logo
Doug Ford's Bill 5 is now law in Ontario. Here's what happens next

Doug Ford's Bill 5 is now law in Ontario. Here's what happens next

Yahoo4 days ago

Now that Ontario's controversial Bill 5 is law, all eyes are on what Premier Doug Ford does with the new powers it gives his government.
Bill 5, also called the Protecting Ontario by Unleashing Our Economy Act, empowers the government (among other things) to create special economic zones, where cabinet can exempt companies or projects from having to comply with any provincial law, provincial regulation or municipal bylaw.
Ford pitches Bill 5 as a way of shoring up Ontario's economy in the face of Donald Trump's tariffs by speeding up major infrastructure and resource projects.
Ford's officials insist the government won't exempt any company in a special economic zone from Ontario's minimum wage rules or other labour laws.
But the wide-open way the legislation is written would allow cabinet to hand out exemptions from any law, whether labour, environmental or operational.
Asked this week which laws he's considering overriding with Bill 5 — and whether any laws are off the table for such exemptions — Ford offered no specifics.
WATCH | Your quick guide to Bill 5:
"I just want to speed up the process," he said during a news conference on Thursday, moments after Bill 5 received Royal Assent, making it law.
Ford then talked of how long it takes for a mine to get into production, an issue that is actually tackled in a different part of Bill 5: revisions to the Mining Act designed to shorten Ontario's approval process to two years from the current four years.
Pressed again on which laws he would exempt companies from in the special economic zones, Ford said every situation is different.
Ford wants to move 'as quickly as possible'
"Let's see what companies come to the table, and depending on how quickly we can get opportunities and jobs, we'll reveal them," Ford said.
Ford wants Ontario's first special economic zone to be the Ring of Fire mineral deposit, some 500 kilometres northeast of Thunder Bay, in the heart of Treaty 9 territory. The area is said to be full of so-called critical minerals, such as cobalt, lithium and nickel, in high demand for the tech industry.
The premier said on Thursday that he wants to make the Ring of Fire a special economic zone "as quickly as possible" but has also said he won't do so without consulting with First Nations
Energy and Mines Minister Stephen Lecce says the province is already "consulting meaningfully" with First Nations and will continue to do so over the coming months.
"We're all going to be part of this endeavour to really listen to those voices and help build a common vision for responsible resource development that unlocks the bounty of the resource, to change the lives of northerners and to ensure Indigenous share in that bounty," Lecce said alongside Ford at Thursday's news conference inside Queen's Park.
The skepticism from many First Nations leaders is palpable.
The Chiefs of Ontario invited Ford to attend their annual assembly June 17 to 19 and sent Ford a message that his attendance would mark the start of consultations on Bill 5.
"This legislation, introduced without prior consultation with First Nations rights holders, raises serious concerns due to its far-reaching implications on inherent Treaty rights and community obligations to the land, waters, and wildlife," says the invitation letter from Ontario Regional Chief Abram Benedict.
The Chiefs of Ontario, the umbrella group representing more than 130 First Nations across the province, are warning of "resistance, on the ground, and in the courts" against Bill 5.
WATCH | What the 'duty to consult' First Nations means for governments:
One thing to watch for in the months to come is whether the provincial government's push to fast-track the Ring of Fire is replicated by the federal government.
Ford put the Ring of Fire at the top of his list presented to Prime Minister Mark Carney for consideration as a potential nation-building project.
Ford calls Carney 'Santa Claus'
Carney asked all the premiers to come to last Monday's First Ministers Meeting in Saskatoon with their ideas of projects that would be "in the national interest," either by helping to diversify the Canadian economy or to reach new export markets. It's now up to Carney to decide which projects merit federal backing, whether through fast-track approvals or funding.
Ford described Carney as Santa Claus for this approach. But to make the metaphor accurate, it means Ford and his fellow premiers have merely written their letters to Santa Claus, and they now have to wait until Christmas comes to find out whether Santa brings them what they asked for.
The other items on Ford's list are also projects that could be designated special economic zones: new nuclear power plants, a new deep-sea port on James Bay, Ford's vision of a tunnel under Highway 401 through Toronto, and an expansion of the GO Transit network.
If Carney endorses any of these, you can expect the Ford government will use its Bill 5 powers to speed up the process of moving that project from endorsement to reality.
On Friday, Carney's Liberals tabled a bill in the House of Commons called the One Canadian Economy Act, designed in part to speed up the approval process of major infrastructure projects, a goal similar to Ontario's Bill 5.
One line in the text of Bill 5 says its purpose is making Ontario "the best place in the G7 to invest, create jobs and do business."
Economic Development, Job Creation and Trade Minister Vic Fedeli, whose chief role is attracting companies to the province, says investors around the world are hoarding capital in hopes of some economic certainty.
Will Bill 5 attract investment?
"That capital that's building up needs to unleash, and we want them to know that when they come to Ontario, it can be unleashed very quickly here," Fedeli said at the news conference alongside Ford and Lecce.
Having Bill 5 powers on the books means Ontario could try to entice investors to set up shop in a special economic zone, but officials won't say whether that incentive is now being dangled at any particular companies.
More questions remain on how exactly the government will use other powers it obtained through Bill 5, such as the power to ignore the independent scientific committee that determines whether a species is endangered or threatened in Ontario.
You can expect a backlash from conservation groups whenever the government uses that power, for instance by scrapping measures that would protect the habitat of a species at risk. What's unknown is when, where and with what species the government will take such a step.
Another 'watch this space' related to Bill 5: what happens with the expansion of a landfill on the edge of the southwestern Ontario town of Dresden, which the legislation exempts from having to go through a comprehensive environmental assessment.
Local residents say they're not giving up their efforts to halt the project, while the company behind is welcoming the opportunity of "moving forward with our plan."

