States of America, twenty-two crew members held aboard the seized Iranian container ship, ‘MV Touska’, have been evacuated to Pakistan,” the ministry said in a statement on Monday.

Pakistan’s foreign ministry is facilitating their return, after a couple weeks ago the US Navy seized it and characterized the capture of the merchant ship part of the spoils of war.

CNN had reported at the time that “US Central Command (CENTCOM) says the guided-missile destroyer USS Spruance warned the Touska repeatedly over a six-hour period, during which time the container ship was steaming in the Arabian Sea toward Bandar Abbas, Iran.” It was among the earliest direct actions by the US Navy after the US declared a blockade on all Iranian ports.

Iran Warns US It Will Attack

A fresh escalatory warning and rhetoric out of Iran’s military on Monday: US forces will be attacked if they enter the strait, as well as any commercial ship or oil tanker not willingly coordinating their movements with Iran ahead of time. That’s according to Ali Abdollahi, the head of the Iranian military’s unified command, and as cited in Al Jazeera:

“We warn that any foreign armed forces, especially the aggressive US army, will be attacked if they intend to approach and enter the Strait of Hormuz,” the statement said.

All of this means that what Trump touted as an act of “goodwill” has the obvious potential to become a dangerous flashpoint. Some pundits have raised the possibility of a new Gulf of Tonkin incident.

And per BBC, things are already coming to a head:

The Iranian military is claiming it has prevented a US Navy destroyer from entering the Strait of Hormuz.

Iranian state media reports that the public relations arm of the army says: “With a firm and swift warning from the Islamic Republic Navy, the entry of American and Zionist enemy destroyers into the Strait of Hormuz was prevented.”

But it is hard to precisely confirm any of this, also as the Pentagon is mum and not expected to affirm any of Iran’s claimed ‘successes’ in stopping US naval movement in regional waters. There have also been reports of Iranian vessels firing warning shots on a US ship. And according to Axios Monday morning:

A U.S. official said the rules of engagement for U.S. forces in the region have been changed and they were authorized to strike immediate threats against ships that cross the strait, like IRGC fast boats or Iranian missile positions.

Iran’s ‘Control Zone’

Iran has “redefined the control zone” in Strait of Hormuz, stretching from south of Mount Mobarak in Iran to south of UAE’s Fujairah, and from west of Qeshm Island in Iran to Umm al-Quwain in the UAE, according to Tasnim.

A statement from Iranian State TV gives Iran’s perspective on Trump’s new Project Freedom, as it insists the strait is “under the control of the armed forces of the Islamic Republic of Iran”.

via Al Jazeera

Again, all of this directly contradicts Washington’s stance, and the two sides are once again headed toward escalation amid zero sum contrary positions with apparent willingness to use force. As a reminder, Trump had on Sunday described that “For the good of Iran, the Middle East, and the United States, we have told these Countries that we will guide their Ships safely out of these restricted Waterways, so that they can freely and ably get on with their business.”

Some More Regional Developments

via Al Jazeera

  • Two missiles hit a US navy vessel near Jask in the Strait of Hormuz after it ignored warnings from the Revolutionary Guard to halt, state media quote the IRGC as saying.
  • The reported attack comes after US President Donald Trump announced a naval mission, dubbed Project Freedom, to guide stranded ships out of the Strait of Hormuz on Monday.
  • Iran’s Foreign Ministry says it is assessing a response from Washington to its latest 14-point proposal to end the war. Trump had called Tehran’s proposal “unacceptable”.
  • Israel continues to bombard Lebanon, wounding five medics, and has expanded its area of control in Gaza by announcing a so-called “Orange Line”.

Tyler Durden
Mon, 05/04/2026 – 14:20

Deutsche Bank’s Woke ESG Whistleblower Denied Millions By SEC For Tattling To Press

Deutsche Bank’s Woke ESG Whistleblower Denied Millions By SEC For Tattling To Press

In 2021, Deutsche Bank sustainability chief Desiree Fixler thought she was going to make millions after she blew the whistle with claims that the bank did not adhere to its goal of integrating ESG (environmental, social and governance) into all investment decisionsFixler – who worked within the bank’s DWS Group asset management arm – became a witness for the SEC, which fined the bank’s asset-management arm $19 million in 2023.

And had she actually gotten the SEC reward of 10% – 30%, it would have amounted to millions… 

Desiree Fixler, former sustainability chief at DWS, poses for virtuous whistleblower PR in 2021. She’s looking off into the distance imagining how she’ll spend the reward money. 

…however, because Fixler (who was fired) ran to the Wall Street Journal before the SEC, they denied her a payout

The Wall Street Journal previously reported Fixler’s concerns about Deutsche Bank’s ESG business in an August 2021 article.

DWS misled investors about how it integrated ESG criteria into its investing process, Fixler told the Journal. DWS told clients that every investment team used ESG factors to make decisions. But she found a case in which Wirecard AG, a German payments-service provider that went bankrupt in a fraud scandal, ended up in an actively managed ESG fund, which was supposed to promote companies with good governance. 

She filed a complaint with the SEC three days after The Journal’s article appeared. She later spent over 100 hours walking the commission’s staff through Deutsche Bank’s ESG program and how investment firms screen for ESG risks in public companies, she said in an interview. 

