Carney cabinet called to find day-to-day operational savings by end of summer
Finance Minister François-Philippe Champagne, along with Treasury Board President Shafqat Ali, issued letters to Prime Minister Mark Carney's cabinet on Monday, asking them to present plans by the end of summer to find day-to-day operational savings, according to a spokesperson from Champagne's office.
The move comes as the federal government prepares a 2025 budget set to be tabled this fall.
CTV News has learned ministers must find 7.5 per cent savings for the 2026-27 fiscal year that begins on April 1, 2026, followed by 10 per cent in 2027-28 and 15 per cent in 2028-29. A spokesperson for Champagne tells CTV News the goal is to find 'long-term savings.'
In recent weeks, the Carney government has faced criticism over how it will reach its fiscal targets despite new spending promises, including a middle-class tax cut and a $9.3 billion boost to meet NATO's defence spending target of two per cent of GDP by this fiscal year.
Carney also pledged last month to hit NATO's new five per cent of GDP target by 2035, which the prime minister told CNN International could cost $150 billion annually.
A new report from the C.D. Howe Institute released last week said it projects Canada's deficit could top $92 billion this fiscal year alone, in part due to new defence spending commitments.
'The new 5 per cent defence commitment, even if its fiscal impact will be felt mostly in the later years, further highlights the need for difficult tax and spending trade-offs,' the report writes. 'Given the scale of the new defence commitment, on top of the fiscal challenges created by the old one, it is all the more important for the government to ensure proper accountability.'
During the federal election, Carney promised to divide the federal budget into two new categories – operating costs and capital investments. He also committed to balancing the operating budget by 2028. According to its platform, the Liberal Party promised to 'bring revenues in line with total operating spending and eliminate this gap – currently estimated at about $15B a year – by Budget 2028.'
Meanwhile, in a post to X on Monday, Carney reiterated his pledge to 'spend less so we can invest more.'
'Canada's new government will spend less on government operations so we can invest more in Canada — to create high-paying careers, build up our country, and grow our economy,' Carney wrote.
Speaking to reporters in Trenton, Ont. on Monday, Defence Minister David McGuinty acknowledged he had received a letter on the directive to find operational savings.
'I haven't had a chance to talk to my colleague, but I have been part of no discussions with respect to, for example, significant social services cuts at the federal level in order to achieve our defence priorities,' McGuinty said.
Champagne is expected to table a federal budget later this fall after the House of Commons returns in September.
The federal government faced criticism in May after Champagne initially said the Liberals were not planning on tabling a budget this year – a decision that was quickly reversed by Carney just days later.
Last December's Fall Economic Statement was the last update Canadians received on the state of the federal government's finances – which showed the federal government under former prime minister Justin Trudeau hit a $61.9 billion deficit in 2023-24, blowing through its own fiscal guardrail. The statement also projected a $48.3 billion deficit in 2024-25 and a $42.2 billion deficit in 2025-26.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CBC
33 minutes ago
- CBC
CN Tower workers ratify tentative agreement, ending 2-week lockout: union
Workers at the CN Tower have voted to ratify a tentative agreement with their employer, ending a lockout that lasted nearly two weeks, the union representing them says. Members of Unifor Local 4271 approved the agreement with Canada Lands Company — the federal Crown corporation that owns and operates the CN Tower — in a vote held on Sunday, according to a Unifor news release. The new three-year collective agreement includes increases in wages and improves benefits across health, dental and vision care, the union said. Workers who do not earn gratuities will see annual increases of 4.25 per cent, the union said. Those who do earn gratuities will see a 4 per cent raise in the first year, followed by 2.5 per cent increases in each of the next two years. Le Café cooks will additionally receive a $1 per hour raise, and utility attendants will receive 50 cents more per hour, the news release said. The agreement also improves annual retirement allowances and the gratuity policy, the news release said. It includes a commitment to "stabilize hours of operation" and the hiring of a third-party consultant to review the pension plan, the union said. Coverage for hearing aids and safety shoes will be expanded, and the waiting period for part-time employees to access benefits will be reduced from two years to one. Unifor Local 4271 represents more than 250 food and beverage workers at the CN Tower, including hosts, wait staff, bartenders, chefs, cooks and butchers, the news release said. The union began negotiating with Canada Lands Company in April. Talks reached a standstill in late June, and workers were locked out from the CN Tower the day before Canada Day.