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Adobe beats Q2 estimates, raises guidance on AI innovations
Adobe beats Q2 estimates, raises guidance on AI innovations

Yahoo

timean hour ago

  • Yahoo

Adobe beats Q2 estimates, raises guidance on AI innovations

Adobe (ADBE) shares are getting an initial lift in Thursday's extended hours right after releasing fiscal second quarter results, posting revenue of $5.87 billion (vs. estimates of $5.8 billion) and adjusted earnings per share of $5.06 (vs. estimates of $4.98 per share). Julie Hyman and Josh Lipton dive into the creative software company's earnings print, as the company outdid Wall Street's third quarter revenue and earnings forecasts, and Adobe's AI investment affirmations. To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here.

Equifax Secures 35 New Patents, Advancing Responsible AI, Machine Learning, and Fraud & Identity Solutions
Equifax Secures 35 New Patents, Advancing Responsible AI, Machine Learning, and Fraud & Identity Solutions

Yahoo

timean hour ago

  • Yahoo

Equifax Secures 35 New Patents, Advancing Responsible AI, Machine Learning, and Fraud & Identity Solutions

New Patents Secured in the First Half of 2025 Help Drive Responsible AI Innovation and Create More Effective Insights for Customers ATLANTA, June 12, 2025 /PRNewswire/ -- Equifax® (NYSE: EFX) has secured 35 new patents in the first half of 2025. These new patents, which bring the number of Equifax issued or pending patents to nearly 650 patents spanning 15 countries, encompass distinctive techniques in artificial intelligence and machine learning, data & analytics, cybersecurity, and identity & fraud solutions. Patents protect the unique innovations created for the benefit of the businesses, customers and consumers Equifax serves in 24 countries around the world. "With innovation made possible by the Equifax Cloud™, our latest patents reflect our continued commitment to developing new technologies and solutions that empower our customers to drive greater access to financial opportunity to more people in more places," said Harald Schneider, Chief Data & Analytics Officer at Equifax. "We have more than 1,000 Equifax analytics professionals across the globe dedicated to solving the complex and evolving challenges faced by both our customers and consumers." The custom-built Equifax Cloud is a top-tier global technology and security infrastructure that continues to set the company apart in the industry. The Equifax Cloud and custom data fabric enable the organization to drive AI innovation and maximize capabilities for faster solution implementation, cloud-native model deployment and expedited consumer decisioning and aids the organization in developing solutions that are faster, more reliable, more powerful, and more secure than ever before. The latest technology and innovation covered by the most recent Equifax patents include: Automated Model Development Process (European Patent Office with national validations in Ireland, United Kingdom and Spain) - Developing highly predictive models is a strategic capability for Equifax. This patent relates to an automated model development tool that helps in creating analytical models for machine learning applications, automating several processes like data exploration, variable selections, auto binning and model refinement. These capabilities enable Equifax Data Scientists to produce more accurate and standardized models while streamlining and accelerating the model development process. Automatically Generating Search Index for Expediting Searching of a Computerized Database (U.S.) - This patent describes a method for automatically generating search indexes to make searching large computer databases much faster and more efficient. The patented process automatically creates "search indexes" and learns through previous interactions, identifying common and effective search patterns that, when applied, efficiently narrow down the search space to a much smaller, more relevant group of records. Detecting Synthetic Online Entities Facilitated by Primary Entities (Australia) - The patent is related to a system that analyzes the rate at which secondary users are added to and removed from a primary entity's accounts to identify secondary accounts that are likely involved in facilitation of synthetic identity fraud. Production-ready Attributes Creation and Management for Software Development (India) - The patent describes a development tool designed to streamline the creation and management of model attributes, minimizing the need for manual recoding and validation when deploying attributes in a