The SEC acknowledged in an order denying Fixler’s award request that it opened its investigation based on her statements to the Journal. But it didn’t consider her cooperation to be “voluntary” because she didn’t approach the SEC first. –WSJ

“Where a claimant provides information to a media outlet, and commission staff learn of the allegations from the media outlet, a claimant has not provided the commission with information,” the SEC wrote. 

Fixler and her lawyer, Stephen Kohn, say the SEC’s definition of “voluntary” does not comport with a plain-English meaning of the term, and discourages whistleblowers from using traditional methods of spreading concerns about wrongdoing – the media. 

This is a warning shot to every whistleblower who thinks about going to the press,” said Fixler. 

Maybe she can escort kids to the Hunger Games to make ends meet when ESG finishes destroying the global economy?

Tyler Durden
Mon, 05/04/2026 – 14:00

Largest Viking Age Coin Hoard Ever Found In Norway Shocks Archaeologists

Largest Viking Age Coin Hoard Ever Found In Norway Shocks Archaeologists

Authored by Maria Mocerino,

Hailed as a “historic discovery,” metal detectorists led archaeologists to the largest Viking Age hoard of silver coins ever to be found in Norway, reflecting the Vikings’ extensive network and a pivotal turning point in Norway’s history.

The largest coin hoard in Norwegian history.Innlandet County Council

On April 10, metal detectorists Vegard Sørlie and Rune Sætre uncovered 19 silver coins that quickly turned into an astonishing treasure when archaeologists rushed to the site. The number of coins grew exponentially—initially to 70, then to 500, and eventually to over 1,000.

Archaeologist May-Tove Smiseth described the find, named the “Mørstad Hoard,” as “a once-in-a-lifetime” discovery that surpassed all expectations. Currently, the hoard contains between 2,970 and 3,150 pieces, and archaeologists are still on-site, expecting to unearth even more coins.

Beyond their value as currency and historical artifacts, these coins tell the story of a country transitioning between the 980s and the 1040s, a time when foreign currency dominated and Norway would establish its own mint.

On the brink of a national Norwegian mint

Described as “a national and international event,” the discovery has stunned archaeologists, who call it “absolutely fantastic.”

Few things are as exciting as the Viking Age in Norway.”

A coin from the Mørstad hoard near Rena showing a kings head in profile. The inscription includes the king’s name: EDELRED. Credit: May-Tove Smiseth, Innlandet County Council

The hoard has inspired archaeologists. “This is a truly unique discovery that you may only expect once in your career.” This is it. For archaeologists, this is the Oscar Award of coin hoards.

This coin hoard, “without parallel,” was located in a field near Rena, in Innlandet County. Boasting an “unbelievable” assortment of coins, they provide an exciting snapshot of the country’s economy at a time of deep political shift.

Experts from the Museum of Cultural History in Oslo have examined the coins and found that most are of English and German origin, with some Danish and Norwegian coins among them.

The presence of English and German coins in a Viking hoard raises intriguing questions: why were these foreign coins found in Norway? Principally.

The hoard dates between the 980s and the 1040s. It reflects a peak in Viking power; the “Second Viking Age” encompasses the late 10th and the early 11th centuries. This silver captures this era.

Most of these were minted under Cnut the Great (the height of Viking power), Æthelred II, Otto III, and others. But Harald Hardrada, also represented in this stash, presumably tossed aside as just too much cash, would replace the foreign entities with one currency. He established a national mint.

So the find is exceptional, as a living, breathing, moving history.

How many coins will they find?

Archaeologists continue to beam with excitement, “truly.”

Being present when something like this comes to light is simply a great experience, both professionally and personally,” says archaeologist and senior advisor at Innlandet County Council, May-Tove Smiseth, in a press release.

They are still conducting investigations onsite, expecting to find more of these “capital stashes,” as iron was minted in this region and then exported to Europe, so they were found in an industrial center.

This hoard doesn’t appear to belong to an individual, also distinguishing it from the hoards that tend to surface. It does not reflect the wealth of an affluent individual but rather the state, government, or ruling body. Iron production was booming.

Archaeologists from the Innlandet County Authority and detectorists have collaborated on the find and have been in close dialogue with the Museum of Cultural History and the Directorate for Cultural Heritage.
Innlandet County Authority

Speechless and overjoyed, archaeologists are officially guarding the area, having blocked all access until they complete their investigations. They are even singing the praises of the two metal detectorists.

“What makes this even more gratifying is the way the find has been handled.”

These two pioneering enthusiasts had taken the courses that the county offers to detectorists. They followed the necessary protocol to ensure that this priceless history would fall into the right hands.

Tyler Durden
Mon, 05/04/2026 – 13:40

A Property Tax Rebellion Is Emerging In America

A Property Tax Rebellion Is Emerging In America

Authored by Aaron Gifford via The Epoch Times,

At a petition table inside a Cleveland area gun show on a drizzly Saturday afternoon, citizens talk of an American Dream derailed.

There’s the elderly couple who paid off their mortgage decades ago but can’t afford the property taxes on their home. Their local government, theoretically, can seize the property and auction it off to someone else if the annual bills remain unpaid.

