CTV National News: G7 Summit to bring lockdown to Kananaskis as world leaders arrive
Watch
As the G7 Summit nears, Kananaskis faces lockdowns, tight security, and access limits. CTV's Kathy Le looks at the impact on local life.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
National Post
an hour ago
- National Post
Ontario drops American banks from U.S.-dollar bond sale in first since 2011
Ontario left American banks out of a US-dollar bond sale for the first time in almost 14 years, choosing Barclays Plc as its foreign bank to help manage a $2 billion debt issue. Article content Canada's largest province sold 10-year bonds last week in a deal led by Barclays and three Canadian banks — BMO Capital Markets, Canadian Imperial Bank of Commerce and Bank of Nova Scotia. It's the first greenback bond issue for Ontario since early January, shortly before Donald Trump's inauguration. Article content Article content The last time U.S. banks were not involved in a US-dollar bond sale by Ontario was July 2011, Bloomberg records show. Since then, the province has done about 40 such deals. Bank of America Corp. was involved in the January sale; Goldman Sachs Group Inc. and JPMorgan Chase & Co. were the U.S. banks on the one before that, in September. Article content Article content The deal 'was part of regular bond rotation and U.S. banks were in no way deliberately excluded,' Colin Blachar, a spokesperson for Ontario's ministry of finance, said in an email. 'Bond issuance is run through the Ontario Financing Authority, which is an arms-length organization to government.' Questions to the OFA were referred back to the finance ministry. Article content Ontario Premier Doug Ford has expressed anger over U.S. President Donald Trump's tariffs, which have hit key sectors of the province's economy. In March, after the White House unleashed its first wave of tariffs against Canada, Ford's government released a policy that restricts public-sector entities in procuring from US businesses. The government ordered US-made wine and liquor pulled from the shelves of alcohol stores and said provincial building projects would focus on using Canadian-made materials, as much as possible. Article content Article content But the policy doesn't specifically state that the Ontario Financing Authority can't give new business to US financial institutions. Article content Article content Ontario is the center of Canada's automotive industry, the home to assembly plants owned by General Motors Co., Honda Motor Co. and other manufacturers, and has large steel mills — sectors that have been specifically targeted by Trump in his tariff policy. The province's unemployment rate rose to 7.9% in May, up more than a percentage point from a year earlier. Article content The province expects to borrow nearly $60 billion in this fiscal year to fund a growing budget deficit, and has said that as much as 30%, or nearly $13 billion, may come from foreign markets. Other Canadian provinces are also expected to borrow more this year as an economic slowdown leads to wider budget deficits.
Globe and Mail
2 hours ago
- Globe and Mail
Business Brief: Sabia on U.S. hitting pause: ‘Hallelujah'
Good morning. The Globe and Mail's inaugural Intersect conference brought together business leaders and policymakers to plot Canada's next steps as a trade war threatens the country's sovereignty. Below, a look at the risks and rewards for a country on the verge of building big. Defence: Prime Minister Mark Carney said Canada is too reliant on the United States for security as he announced a significant boost in military spending to meet NATO's 2-per-cent military expenditure target this fiscal year, five years ahead of schedule. Deals: Canadian waste management giant GFL Environmental Ltd. is in talks to sell a stake in its infrastructure arm in a deal that would value the spinoff's equity at about $3.3-billion. Finance: The CEO of the Canadian arm of China's largest bank was fired after pushing to comply with Canadian laws on foreign interference, according to a lawsuit that says his efforts led to clashes with officials in Beijing. Big dreams, big risks Canada should seize the global clean energy opportunity as the U.S. slows its climate ambitions, Hydro-Québec CEO Michael Sabia says, calling the American retreat a 'hallelujah' moment for Canadian leadership. 'If they pause, we go forward,' Sabia said yesterday at The Globe's Intersect/25 conference in Toronto. 'That's our moment – and it needs to be seized now.' Crown-owned utilities such as Hydro-Québec are uniquely positioned to ramp up investment while private markets remain cautious, said Sabia, who also served as CEO of the Caisse de dépôt et placement du Québec for more than a decade. The utility is aiming to boost its capital spending from $8-billion to $12-billion this year to accelerate grid expansion and electrification, he said. Global investment in renewables is hitting record highs, with projected energy spending of US$2.2-trillion in 2025 – double the amount forecast for fossil fuels, Sabia said. Despite political headwinds and inflationary pressures in the U.S. and Europe, the 'underlying signal' from global boardrooms is that capital is flowing into clean power. Sabia also called for smarter risk-sharing between governments and their financing agencies, such as the Canada Infrastructure Bank, to unlock large-scale infrastructure investment. Long-term capital won't fund early-stage, high-risk projects, he said, unless governments step in with 'bridge capital' to shoulder the initial uncertainty. Pushing traditional infrastructure investors to take on startup risk doesn't work, he said. 'It's like asking a hockey player to go play in the NFL.' Sabia's call to accelerate investment is being echoed across the provinces and corporate Canada after Prime Minister Mark Carney unveiled plans to implement a streamlined approval process for major nation-building projects such as trade corridors, energy projects and mines. The CEO drew applause when he ended a comment about ramping up investment with a rallying cry: 'Both for the economy now and for our future: Charge ahead. Go forward.' Premiers Doug Ford and Tim Houston – whom the Ontario Premier referred to as a 'stud' as he praised his Nova Scotian peer's work on breaking down interprovincial trade barriers – both sparked applause when they said they had no plans to allow U.S. alcohol on their provinces' shelves. David MacNaughton, a former Canadian ambassador to the U.S. who took the stage afterward, said watching the two premiers talking about working together represented a once-in-a-generation moment where Canadian politicians are united in 'aspirational talk.' 