Canada Orders Hikvision to Cease Local Operations
Canadian Industry Minister Melanie Joly says that the government has ordered Hikvision Canada to cease all operations in the country and close its business, in a statement on X.
The government has determined that Hikvision Canada's continued operations in the country would be 'injurious to Canada's national security' after a review under the Investment Canada Act, the statement says.
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Hamilton Spectator
44 minutes ago
- Hamilton Spectator
Donald Trump says he's cutting off trade talks with Canada over Ottawa's digital tax
OTTAWA — U.S. President Donald Trump said Friday that he is cutting off all trade talks with Canada over the federal government's digital services tax that would impact American tech giants, calling it a 'blatant attack' on the United States. Trump announced his plan to end trade talks in a social media post Friday afternoon, less than two weeks after he agreed with Prime Minister Mark Carney at the G7 summit on June 16 to work toward a deal to end the ongoing trade war within 30 days . 'Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately,' Trump's post said. 'We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period.' The Prime Minister's Office responded later Friday afternoon with a short statement that did not mention the digital services tax and expressed Canada's desire to continue the trade talks. 'The Canadian government will continue to engage in these complex negotiations with the United States in the best interest of Canadian workers and businesses,' the statement said. Finance Minister François-Philippe Champagne said as recently as two weeks ago that Ottawa would press ahead with the tax, which is set to start collecting money on Monday. Prime Minister Mark Carney comments moments after U.S. President Donald Trump said that he was "terminating all discussions on trade with Canada" and threatened new tariffs over Ottawa's plans to push ahead with a digital services tax. Carney called the negotiations "complex." (June 27, 2025 / The Canadian Press) On social media, Conservative Leader Pierre Poilievre said he was disappointed to hear that trade talks have halted, and that he hopes they resume quickly. He also did not name the digital services tax, but pointed to changes his party has long argued will improve the Canadian economy, including the repeal of the existing federal project assessment regime and industrial carbon pricing. 'As always, Conservatives are ready to help get a good deal for Canada,' Poilievre's statement said. 'We must put Canada first.' Under Trump, the U.S. has imposed a series of tariffs on Canadian steel, aluminum, autos and other goods that Canada views as illegal and unjustified. Ottawa has responded with a raft of counter-tariffs in a trade war that Carney vowed during the spring campaign to 'win.' The prime minister has since embarked on talks with Trump, which Carney said are designed to renegotiate Canada's trade and security relationship with the economic and military juggernaut to the south. Flavio Volpe, president of the Automotive Parts Manufacturers' Association, was part of the prime minister's Canada-U.S. council that met virtually on Friday, just as Trump declared he would terminate trade talks. In an interview with the Star, Volpe said he remains cautiously optimistic, and that surprising twists have become an expectation since Trump returned to the White House in January. 'Is this a pressure moment in a negotiation, or is it really the end of the conversation? I don't know. But you know who does know? Donald Trump, who is, in this style of negotiation, a master,' Volpe said. 'Because the prime minister and the president are in direct communication, and have been for the last couple months, I will save my panic for … if the PM suggests we should panic.' Brian Clow, a former deputy chief of staff and senior adviser to prime minister Justin Trudeau, told the Star that it's not surprising Trump would target the tax, which was a trade irritant when Joe Biden was president as well. He urged the Carney government to stay calm and keep trying to talk to its American counterparts. He also said the government should not consider dropping the digital services tax unless the move is part of a broader trade deal with the Trump administration. 'To a certain extent, what we just saw from Donald Trump is exactly from his playbook. We've seen it so many times before,' Clow said. 'This is how he negotiates. He negotiates by threat, attempting to intimidate to yield more concessions from Canada. This is just a part of how it works and they've got to keep talking and hopefully come to some sort of deal.' The trade war has rattled businesses and workers across the country, with layoffs at auto plants and steel factory shutdowns in recent weeks. Trump doubled his steel and aluminum tariffs to 50 per cent against Canada on June 4, arguing the tariffs are needed to protect and promote a key American industry, as his broader policy of tariffs is designed to raise government revenues and overcome what the U.S. president argues is unfair commercial relations for his country. The Liberal government has long planned to impose a tax on digital services, which Trump views as an unfair trade practice that will hit American companies like Google and Meta. In his social media post Friday, Trump alluded to how the European Union is planning a similar digital services tax, and said Canada was 'copying' the bloc of states with 'a direct and blatant attack on our Country.' On Thursday, U.S. Treasury Secretary Scott Bessent announced that the G7 — a group of rich democracies that includes Canada — agreed to exempt American companies from certain taxes. In return, the Trump administration would remove a so-called 'revenge tax' from a sweeping bill in the U.S. Congress, which would have imposed taxes on investments from countries the U.S. deemed to be treating American firms unfairly. President Donald Trump said he's immediately suspending trade talks with Canada over its plans to continue with its tax on technology firms. Trump said the Canadians was sticking to its plan to impose the tax set to take effect Monday. (AP Video / June 27, 2025) Neither the PMO nor Champagne's office responded Friday when asked if that deal impacted Canada's digital services tax. The policy, enacted in 2024's Digital Services Tax Act , imposed a three per cent tax on revenue earned from online marketing and advertising, social media and some sales of user data. The tax applies to domestic and foreign businesses that reap more than $1.1 billion in global revenue and earn more than $20 million of revenue within Canada in a given year. The Liberals promised to introduce the tax in 2019, and argued hiking tax on big companies could help pay for social services and other public investments to spur the economy. The independent Parliamentary Budget Officer reported in 2023 that the tax would raise about $1.2 billion per year in government revenues. In a written statement Friday, the head of the Business Council of Canada said it has warned the government for the past three years that the digital services tax 'could risk undermining' Canada's economic relationship with the U.S. Goldy Hyder called on Canada to immediately propose to eliminate the tax, in exchange for the removal of American tariffs on Canadian goods. Catherine Cobden, president and chief executive officer of the Canadian Steel Producers Association, said Friday that trade relations are so unpredictable and uncertain with the U.S. that even a new deal to remove current tariffs can no longer be seen as a guarantee. She called for stronger measures to encourage using domestically produced steel in Canada, and other steps to protect the sector. 'We are really under attack by the United States, so we are rapidly pivoting away from that market,' she said. Another business group that has opposed the digital services tax, the Canadian Chamber of Commerce, said Friday that 'surprises' should be expected in negotiations. 'The tone and tenor of talks has improved in recent months, and we hope to see progress continue,' said the chamber's president, Candace Laing. 'We respect that Team Canada is conducting these negotiations at the table, and we need to give them the space to navigate.'