Then there’s the recent retiree who took a part-time job at Lowe’s to pay property taxes on his rental property and avoid raising his tenants’ rent.  

Add empty nesters who can’t downsize to smaller houses because interest rates are too high,  farmers describing an impossible situation, and recent college graduates groaning about moving further away from home to an affordable place.

Show goers, guns and ammo in hand, pause at Beth Blackmarr’s table on their way out and share with her those concerns.

If 413,000 residents throughout the Buckeye State sign a petition before July 1, a public vote to eliminate local property taxes will appear on the November ballot.

If the signature count falls short, whatever is collected can be applied the following year, or however long it takes, said Blackmarr, media coordinator and a main volunteer for the 3,000-plus member Citizens for Property Tax Reform group.

“We are really hurting in Ohio,” she told The Epoch Times. “People never thought they’d be in this situation.”

Beth Blackmarr, a volunteer with Ohio-based Citizens for Property Tax Reform, organizes forms during a petition drive at a gun show near Cleveland on April 25, 2026. The group is seeking enough signatures to place a measure eliminating local property taxes on the November ballot. Aaron Gifford/The Epoch Times

Ohio isn’t alone. Forty-six states and the District of Columbia already have limits on annual local property tax levy increases, and leaders in Florida and Texas are pursuing additional legislation to limit government “flexibility” in how it raises revenues, according to a September report from McKinsey and Co., a global management consulting firm whose clients include state and local governments.

Schools, already strapped for cash, hang in the balance. School districts struggle with declining student enrollment, unfunded mandates, state and federal aid loss largely due to skyrocketing Medicaid costs, and spiking employee health insurance costs.

On the local level, mayors and town boards face similar challenges as they try to continue providing public safety, utilities, and infrastructure services.

Fed-up homeowners say it’s high time to try another way to pay their community’s civil servants, perhaps through higher sales tax or state income tax rates, along with slashing administrative bloat in schools and city halls.

“Let the state find a way where 100 percent of the population pays for education,” Ron Shumate, one of Blackmarr’s volunteers from suburban Cincinnati, told The Epoch Times. “They give profit-making businesses a break, but not us.”

Ron Shumate, 83, a resident and homeowner of Springfield Township in Hamilton County, Ohio, on April 21, 2026. Shumate, a volunteer with Blackmarr’s group, helps to collect signatures to place a measure abolishing property taxes on the ballot. Glenn Hartong for The Epoch Times

Across States and Communities

In Massachusetts, a citizens group in Great Barrington, near Springfield, wants to shift more of the costs for schools and local infrastructure to part-time residents who own vacation homes. If All Band Together gets its way, the current annual property tax on a full-time residence assessed at $200,000, for example, would decrease by $1,293, while the amount for a seasonal home with the same assessment would increase by $356, according to the group’s website.

In Minnesota and North Dakota, Republican lawmakers have proposed a cap on property tax increases based on the rate of inflation and population growth. If the rate of inflation is 3 percent and the population of a community grows by 1 percent, for example, then the increase cap for the taxing entity would be 3.5 percent. Overriding the cap would require voter approval.

John Phelan, an economist for Minnesota-based Center of the American Experiment, which wrote the model legislation for both states, said the proposal was prompted by property tax hikes last year of between 8 percent and 9.5 percent in some counties. School boards decide on annual district operating budgets and subsequent tax levies; voters only have a say on major expenditures beyond personnel and fixed costs, such as the creation of a multimillion-dollar technology fund.

“The burden shouldn’t be driven by asset values,” Phelan told The Epoch Times. “If [school districts] want to spend more money, they should get permission from the population.”

In Montana, Republican state lawmakers are pursuing a 2 percent cap on property tax hikes for local government funding, but not for schools, which consume about 55 percent of property tax revenues.

Kendall Cotton, president and CEO of the Frontier Institute research and policy center, called the legislation a good start, but said more relief is needed, as home appraisals in growing communities increased by 60 percent this year, resulting in double-digit property tax hikes.

“These big jumps put a lot of pressure on the system, but governments have not been responding in kind,” Cotton told The Epoch Times.

He cited an example of a school district near the state capital, where taxpayers were asked on short notice to cover expensive boiler replacements ahead of Montana’s frigid winter. That project should have been paid in full with the federal COVID-19 relief aid years earlier, considering the heating equipment was approaching the end of its life cycle. Instead, school leaders used the grants to hire more administrators and mental health counselors.

“Misplaced priorities,” he said. “People are really being taxed out of their homes. We are just renting from the government.”

Members of Nebraska’s Epic Option citizen group, like their peers in Ohio, are collecting signatures for a ballot initiative to eliminate property taxes. They paused their efforts to obtain the required 160,000 signatures this year and instead will focus on 2028, according to the group’s website.

A pen and petition at Ron Shumate’s home in Springfield Township, Ohio, on April 21, 2026. Shumate said the state should find alternative revenue sources to fund schools and local government. Glenn Hartong for The Epoch Times

Texas Gov. Greg Abbott suggested eliminating school property taxes, and Florida state lawmakers have proposed ending local government property taxes but not school taxes.