'Trump is forcing Canada to finally get its act together.' The risky business of 'optimism bias' If yesterday was any measure, Canada's leaders do not appear to be suffering from a lack of hope. But a new report from KPMG Canada, set to be released this morning, shows that delivering on those goals will require more than enthusiasm. Corporate leaders expressed strong support for accelerating infrastructure — but also pointed to persistent delays, resource constraints and the need for clearer oversight. Nine in 10 said governments need to unlock public-private capital and streamline review processes to keep pace with rising demand. Most pointed to the need for a national utility corridor and upgrades to ports, which they described as 'woefully unproductive.' And the company's infrastructure experts warned that Canada is entering a 'megaproject era' with limited financial and human resources. Delays and overruns remain common, driven by poor planning, shifting project scopes, regulatory bottlenecks, and what the KPMG report calls 'optimism bias' – underestimating the complexity of large-scale builds. Building in the wrong direction? And it's possible a focus on megaprojects misses a deeper reason Canada continues to lag its peers in business investment and productivity, said Dan Breznitz, Munk Chair of Innovation Studies at the University of Toronto. The country lacks a strategy to capture and control the high-value stages of the industries it supports. 'We are a resource-rich country that can play a critical role in global supply chains,' he said. 'And instead, what we do is dig things out of the ground, mash them so they don't look like rock, send them to Norway for processing, and eventually watch them come back here for 15 seconds of work before going into a battery plant that isn't ready yet.' Ownership and control, not effort or ambition, are what ultimately determine where economic value lands, Jim Balsillie, former CEO of Research in Motion, said in an earlier presentation. 'Canada took a different path by doubling down on low-cost labour without a strategy to own the IP, control the data or capture high-value segments,' he said. 'This is more than a productivity gap – it's a strategic misstep.' With a file from Mark Rendell More from Intersect: Powering back up? Once a market darling for its blend of renewables, utilities and rising dividends, Algonquin Power fell hard under the weight of overexpansion, debt and two dividend cuts. But after shedding its green energy assets and rebranding as a 'pure-play' utility under new CEO Rod West, the company is staging a comeback, David Berman writes – with a 26-per-cent share rally this year and bold promises of renewed profit growth. Investors are buying in, but with much of the rebound already priced in, the next phase hinges on whether Algonquin can actually deliver. Abroad: Investors are eyeing Latin America as they diversify away from Wall Street. Opinion: 'National interest' framework for project approvals must reflect the rights of Indigenous peoples. Download: The June edition of Report on Business magazine. Global markets were mixed as trade talks between the United States and China extended to a second day, raising some hopes that tensions between the world's two largest economies may be easing. Wall Street futures were little changed, while TSX futures pointed higher as oil prices climbed. Overseas, the pan-European STOXX 600 was down 0.05 per cent in morning trading. Britain's FTSE 100 rose 0.4 per cent, Germany's DAX declined 0.44 per cent and France's CAC 40 was flat. In Asia, Japan's Nikkei closed 0.32 per cent higher, while Hong Kong's Hang Seng slipped 0.07 per cent. The Canadian dollar traded at 73.02 U.S. cents.
National Post
2 hours ago
- National Post
FIRST READING: The new public safety minister doesn't appear to know stuff
Article content Article content Article content Article content In yet another check against the likelihood that the Carney government will be building any oil export pipelines, on Friday Prime Minister Mark Carney said that nothing's getting approved without 'a consensus of all the provinces and the Indigenous people.' The statement misrepresents the power of the federal government; obviously Ottawa is able to do things without first getting unanimous approval from all 10 provinces and also an undefined share of the country's 630 First Nations. But with the statement, Carney is effectively making it harder to build a pipeline than to amend the Constitution. For big decisions (such as abolishing the Senate), the Constitution requires the virtually impossible threshold of obtaining unanimous consent from all the provinces – but without any similar benchmark for unanimous Indigenous consent. Article content Article content Article content In a recent interview with podcaster Joe Rogan, FBI Director Kash Patel alleged that Canada is an emerging hub of fentanyl production, in part due to U.S. efforts to combat fentanyl smuggling coming in from Mexico. Patel said the component parts to manufacture illicit fentanyl come almost exclusively from China, and were now increasingly being routed through Canada. 'Instead of having the Mexican cartels going right up the southern border and into America, do you know what they're doing? They're flying it into Vancouver, they're taking the precursors up to Canada, manufacturing it up there, and doing their global distribution routes from up there because we've been so effective down south,' he said. B.C. Public Safety Minister Garry Begg dismissed the allegations in a statement to CTV News. 'It's no surprise that Trump's appointee would use his position to continue the president's narrative to justify his tariffs,' he said. 'Their Drug Enforcement Agency's National Drug Threat Assessment report in 2023 and 2024 didn't even mention Canada.' Article content