production environment. It addresses the potential problems that can occur in traditional software development processes when developers rewrite attribute code across different programming languages and environments, reducing the development time, minimizing errors, and improving the overall efficiency of model deployment. Techniques for Determining Legitimacy of Email Addresses for Online Access Control (U.S.) - Determining the legitimacy of an email address is a critical aspect of detecting various types of fraud. This patent specifically relates to a system that does not rely on past interactions with a specific email address to determine its legitimacy and can therefore be used to determine the risk associated with email addresses never before seen by the system. Updating Attribute Data Structures to Indicate Trends in Attribute Data Provided to Automated Modeling Systems (Canada) - The patent is a system and method for updating attribute data structures to include "trend attributes," which indicate patterns in time-series data for automated modeling systems. It addresses a challenge associated with traditional automated modeling systems that may rely on static "snapshots" of data at a single point in time. Learn more about the Equifax commitment to responsible AI innovation at The most recent list of issued Equifax Intellectual Property is available here. ABOUT EQUIFAX Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit FOR MORE INFORMATION: Alexandra Packey for Equifaxmediainquiries@ View original content to download multimedia: SOURCE Equifax Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

GameStop sales drop in key categories amid ongoing strategic shift
GameStop sales drop in key categories amid ongoing strategic shift

Yahoo

timean hour ago

  • Yahoo

GameStop sales drop in key categories amid ongoing strategic shift

This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter. As it continues to evaluate its store footprint, GameStop's first quarter net sales dropped about 17% year over year to $732.4 million, according to a company press release Tuesday. The retailer swung to a $44.8 million net income, compared to a $32.3 million loss in Q1 last year. Additionally, operating loss improved from $50.6 million to $10.8 million in the most recent quarter, factoring in $35.5 million of impairment charges 'related to international restructuring efforts,' per the release. Sales dropped 26.7% in GameStop's software category, while hardware and accessories declined 31.7%. Meanwhile, collectibles net sales increased 54.6% in the quarter. GameStop's sales slump in key categories comes as the retailer says it is focused on establishing 'omnichannel retail excellence,' per a Securities and Exchange Commission filing. The company, which did not hold an earnings call or provide forward-looking guidance, is aiming to become a leading destination for gaming and entertainment through its online platform and physical stores. However, the retailer has actively shrunk its overall store footprint, closing nearly 600 U.S. locations last year. GameStop has also turned an eye to its global operations, winding down or pursuing sales of its business in several international markets including Canada, Italy, Germany and France. In Q1, GameStop said it recognized an $18.3 million impairment expense related to the Canadian exit and an impairment expense of $17.2 million on the French departure. GameStop plans to close further stores in fiscal 2025, but has yet to identify specifics. GameStop's gross profit increased 3.4% to $252.8 million in Q1, mainly due to 'a shift to higher margin product categories, specifically collectibles and preowned hardware and accessories,' per the SEC filing. The retailer's Q1 results preceded the release of the highly sought-after Nintendo Switch 2 gaming console, which launched on Thursday and is available for purchase at GameStop, in addition to other retailers. Notably, the retailer hasn't been shy when it comes to investment in cryptocurrency. The company purchased 4,710 bitcoins in May, worth around $500 million at the time of purchase. The company's board had voted unanimously to add bitcoin as a treasury reserve asset in March. While its interest in cryptocurrency has increased under CEO Ryan Cohen, the company shuttered its NFT marketplace 'due to the continuing regulatory uncertainty of the crypto space' in 2024. The retailer's annual stockholder meeting will be held on Thursday. Recommended Reading Foot Locker to exit several international markets, move headquarters to Florida Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store