A bill in the Georgia state legislature calls for phasing out property taxes and increasing the sales tax. A similar bill was introduced in Pennsylvania. Various property tax reform measures have been proposed in Idaho, Illinois, Indiana, Iowa, Kansas, Oklahoma, South Dakota, and Wyoming, according to their respective state legislature websites.

School Budget Woes

More than one-third of U.S. public school funding comes from local property taxes, while the remainder is provided by state and federal aid, as well as municipal and state sales taxes, according to the National Center for Education Statistics. Some states also apply lottery and gambling revenues.

All told, K–12 spending across the country now exceeds $1 trillion, the Edunomics Lab at Georgetown University reported on April 23.

It also said public per-student spending ranges from about $11,000 in Idaho to more than $31,887 in the District of Columbia. Staffing and school tax rates continue to increase in most districts, while student enrollment decreases.

Typical state and federal aid formulas are based on enrollment, so districts must either cut costs or raise local taxes to offset the decreasing amount of per-student aid. The dependence on $189 billion in federal COVID-19 pandemic relief money, which prompted massive hiring sprees but is now exhausted, has exacerbated the financial crisis in many districts that serve low-income communities with large populations of special needs students.

Morse High School students in Bath, Maine, on Dec. 4, 2025. More than a third of U.S. public school funding comes from local property taxes, while the remainder is provided by state and federal aid, as well as municipal and state sales taxes, according to the National Center for Education Statistics. Samira Bouaou/The Epoch Times

The Buffalo, New York, city school district, for example, added 900 workers between 2018 and 2025—including a 569 percent increase in administrative and central office employees—even though enrollment decreased by 11 percent, or 3,679 students, according to the Edunomics Lab.

Buffalo City School District officials previously told The Epoch Times that they implemented a four-year plan to eliminate more than 400 positions, mostly through attrition, and close two school buildings after 2026.

Nationally, public K–12 enrollment decreased by about 900,500 students in the past decade, while staffing during the same time period increased by about 700,000, or 11.9 percent, according to the Edunomics Lab. The organization also reported planned school layoffs or staff reductions this year in Boston; Cleveland; Milwaukee; Las Vegas; Los Angeles; San Diego; San Francisco; Fresno, California; Richmond, Virginia; Tulsa, Oklahoma; Toledo, Ohio; Anchorage, Alaska; Cedar Rapids, Iowa;  Fort Lauderdale, Florida;  and “countless small and mid-sized districts.”

“This isn’t temporary,” the Edunomics Lab said in an email to The Epoch Times. “It’s a reset.”

Rising Property Values, Higher Taxes

Local property taxes for funding schools and municipal governments are typically based on a $1,000 rate of a home’s assessed value. It’s expected that assessed values in most places are below what a property would sell for, though town, city, and county assessors are tasked with revaluing homes on a regular basis based on changing market values. Higher assessments equal more money for taxing entities.

In addition to school tax increase caps and percentage limits on the taxable values levied on a property, many states, including Ohio, offer slight discounts to low-income households, particularly those owned by seniors who rely on Social Security.

Still, opponents say, stagnant wage growth isn’t keeping up with inflation plus annual property tax increases.

Blackmarr said the monthly property taxes on her home in Lakewood, Ohio, total $383, or $31 more than the principal and interest payments on her mortgage. In 2007, her property taxes on the same house accounted for only 15 percent of the monthly payment, compared to nearly 50 percent today.

She knows of a 58-year-old property owner who extended his mortgage for at least another 30 years because increased property tax and home insurance rates recently pushed his monthly payments, which he began in 2001, out of reach.

Shumate, 83, is bracing for a big bill: A neighbor just sold a much smaller home for $348,000— more than twice as much as Shumate paid for his house seven years ago; the last municipal appraisal in the neighborhood took place in 2021. He believes he can afford higher taxes but worries about his neighbors. The system also discourages homeowners from improving their properties with additions, renovations, or swimming pools.

“The American dream is to own a home, work for at least 30 years, pay it off, retire 10 years later, and be comfortable,” he said. “If you’re relying on Social Security, that won’t happen.”

Taxpayers Want Their Say

The process for authorizing school district budgets varies across the country, with many states requiring voter approval for tax increases related to operational costs and major purchases, but not labor contracts.

Some allow residents to decide on local school board candidates, but not district spending plans, unless the proposal exceeds the state cap for property tax increases.

Either way, massive expenditures for things such as bus fleets, new athletic facilities, technology investments, or the creation of a new dedicated fund often require a public referendum.

In Western Massachusetts, voters in the South Hadley school district on April 14 rejected an override proposition that would raise property taxes by up to 50 percent to maintain all current staffing and programs. Now, school leaders there are poised to cut several administrator and teaching jobs, Advanced Placement courses, music classes, and all sports and extracurricular activities, according to documents on the district website.

Members of the Massachusetts Fiscal Alliance citizens’ group celebrated the outcome.

“People are tired of being taxed to death and seeing the money stolen,” a supporter posted on the group’s Facebook page.

In Minnesota, lawmakers approved enhanced summer unemployment benefits for school bus drivers and then eliminated them a year later because of the growing state budget deficit. Voters in most districts, Phelan said, probably wouldn’t have approved it in the first place; nor would they approve the progressive curricula mandates or taxpayer contributions to the teacher retirement fund.

