‘It's been a tough road': Canadian Union of Postal Workers negotiator on bargaining progress with Ca
CUPW's negotiator Jim Gallant reveals their bargaining process with Canada Post and the main sticking point.
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CTV News
23 minutes ago
- CTV News
EU approves counter-tariffs on U.S. goods, says trade deal within reach
BRUSSELS — The European Commission said on Thursday a negotiated trade solution with the United States is within reach - while EU members voted to approve counter-tariffs on 93 billion euros (US$109 billion) of U.S. goods in case the talks collapse. The 27-nation bloc's executive has repeatedly said its primary focus is on reaching a deal to avert 30 per cent U.S. tariffs that U.S. President Donald Trump has said he will apply on August 1. 'Our focus is on finding a negotiated outcome with the U.S. ... We believe such an outcome is within reach,' an EU spokesperson said in response to reporters' questions. Alongside negotiations, the Commission has pressed on with plans for potential countermeasures, merging two packages of proposed tariffs of 21 billion euros and 72 billion euros into a single list and submitting this to EU members for approval. The rate would be up to 30 per cent, designed to mirror U.S. tariffs, EU sources said. Diplomats said EU countries overwhelmingly approved the measures on Thursday, which the Commission later confirmed. The first package of countermeasures would enter force on August 7, with tariffs on soybeans and almonds delayed until December 1, an EU official said. The second package would enter force in two stages on September 7 and February 7. So far the EU has held back from imposing any countermeasures, despite Trump's tariffs already covering 70 per cent of EU exports. EU member states authorized the first package of countermeasures in April, but these were immediately suspended to allow time for negotiations. Closing on deal The EU and United States now appear to be heading towards a possible trade deal, according to EU diplomats, which would result in a broad 15 per cent tariff on EU goods imported into the U.S., mirroring a framework agreement Washington struck with Japan. Trump would still need to take any final decision. The White House said discussions of a deal should be considered 'speculation.' Trump trade adviser Peter Navarro told Bloomberg News the report from the EU should be taken with 'a grain of salt.' French Finance Minister Eric Lombard and Italian Industry Minister Adolfo Urso told a joint press conference in Paris they were not aware of a draft agreement, Urso adding he would only pass judgment when one was reached. There was little information available about what the EU would offer the United States to secure a deal. One EU diplomat said the bloc was not looking at a pledge of investment in the United States, as Japan has agreed. Another said the EU might reduce some of its own duties. Its current import duty for cars is 10 per cent. Under the outlines of the potential deal, the 15 per cent rate could apply to sectors including cars and pharmaceuticals and would not be added to long-standing U.S. duties, which average just under five per cent. There could also be exemptions for sectors such as aircraft, lumber as well as some medicines and agricultural products, which would not face tariffs, diplomats said. Washington does not, however, appear willing to lower its 50 per cent tariff on steel. --- Reporting by Philip Blenkinsop and Benoit Van Overstraeten, additional reporting by Julia Payne and Leigh Thomas; editing by Tomasz Janowski, Peter Graff and Hugh Lawson
CTV News
23 minutes ago
- CTV News
GENIUS Act gives global crypto industry ‘clarity, simplicity,' says expert
Andrew Forson, President of DeFi Technologies, joins BNN Bloomberg to discuss the impact of new U.S. crypto laws. Sorry, we're having trouble with this video. Please try again later. [5006/404] Landmark cryptocurrency legislation signed into law by U.S. President Donald Trump last week gives the fast-growing global crypto industry new legitimacy while making it easier for investors to gain exposure to the sector in a safe way, an expert says. 'It gives clarity, simplicity and lets everybody understand what the rules of the playing field are,' Andrew Forson, president of Toronto-based DeFi Technologies, told BNN Bloomberg in an interview on Wednesday. 'That encourages innovation without fear of inadvertently triggering a securities law or breaking some sort of rule that would make it really, really difficult for the business to recover from.' The legislation, known as the GENIUS Act, is a major step toward legitimatizing the crypto industry in the eyes of the U.S. government through overarching rules and regulations. But the law's impact will reach far beyond American crypto markets, said Forson. 'The U.S. is without a doubt the largest capital market in the world, and whenever they provide a degree of regulatory clarity, it makes it easier for everybody worldwide,' he explained. The rise of cryptocurrency trading has led to increased demand from investors looking to gain exposure to the industry without taking on the risk and volatility it's historically been associated with. Crypto-linked exchange-traded funds (ETFs) have began popping up on exchanges around the world in recent months, offered by financial services companies like DeFi. 