Yahoo
an hour ago
- Yahoo
The Nation's Top Retirement Experts Share 3 Keys to Success
Making the most of your retirement all comes down to being set up for success. Having the right tools or keys to reach that level requires thought, planning, dedication, and in some cases, trusting your instincts. Don't take our word for it — many of America's best retirement experts are sharing their wealth of knowledge with the world regarding the best ways to plan for a golden age experience of post-work. Check Out: Read More: Here are the nation's top retirement experts sharing three keys to success: Start by picturing what your life in retirement is going to look like, then create habits and practices that will guide you towards making that vision a reality. That's according to Christine Benz, the director of personal finance and retirement at Morningstar. In an interview on the 'Decoding Retirement' podcast , Benz explained that 'we're all wired a little bit differently in terms of what we want from our retirement cash flows…' When it comes to retirement, Benz outlined that '…there's more than one way to do this. … You should give a little thought to what you specifically are looking for.' David Letterman's Top Reason To Rethink Retirement: Fritz Gilbert is the author of 'The Keys to a Successful Retirement,' who noted that you should not wait until you are about to retire to start planning how your retirement will go. In Gilbert's view, you must plan ahead in order to avoid some pitfalls that you might regret later on, such as not saving enough, carrying debt into retirement, or retiring or taking Social Security too early. 'A bit of planning goes a long way. An effective plan is regularly reviewed, modified as appropriate and followed,' wrote Gilbert in his Retirement Manifesto blog. Michael Finke, a professor at the American College of Financial Services, explained to Wealth Management in a recent video that everyone who is planning to retire should try to focus on the positive outcomes ahead of them, keeping a hopeful and open mind for the future. '…whether that is saving 10% of your income for retirement. Whether you took a significant amount of investment risk in your portfolio. Even whether or not you valued some kind of lifetime income protection … those people who were more optimistic felt they were going to be happier in their 80s and 90s,' Finke noted. Finke continued that people who kept this post-career mindset 'felt more optimistic about what their lifestyle was going to be like in retirement. So that actually motivated them to make a number of different behavior changes that were consistent with living better in the future.' More From GOBankingRates Are You Rich or Middle Class? 8 Ways To Tell That Go Beyond Your Paycheck This article originally appeared on The Nation's Top Retirement Experts Share 3 Keys to Success 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
Yahoo
an hour ago
- Yahoo
Institutional investors control 89% of M&T Bank Corporation (NYSE:MTB) and were rewarded last week after stock increased 4.7%
Institutions' substantial holdings in M&T Bank implies that they have significant influence over the company's share price The top 10 shareholders own 50% of the company Insiders have sold recently We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. Every investor in M&T Bank Corporation (NYSE:MTB) should be aware of the most powerful shareholder groups. The group holding the most number of shares in the company, around 89% to be precise, is institutions. Put another way, the group faces the maximum upside potential (or downside risk). And last week, institutional investors ended up benefitting the most after the company hit US$31b in market cap. The gains from last week would have further boosted the one-year return to shareholders which currently stand at 32%. In the chart below, we zoom in on the different ownership groups of M&T Bank. View our latest analysis for M&T Bank Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index. As you can see, institutional investors have a fair amount of stake in M&T Bank. This suggests some credibility amongst professional investors. But we can't rely on that fact alone since institutions make bad investments sometimes, just like everyone does. If multiple institutions change their view on a stock at the same time, you could see the share price drop fast. It's therefore worth looking at M&T Bank's earnings history below. Of course, the future is what really matters. Since institutional investors own more than half the issued stock, the board will likely have to pay attention to their preferences. M&T Bank is not owned by hedge funds. Our data shows that The Vanguard Group, Inc. is the largest shareholder with 12% of shares outstanding. BlackRock, Inc. is the second largest shareholder owning 8.3% of common stock, and Wellington Management Group LLP holds about 6.2% of the company stock. On further inspection, we found that more than half the company's shares are owned by the top 10 shareholders, suggesting that the interests of the larger shareholders are balanced out to an extent by the smaller ones. While it makes sense to study institutional ownership data for a company, it also makes sense to study analyst sentiments to know which way the wind is blowing. There are a reasonable number of analysts covering the stock, so it might be useful to find out their aggregate view on the future. The definition of an insider can differ slightly between different countries, but members of the board of directors always count. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO. Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group. Our information suggests that M&T Bank Corporation insiders own under 1% of the company. Being so large, we would not expect insiders to own a large proportion of the stock. Collectively, they own US$127m of stock. It is good to see board members owning shares, but it might be worth checking if those insiders have been buying. The general public, who are usually individual investors, hold a 10% stake in M&T Bank. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run. I find it very interesting to look at who exactly owns a company. But to truly gain insight, we need to consider other information, too. Take risks for example - M&T Bank has 1 warning sign we think you should be aware of. Ultimately the future is most important. You can access this free report on analyst forecasts for the company. NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