In Ohio, the passage rate in public votes to override property tax hikes above the state cap reached a low of 19 percent in 2024, compared to a historical passing rate of 37 percent, according to the McKinsey report.

Ohioan Gene Wodzisz purchased his home, a bungalow in the town of Parma, 53 years ago for $42,000. The improvements and additions made to the property have significantly increased its taxable value in recent years.

Wodzisz told The Epoch Times that he can cover the taxes but disagrees in principle: He paid for his own children’s private school tuition while also contributing to local public schools for more than half a century now.

“I understand when it’s for families that don’t have much money, but if you’re making $100,000?  Let’s be reasonable. Parents need to pay closer attention to their school boards,” he said.

Tyler Durden
Mon, 05/04/2026 – 13:10

UAE Threatens Military Response After Iran Missile Attack Results In Injuries, Fire At Key Oil Site

UAE Threatens Military Response After Iran Missile Attack Results In Injuries, Fire At Key Oil Site

Summary

  • Fujairah says 3 injured in Iranian attack on Oil Industry Zone, UAE confirms “air defenses are now dealing with a missile threat”, we have gotten reports of explosions in Dubai, which has sent oil higher and Emini futures into the red. UAE threatens retaliation

  • CENTCOM hails two US merchant ships exiting Hormuz Strait safely in “first step”. Bessent issues remarks warning the US “will fire if fired upon.”

  • Iran insists Hormuz is under its control & says it targeted & struck a US Navy vessel, which the Pentagon/Central Command has denied.

  • Trump announced Sunday US will ‘help free up’ ships stuck in Hormuz Strait through Project Freedom. Iran has in response issued a “redefined the control zone” in Strait of Hormuz.

  • Pakistan facilities good faith return of Iranian crew members of US-seized merchant ship from two weeks ago.

US x Iran permanent peace deal by June 30, 2026?
Yes 37% · No 64%
View full market & trade on Polymarket

UAE Threatens Military Response

A fresh official statement: “The United Arab Emirates strongly condemns the new Iranian attacks that targeted civilian sites and facilities in the country, using missiles, drones, and cruise missiles, which resulted in the injury of three Indian nationals.”

“The Ministry of Foreign Affairs affirmed in its statement that these attacks constitute a serious and reckless escalation, and a blatant violation of the security and stability of the state, as well as a clear violation of the principles of international law and the United Nations Charter.” And the UAE followed with the threat that it has the right to respond militarily against ongoing “aggression and provocation”: 

The UAE stressed that it will not tolerate any aggression against its security and sovereignty, and that it will respond with full force and firmness to these attacks, in a manner that fully protects its national security and the safety of its citizens and residents, in accordance with international law.

There are further confirmed reports of injuries and a fire at one or more oil facilities:

Three Indian nationals have been injured in the drone attack on Fujairah’s petroleum industrial site being blamed on Iran, the Fujairah Media Office says. The three have been taken to the hospital and their injuries have been termed “moderate”.

UAE, Bahrain, Oman Under Threat

UAE air defences are actively engaging multiple Iranian missile and drone threats today, with the Ministry of Defence confirming four cruise missiles were detected heading toward the country; three were successfully intercepted over territorial waters while the fourth fell into the sea. Explosions have been reported in the Dubai area as air defence systems responded, prompting the National Emergency Crisis and Disaster Management Authority (NCEMA) to issue public safety alerts. In Fujairah, Iranian drones struck the Petroleum Industries Zone, causing a fire at the critical oil export terminal that includes the VTTI facility – the UAE’s key Hormuz-bypass hub. The Fujairah Media Office has confirmed three Indian citizens were moderately injured in the attack, marking the first reported civilian casualties in the current wave. UK Maritime Trade Operations (UKMTO) separately reported suspicious activity and a fire aboard a cargo vessel approximately 36 nautical miles north of Dubai, with cause unknown.  

The incidents unfold against a backdrop of heightened US-Iran tensions in the Strait of Hormuz, where Iran claims control and has warned it will “forcefully stop” vessels violating its regulations, while denying US reports of safe transits under “Project Freedom.” CENTCOM has rejected Iranian claims of striking a US Navy vessel. Markets reacted sharply: Brent crude pushed back toward session highs above $119, E-mini futures turned lower, equities sold off, and the US 30-year Treasury yield rose above 5.01% for the first time since July. The situation remains fluid with conflicting claims on both sides, and further official updates from UAE authorities are expected.

Injuries Reported

The Fujairah Media Office / Emirate has confirmed that 3 Indian citizens/residents were moderately injured in today’s Iranian drone attack on the Fujairah Petroleum Industries Zone (oil industry complex).

  • Injuries are described as moderate (no fatalities reported).
  • This is the first confirmed civilian injuries from the current wave of attacks.
  • The incident is directly linked to the VTTI oil facility strike and the fire reported minutes earlier in the same zone.

