Poilievre slams Liberal spending plan, urges spring budget
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Conservative Leader Pierre Poilievre says his party will vote against the Liberals' $500B spending plan and urges a spring budget.
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Canada Standard
24 minutes ago
- Canada Standard
Liberals Table Bill to Speed Up Approvals for Major 'National Interest' Projects
Prime Minister Mark Carney's government introduced legislation Friday that would grant it new powers to quickly push forward major projects the federal cabinet deems to be in the national interest. Intergovernmental Affairs Minister Dominic LeBlanc tabled a bill in the House of Commons that would give Ottawa the authority to draw up a list of large projects it wants to prioritize and to expedite their federal approval, The Canadian Press reports. Carney said it has become too hard to build new projects in Canada and vowed that this legislation will change that. "We're in an economic crisis," Carney told a news conference on Parliament Hill on Friday. "We're still facing intensifying, unjustified tariffs from our largest trading partner and the best way to respond to that is to respond at home, build strength at home." Bill C-5, the "free trade and labour mobility in Canada act and the building Canada act," is twinned legislation meant to break down internal trade barriers and cut red tape for major projects. The bill was a marquee election promise by Carney, who campaigned on a pledge to make the country an "energy superpower" and build up a more resilient economy in response to U.S. President Donald Trump's global trade war. The prime minister said he will do everything possible to get the legislation passed this summer and did not rule out having Parliament sit longer. The House is only scheduled to sit for another two weeks and the Liberals are governing with a precarious minority, forcing them to seek the support of MPs from other parties to advance their agenda. Conservative Leader Pierre Poilievre described the new bill as a small step in the right direction. He also said it amounts to an admission by the Liberals that their laws have inhibited building and urged the government to take much bolder action. "We do not need baby steps. We need breakthroughs," he said. Poilievre said he wants the government to repeal the oil tanker ban on B.C.'s northern coast, terminate the oil and gas sector's emissions cap and scrap the Impact Assessment Act that sets out a process for environmental reviews. He said he will consult with his caucus about how to approach the bill in Parliament but added that Conservatives would "vote in favour of accelerating even one project." Canadian Association of Petroleum Producers CEO Lisa Baiton said she is "encouraged by the federal government's flexibility and efforts to work with the provinces to accelerate the approval process for major projects." But environmental groups warned the new process could upend efforts to fight climate change. Jessica Clogg, executive director of West Coast Environmental Law, said that past experience shows "rushed approvals without assessment of risks are a recipe for conflict, legal challenges and future environmental disasters." Keith Stewart of Greenpeace Canada said the government should not fast track new fossil-fuel projects, as Carney has suggested. "To even consider designating oil and gas expansion projects as in the national interest is a slap in the face to not just the next generation, but every Canadian struggling right now to deal with climate change-fueled wildfires," he said. The legislation would create a new federal office to take the lead on streamlining approvals for major projects and task the intergovernmental affairs minister with overseeing the final permitting decision. The government said the goal of the bill is to send a clear signal to businesses and quickly build up investor confidence. Carney said the current approval process forces projects to undergo multiple reviews and assessments one after another, rather than at the same time. "That process is arduous," he said. "It takes too long and it's holding our country back." "For too long, when federal agencies examined a project, their immediate question has been, 'Why?' With this new bill, we will ask ourselves, 'How?'" The bill sets out five criteria to evaluate whether a project is in the national interest. They include the project's likelihood of success, whether it would strengthen the country's resiliency and advance the interests of Indigenous peoples, and whether it would contribute to economic growth in an environmentally responsible way. The new federal review office will work toward a goal of approving projects within two years. That's a political promise rather than a hard-and-fast rule; the legislation does not mention timelines. While the bill would give the government broad power to skirt environmental laws to push projects forward, one expert said it remains to be seen how Ottawa will use it. "This is the kind of consolidation that you sometimes see in times of national emergency. We see it in wartime, we saw it in COVID to some extent. That consolidation can let you move more quickly, which can be a good thing, but it can also be a risky thing," said Stewart Elgie, the Jarislowsky chair in clean economy at the University of Ottawa. He warned that trying to "shortcut environmental interests" does not help expedite projects. "The Harper government never got a major pipeline built, and it's because they gave short shrift to environment and Indigenous concerns. It ended up with blockades and litigation that ultimately slowed down the projects," Elgie said. Carney said the legislation requires meaningful consultation with Indigenous Peoples consistent with the Constitution and the Crown's duty to consult. The federal review office will also include an Indigenous Advisory Council with First Nation, Inuit and Metis representation. The legislation comes with a sunset clause that forces a review of the law after five years. Carney met with the premiers earlier in the week in Saskatoon, where they privately discussed various projects the premiers want to see quickly launched - including pipelines, trade corridors and mining projects. The new legislation does not touch on any provincial approvals that might be needed to allow a project to go ahead. - With files from Sarah Ritchie and Nick Murray This report by The Canadian Press was first published June 6, 2025. Source: The Energy Mix
Globe and Mail
36 minutes ago
- Globe and Mail
Robinhood May Enter S&P 500 Club: A Win for Retail Investors?