'DeFi Technologies and our wholly owned subsidiary Valour is probably one of Europe's most significant or prominent digital asset exchange-traded product (ETP) issuers,' Forson said. 'In particular, we have 78 digital asset-underlying ETPs listed on over eight exchanges throughout the world, and one of the big benefits of this is it makes it a lot easier for institutions and retail investors to gain exposure to digital assets in their investment portfolios.' Forson said he acknowledges that there will likely continue to be a certain amount of hesitancy towards cryptocurrency from some investors given the numerous instances of fraud in the industry over the years. The most notable example being the high-profile collapse of popular crypto exchange FTX in 2022, which led to fraud charges being brought against founder Sam Bankman-Fried. He eventually was found guilty and is currently serving a 25-year prison sentence. 'That actually is one of the reasons why DeFi… (is) so well positioned to help institutions and individuals gain real exposure to the digital asset space, with broad exposure across many, many digital assets beyond just bitcoin, in a safe and regulated manner,' said Forson. Shares in DeFi itself, which were changing hands at around US$3 per share in midday trading on Thursday, are cheaper than they should be, Forson argued, noting that the company is profitable and has many avenues for future growth. 'I can unequivocally say that we are undervalued. We should be trading at a higher multiple than we are… we are a profitable company, we actually make real money and (will) continue to do so into the foreseeable future,' he said. 'Just a few days ago, we hit the US$1 billion assets under management metric, which is always a nice threshold to reach, with the assets that are held by Valour, and DeFi Technologies itself is also involved in a number of other areas including a corporate venture capital portfolio.'
CTV News
an hour ago
- CTV News
‘It's devastating': Spinrite in Listowel ends production on Friday
Yarn production at Spinrite in Listowel will end on Friday, bringing to close 112 years of yarn production in Listowel. (Source: Perth County) Deb Podhorny and Ana Davidson are heading into some of their final shifts at Spinrite in Listowel. The co-workers have more than 75 years combined working at the legacy yarn maker. 'It's devastating. I have known nothing but this place since I was 17 years old. It's my life,' said an emotional Podhorny, who worked at Spinrite for 49 years and six weeks. 072425 - Spinrite - Listowel - factory - closing Yarn production at Spinrite in Listowel ends on Friday, following a plant closure notice in May. 140 workers will lose their jobs. June 24, 2025. (Scott Miller/CTV News London) The production line at Spinrite will run for the last time on Friday, after the company announced the closure of their Listowel manufacturing plant in May. Spinrite opened in 1952 in Listowel, growing to be one of the largest makers of yarn in North America. 'Before that, it started in 1913 with Maitland Spinning Mills. So, it's a legacy business here in this area for 112 years. So, it's so sad to see it go,' said Melissa Verkley, a former Spinrite employee. Verkley, who appeared in a promotional video for Spinrite just a few years ago, was laid off in January. She'll now be joined by 140 other production line workers, many of whom are generational Spinrite employees. 072425 - Spinrite - Listowel - factory - closing Ana Davidson and Deb Podhorny have more than 75 years combined experience working at Spinrite in Listowel. That comes to an end on Friday, as the yarn production line closes. (Scott Miller/CTV News London) 'Spinrite has fed a lot of families. Both my mom and my sister worked here as well,' said Ana Davidson, who has more than 25 years on the job at Spinrite. 'We're all crying a lot. It's very emotional. Like Ana said, we're a family. We spent more time with the people inside there than you actually do with the people you live with in your house,' said Podhorny. A handful of Spinrite employees will be staying on for the next couple of weeks to tie up loose ends in production, said Davidson. But essentially, major production ends on Friday. 072425 - Spinrite - Listowel - factory - closing Yarn production at Spinrite in Listowel ends on Friday, following a plant closure notice in May. 140 workers will lose their jobs. June 24, 2025. (Scott Miller/CTV News London) Spinrite's retail location will close too, but the Listowel distribution centre will remain open keeping a few people employed, but a far cry from Spinrite's peak employment in Listowel of more than 300. 'It was comforting. I knew my job, and I knew it well. And I'm going to miss that. Now, I have to start over,' said Davidson. 'A lot of us that were laid off earlier this year are still looking for work. And it's a small town, so there's a few opportunities, but not many,' said Verkley. 'I just thought Spinrite would be here forever and it's not going to be. It's not how I pictured my retirement,' said Podhorny.