Dubai, UAE Oil Infrastructure, Cargo Tankers Reportedly Struck by Iranian Missiles & Drones 

Following reports from the Following a report from the UAE National Emergency Crisis and Disaster that Emirati air defenses are responding to a missile threat, we have seen reports of explosions in Dubai, which has sent oil higher and Emini futures into the red

https://x.com/NCEMAUAE/status/2051337214282596616?s=20

Bloomberg adds that the UAE has detected four missiles coming from Iran

  • *UAE DETECTS FOUR MISSILES COMING FROM IRAN: DEFENSE MINISTRY

At the same time, the UK MTO Operations Center said that it has received reports multiple “Suspicious activities”

  • *UKMTO RECEIVES REPORT OF INCIDENT 36NM NORTH OF DUBAI

  • *UK NAVY: CARGO VESSEL REPORTED A FIRE IN THE ENGINE ROOM

  • *UK NAVY: CAUSE OF THE FIRE IS UNKNOWN AT THIS TIME

Perhaps worst of all, it appears attacks have recommenced on UAE energy infrastructure (specifically, Fujairah – the end point of the pipeline the UAE uses to bypass the Strait of Hormuz).

  • *UAE’S FUJAIRAH SAYS AERIAL ATTACK FROM IRAN

  • *FUJAIRAH: IRAN DRONE ATTACK CAUSES FIRE AT OIL INDUSTRIAL ZONE

  • Operations at the strategic facility have been affected. 

In the fog of war, it is increasingly unclear what is real and what is fiction, but while it is certainly possible that Iran has decided to re-escalate against the UAE, which is now as much of a nemesis as Iran, there is the possibility that the UAE is creating conditions for a false flag, hoping to drag the US into what would now be a “defensive” operation and thus not needing Congressional clearance.

In any case, the market is not happy, with stocks turning red…

… and oil pushing back to session highs.

And bonds are being dumped with 30Y yield back above 5.01% for the first time since July…

Bear in mind what Goldman warned on Friday: 

It feels as though there are a few lines in the sand starting to develop in markets:

  • 120 USD in Crude (note COA roll likely dampens vol a bit today compared to earlier in the week),

  • 4.5% and 5.0% in UST 10/30yrs,

  • 160 in USDJPY

we would be wary of all of these and the proximity to them all adds further fuel to any future resolution risk rally/Dollar sell-off.

Patience is key as always.

Some of those signals have been hit and others are looming.

* * * 

Bessent: Will Fire if Fired Upon

Coinciding with ‘Day 1’ of Trump’s Project Freedom to “guide” stranded vessels out of the heavily contested Strait of Hormuz, Treasury Secretary Scott Bessent has issued fresh remarks and warnings on Monday.

US Treasury Secretary Bessent says US is opening up the strait, we have absolute control of the strait. A quick summary of his main points via Newsquawk:

• Iranians do not have control of the strait.
• Project freedom was not done in coordination with Iran.
• If Iranians want to escalate, we are willing to do so.
• US is firing only when fired upon.
• It is a good time for US partners to step up and pressure Iran.

He further gave a very broad and fuzzy timeline, stating this ‘aberration’ will be over in ‘weeks or months’. At this point, admin officials are careful to avoid calling it a ‘war’ – given it has been 60 days since the start, and there’s the lingering question of Congressional authorization and war powers. Latest out of Hormuz:

Iranian IRGC attack hit a South Korean-linked ship in the Strait of Hormuz. Source: Yonhap

Pentagon: Two US-Flagged Ships Exit Hormuz

On Monday morning, US Central Command announced that within 12 hours after President Trump unveiled ‘Project Freedom’, a pair of US-flagged merchant ships made it out of the Strait of Hormuz. The wording of the statement makes it sound like a US naval escort made this possible – though the degree to which this was the case remains unclear. Below is the CENTCOM statement.

U.S. Navy guided-missile destroyers are currently operating in the Arabian Gulf after transiting the Strait of Hormuz in support of Project Freedom. American forces are actively assisting efforts to restore transit for commercial shipping. As a first step, 2 U.S.-flagged merchant vessels have successfully transited through the Strait of Hormuz and are safely headed on their journey.

This is being hailed as a the latest Pentagon success, however, the reality remains that Washington is celebrating a solution to a problem that did not exist before the launch of Operation Epic Fury. Or in other words, the US is seeking to open the strait which had never been closed prior to the Iran war. Meanwhile…

IRGC Says It Struck US Navy Ship, US Officials Deny

Iran is claiming to have attacked and struck a US Navy vessel, announcing that it stopped US warships from entering the Strait of Hormuz “with a firm and swift warning” and noting that “additional news will be announced later” – a statement by state Tasnim News Agency said. Soon after, Fars news agency said that two missiles hit a US navy vessel near Jask island after it ignored warnings from the IRGC to halt. Jerusalem Post also picked up on the statement, writing:

The ship reportedly turned back after being hit. The report further noted that the missiles had been launched after the US “violated security protocols for transit and navigation near Jask with the intent to pass through the Strait of Hormuz.”