Robinhood Markets Inc. HOOD is poised for potential inclusion in the S&P 500 Index, with an official announcement expected tomorrow. The index's quarterly rebalancing occurs later this month. Per the latest guidelines for the stocks' inclusion in the S&P 500 index, companies must have a market value of at least $20.5 billion and be profitable on a GAAP basis for the past four quarters cumulatively and in the most recent quarter. HOOD fits the bill. It has a market capitalization of almost $63 billion and has been consistently profitable over the trailing four quarters. Inclusion in the S&P 500 is significant, as it often leads to increased demand from index funds and passive investors who aim to replicate the index's performance. This heightened demand can boost a company's stock price and liquidity. For Robinhood, such inclusion would not only validate its growth trajectory but also enhance its visibility and credibility in the financial markets. However, the company must navigate potential challenges, including market volatility and regulatory scrutiny, especially given its involvement in cryptocurrency trading. HOOD's recent stock performance has been impressive, with a 94% rally this year. This has been driven by the expansion of its product suite, acquisitions, and favorable developments in the cryptocurrency space. Last month, Robinhood's competitor, Coinbase Global COIN, joined the S&P 500 Index. In the week following the announcement of its inclusion in the index, Coinbase shares soared 33.7% despite the news of a hack and regulatory scrutiny. America's largest registered cryptocurrency exchange, Coinbase, is well-placed to capitalize on heightened crypto market volatility and rising asset prices. Another HOOD peer that could become a part of the index this time is the global electronic broker, Interactive Brokers IBKR. With a market cap of approximately $87 billion, Interactive Brokers has been witnessing solid improvement in profitability as retail market participation continues to rise. This year, Interactive Brokers' stock has gained 16.6%. Robinhood's potential inclusion in the S&P 500 could be seen as a triumph, symbolizing the growing influence of retail trading platforms in mainstream finance. It underscores the shift towards democratized investing, where individual investors have greater access to financial markets. Robinhood's Valuation and Estimate Analysis Given the solid price performance, HOOD shares are currently trading at a massive premium to the industry. The company has a forward price-to-earnings (P/E) of 54.33X compared with the industry average of 13.61X. Moreover, the Zacks Consensus Estimate for Robinhood's 2025 and 2026 earnings reflect a growth of 11.9% and 20.5%, respectively, on a year-over-year. In the past month, earnings estimates for 2025 has remained unchanged, while for 2026, it has moved marginally upward. Image Source: Zacks Investment Research HOOD currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. 7 Best Stocks for the Next 30 Days Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops." Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.5% per year. So be sure to give these hand picked 7 your immediate attention. See them now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Interactive Brokers Group, Inc. (IBKR): Free Stock Analysis Report Coinbase Global, Inc. (COIN): Free Stock Analysis Report Robinhood Markets, Inc. (HOOD): Free Stock Analysis Report This article originally published on Zacks Investment Research (
Toronto Star
an hour ago
- Toronto Star
Company that worked on ArriveCan app barred from government contracts for 7 years
OTTAWA - Ottawa says it has banned the largest contractor that worked on the ArriveCan app from entering into contracts or real property agreements with the government for seven years. Public Services and Procurement Canada has announced that GC Strategies Inc. has been deemed 'ineligible' after an assessment of the supplier's conduct. Last year, the department suspended the security status of GC Strategies, which the auditor general says was awarded more than $19 million for the project. ARTICLE CONTINUES BELOW That move followed an earlier decision to suspend the company from procurement processes within the department. The government also barred two other companies that contributed to the ArriveCan project, Dalian Enterprises and Coradix Technology Consulting, from participating in procurement opportunities. The federal government launched the app in April 2020 as a way to track health and contact information for people entering Canada during the COVID-19 pandemic, as well as to digitize customs and immigration declarations. A report by Canada's Auditor General Karen Hogan found the government's record-keeping was poor and its reliance on outside contractors allowed the cost of the project to balloon to $60 million. The first ArriveCan contract was initially valued at just $2.35 million. On Tuesday, Hogan is set to deliver an audit focusing on whether the contracts awarded and the payments made to GC Strategies and other incorporated companies were 'in accordance with applicable policy instruments' and were good value for money. Public Services and Procurement Canada says the government continues to take action to 'strengthen the integrity of the procurement process.' The Canadian Press has reached out to GC Strategies and to Public Services and Procurement Canada for comment. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW GC Strategies partner Kristian Firth was ordered to appear before the bar of the House of Commons last year after refusing to answer questions at a committee hearing. Firth was grilled by MPs for two hours, though Liberals opted out of questioning after a doctor's note provided to the clerk of the House recommended that he not appear because of mental-health issues. GC Strategies did not develop or manage the ArriveCan app, but it was tasked by the federal government to assemble a team to complete some parts of the project. This report by The Canadian Press was first published June 6, 2025. Politics Headlines Newsletter Get the latest news and unmatched insights in your inbox every evening Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. Please enter a valid email address. Sign Up Yes, I'd also like to receive customized content suggestions and promotional messages from the Star. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy. This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Politics Headlines Newsletter You're signed up! You'll start getting Politics Headlines in your inbox soon. Want more of the latest from us? Sign up for more at our newsletter page.