However, soon after Axios stated that a “senior US official denies a US ship was hit by Iranian missiles.” CENTCOM soon after said that no US navy ships have been struck, adding that US forces are supporting Project Freedom and enforcing the naval blockade on Iranian ports. It is the latest claimed major incident soon on the heels of President Trump the night prior announcing “Project Freedom” to “guide” stranded ships out of the Strait of Hormuz. New threats:

But as we also noted, WSJ explained that Project Freedom “is a process through which countries, insurance companies and shipping organizations can coordinate moving traffic through the Strait, according to a senior U.S. official. It doesn’t currently involve U.S. Navy warships escorting vessels through the strait, the official said.” So a lot of confusion remains. UAE meanwhile chimes in with some verification of a strike on a LNG tanker:

  • UAE SAYS ADNOC VESSEL HIT BY TWO IRAN DONRES IN HORMUZ
  • UAE CONDEMNS TARGETING OF ADNOC VESSEL BY DRONES IN HORMUZ

Trump had also said in his Monday Truth Social statement that he is “fully aware that my Representatives are having very positive discussions with the Country of Iran, and that these discussions could lead to something very positive for all.”

Iranian Tanker Crew Swap in Pakistan

Some kind of ‘good faith’ swap is in the works, per Al Jazeera:

The crew members of an Iranian ship that was seized by the United States after it “failed to comply” with the US blockade on Iranian ports have been transferred to Pakistan for repatriation, Pakistan’s Ministry of Foreign Affairs has said.

“As a confidence-building measure by the United States of America, twenty-two crew members held aboard the seized Iranian container ship, ‘MV Touska’, have been evacuated to Pakistan,” the ministry said in a statement on Monday.

Pakistan’s foreign ministry is facilitating their return, after a couple weeks ago the US Navy seized it and characterized the capture of the merchant ship part of the spoils of war.

CNN had reported at the time that “US Central Command (CENTCOM) says the guided-missile destroyer USS Spruance warned the Touska repeatedly over a six-hour period, during which time the container ship was steaming in the Arabian Sea toward Bandar Abbas, Iran.” It was among the earliest direct actions by the US Navy after the US declared a blockade on all Iranian ports.

Iran Warns US It Will Attack

A fresh escalatory warning and rhetoric out of Iran’s military on Monday: US forces will be attacked if they enter the strait, as well as any commercial ship or oil tanker not willingly coordinating their movements with Iran ahead of time. That’s according to Ali Abdollahi, the head of the Iranian military’s unified command, and as cited in Al Jazeera:

“We warn that any foreign armed forces, especially the aggressive US army, will be attacked if they intend to approach and enter the Strait of Hormuz,” the statement said.

All of this means that what Trump touted as an act of “goodwill” has the obvious potential to become a dangerous flashpoint. Some pundits have raised the possibility of a new Gulf of Tonkin incident.

And per BBC, things are already coming to a head:

The Iranian military is claiming it has prevented a US Navy destroyer from entering the Strait of Hormuz.

Iranian state media reports that the public relations arm of the army says: “With a firm and swift warning from the Islamic Republic Navy, the entry of American and Zionist enemy destroyers into the Strait of Hormuz was prevented.”

But it is hard to precisely confirm any of this, also as the Pentagon is mum and not expected to affirm any of Iran’s claimed ‘successes’ in stopping US naval movement in regional waters. There have also been reports of Iranian vessels firing warning shots on a US ship. And according to Axios Monday morning:

A U.S. official said the rules of engagement for U.S. forces in the region have been changed and they were authorized to strike immediate threats against ships that cross the strait, like IRGC fast boats or Iranian missile positions.

Iran’s ‘Control Zone’

Iran has “redefined the control zone” in Strait of Hormuz, stretching from south of Mount Mobarak in Iran to south of UAE’s Fujairah, and from west of Qeshm Island in Iran to Umm al-Quwain in the UAE, according to Tasnim.

A statement from Iranian State TV gives Iran’s perspective on Trump’s new Project Freedom, as it insists the strait is “under the control of the armed forces of the Islamic Republic of Iran”.

via Al Jazeera

Again, all of this directly contradicts Washington’s stance, and the two sides are once again headed toward escalation amid zero sum contrary positions with apparent willingness to use force. As a reminder, Trump had on Sunday described that “For the good of Iran, the Middle East, and the United States, we have told these Countries that we will guide their Ships safely out of these restricted Waterways, so that they can freely and ably get on with their business.”

Some More Regional Developments

via Al Jazeera

  • Two missiles hit a US navy vessel near Jask in the Strait of Hormuz after it ignored warnings from the Revolutionary Guard to halt, state media quote the IRGC as saying.
  • The reported attack comes after US President Donald Trump announced a naval mission, dubbed Project Freedom, to guide stranded ships out of the Strait of Hormuz on Monday.
  • Iran’s Foreign Ministry says it is assessing a response from Washington to its latest 14-point proposal to end the war. Trump had called Tehran’s proposal “unacceptable”.
  • Israel continues to bombard Lebanon, wounding five medics, and has expanded its area of control in Gaza by announcing a so-called “Orange Line”.

Tyler Durden
Mon, 05/04/2026 – 12:50

Cigna To Exit Obamacare In 2027 Amid Rising Costs

Cigna To Exit Obamacare In 2027 Amid Rising Costs

Authored by Mary Prenon via The Epoch Times,

The Cigna Group, one of the country’s largest health services and insurance firms, is joining others, including Aetna and UnitedHealthcare, in divesting its individual health exchange business.

By the end of 2026, Cigna Group will no longer offer insurance through the Affordable Care Act (ACA), also known as “Obamacare,” the company said during its April 30 earnings call.

According to its first-quarter earnings report, as of March 31, the company’s individual exchange business had 369,000 members in individual and family plans.

“We did not make this decision lightly, and appreciate the importance of ensuring patients have continuity through the transition,” Brian Evanko, Cigna Group’s president, chief operating officer, and incoming CEO, said during the earnings call.

“Looking to the future, there’s no question that the status quo in healthcare is unsustainable. Costs continue to rise, as does demand for healthcare services, an untenable equation,” he said.

“We will support members through their open enrollment transitions into 2027.”

Cigna’s decision comes after other health insurance companies, such as CVS Health and UnitedHealthcare, divested insurance business under the ACA.

In its first-quarter 2025 earnings report, released on Feb. 10, CVS Health announced that it was exiting its individual exchange business, where its health insurance arm, Aetna, independently operates ACA plans, beginning in 2026.

Years earlier, UnitedHealthcare said in a filing to the Securities and Exchange Commission in December 2016 that its Employer and Individual program would participate in individual public exchanges in only three states in 2017, a sharp reduction from 34 states in 2016.

At the beginning of this year, the Alliance of Safety-net Hospitals predicted that expiring tax credits for buying health insurance under ACA exchanges could affect nearly 4.8 million people in 2026, as the cost of such plans continues to escalate.

Evanko said Cigna’s decision to vacate the individual healthcare business now is necessary in order to support the firm’s strategic direction for the future. This will allow the insurer to focus its efforts on enhancing customer service with streamlined pharmacy services and additional system improvements.

Evanko noted that over the years, Cigna has continued to add or subtract from its portfolio as needed to position its core healthcare business for sustainable growth.

Last year, Cigna divested its group life and disability business, touting the recent sale of its Medicare businesses.

“Divesting each of these assets enabled greater focus and investment in the remaining businesses within our portfolio, supporting our forward-looking growth path,” he noted.

However, in 2025, Cigna acquired CarepathRx, a pharmacy service dealing with more than 40 health systems and 1,000 hospitals. Last year, Cigna also invested in Shields Health Solutions, which allows it to partner with hospitals and health systems serving patients with complex needs or requiring specialty medications.

Cigna’s first-quarter earnings of $68.52 billion outpaced market expectations of $66.2 billion. Its earnings per share of $7.79 also exceeded the forecasted $7.61.

However, the company’s shares declined by 2.64 percent on May 1, closing at $282.90.

Going forward, Evanko said the insurer plans to continue embracing data and modern technology to improve customer satisfaction and offer more personalized services.

Evanko noted that Cigna has also introduced Signature, its new rebate-free pharmacy benefits model.

According to Evanko, high-cost branded prescriptions represent about 10 percent of all prescriptions nationwide, but nearly 90 percent of total drug spending. The new Signature model is designed with the patient at the center, and its Price Assure capacity guarantees consumers the lowest possible out-of-pocket costs when filling their prescriptions.

Cigna expects the Signature model to become standard in 2028 and for at least 50 percent of its Evernorth Pharmacy Benefit Services members to be enrolled in Signature by the end of 2028.

Tyler Durden
Mon, 05/04/2026 – 12:40

3 Dead, 149 Trapped Onboard: Track Cruise Ship With Suspected Deadly Virus Outbreak

3 Dead, 149 Trapped Onboard: Track Cruise Ship With Suspected Deadly Virus Outbreak

A luxury cruise ship carrying 149 passengers and crew is facing a suspected hantavirus outbreak that has already left three people dead. The vessel is currently anchored offshore near Cape Verde, the island nation in the central Atlantic off the west coast of Africa, as health officials rush to assess the scale of the outbreak.

The MV Hondius is currently anchored offshore near Praia, the capital and largest city of Cape Verde. Ship-tracking data show the vessel anchored just off the coast on Sunday after transiting from Argentina, with its prior voyage originating near the Antarctic Peninsula.

Track the virus-plagued ship.

Hondius’s operator, Oceanwide Expeditions, told BBC News that a Dutch husband and wife, as well as a German national, had died but did not reveal the cause of death. However, the Dutch company said hantavirus was confirmed in a 69-year-old UK national who is in intensive care in Johannesburg, South Africa.

The main transmission risk of the deadly virus to humans is through infected rodent urine, droppings, saliva, or contaminated dust, especially in poorly ventilated areas. People can inhale contaminated particles when rodent waste is disturbed.

Oceanwide Expeditions confirmed two other crew members on board “with acute respiratory symptoms, one mild and one severe.

“It is not entirely uncommon for rodents to hitch a ride on a ship, which would be one possibility,” Charlotte Hammer, assistant professor and infectious disease epidemiologist at the University of Cambridge, told the UK Science Media Center.

Hammer noted, “People having been infected when the ship last made port in Argentina is another possibility. The last possibility would be human-to- human transmission, which, particularly at scale, would be very unlikely.”

Bloomberg quoted the World Health Organization, which is “facilitating coordination between member states and the ship’s operators for medical evacuation of two symptomatic passengers, as well as a full public health risk assessment and support to the remaining passengers on board.”

This is yet another reminder of why cruises are a terrible way to spend a holiday.

Tyler Durden
Mon, 05/04/2026 – 12:20