Globe and Mail
35 minutes ago
- Globe and Mail
Wisr AI Named One of Canada's Top 100 AI Companies by All In Summit, Powered by Scale AI and Mila
Vancouver, British Columbia--(Newsfile Corp. - July 14, 2025) - Wisr AI Systems Inc. (CSE: WISR) (" Wisr AI" or the " Company"), a pioneer in AI-driven cyber and third-party risk intelligence, is proud to announce that it has been recognized as one of Canada's Top 100 AI Companies by the 2025 All In Summit. This prestigious designation highlights the strength of Canada's AI ecosystem and underscores Wisr AI's leadership in applying Agentic AI to global risk prediction. The All In Summit—organized by Scale AI, Canada's AI innovation supercluster, and Mila, one of the world's leading AI research institutes based in Montreal—is the premier national gathering of Canada's AI ecosystem. As part of the event, the Top 100 list recognizes the most innovative and impactful AI companies driving the future of the Canadian economy. Wisr AI earned its place on this distinguished list for its work in developing scalable, agentic AI platforms that empower enterprises to predict, prioritize, and mitigate cyber and third-party vendor risks in real time. The recognition is reinforced by the support of Scale AI, Canada's AI-powered national supercluster. Backed by the Government of Canada and anchored in Montreal, Scale AI is a globally respected accelerator of applied AI adoption. With more than $600 million in combined public and private investment, Scale AI connects industry, startups, researchers, and global partners to commercialize AI innovations and transform supply chain intelligence. Its national mandate positions Scale AI as a vital force in strengthening Canada's AI capabilities and scaling made-in-Canada technologies worldwide. "Being named one of the Top 100 AI companies at All In is a strong validation of the work our team is doing to transform risk intelligence through agentic AI," said Rob Goehring, CEO of Wisr AI. "Canada is a world leader in AI innovation, and the support of initiatives like Scale AI ensures that technologies like ours can scale globally. We're proud to represent Canada on the international stage and look forward to collaborating with fellow Top 100 companies and ecosystem partners." This recognition comes at a pivotal time for Wisr AI, as the company expands its commercial operations and deepens its commitment to agentic AI and cybersecurity innovation. Through the All In platform, the Company anticipates accelerated exposure to enterprise customers, strategic investors, and global collaborators. The All In Summit 2025 will take place in Montreal on September 24 and 25 and will feature Canada's top AI companies alongside 6,000 global thought leaders, policymakers, and investors in AI from over 40 countries. The All In website can be found here: and the official Top 100 announcement can be found here: About Wisr AI Systems Inc. Wisr AI Systems Inc. (CSE: WISR) is a Vancouver-based technology company building agentic AI platforms that predict, prioritize, and monitor cyber and third-party risk. Its solutions help enterprises ingest and interpret real-time global signals to manage complex vendor ecosystems and supply chains more intelligently. Wisr empowers organizations with dynamic risk visibility and actionable intelligence to support stronger cybersecurity governance and operational resilience. The Canadian Securities Exchange has not in any way passed upon the merits of the matters referenced herein and has neither approved nor disapproved the contents of this news release. Forward-Looking Information: This news release may contain statements that constitute "forward-looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions and includes information regarding, among other things, expectations for other economic, business, and/or competitive factors. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects expectations of the Company's management, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; and compliance with extensive government regulation. This forward-looking information may be affected by risks and uncertainties in the business of the Company and market conditions. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as required by applicable law.
National Post
39 minutes ago
- National Post
Almonty Announces Nasdaq Listing Concurrent with Pricing of US$90 Million Upsized, Oversubscribed Public Offering
Article content Trading on the Nasdaq Expected to Commence Today Under the Ticker 'ALM' Article content TORONTO — Almonty Industries Inc. (' Almonty ' or the ' Company ') (TSX: AII) (ASX: AiiDA) (OTCQX: ALMTF) (Frankfurt: ALI1), a leading global producer of tungsten concentrate, announced today the pricing of its underwritten public offering in the United States of 20,000,000 common shares (' Common Shares ') at a public offering price of US$4.50 per Common Share, for total gross proceeds of US$90 million (the ' Offering '). In connection with the Offering, the Company has granted the Underwriters (as defined below) a 30-day over-allotment option to purchase up to an additional 3,000,000 Common Shares at the public offering price, less the underwriting discount. Article content Oppenheimer & Co. and Cantor are acting as Joint Bookrunners for the offering, D.A. Davidson & Co. is acting as Lead Manager and Scotiabank as Co-Manager (collectively, the ' Underwriters '). Article content Lewis Black, Chief Executive Officer of Almonty, commented: 'We are pleased to announce the pricing of our oversubscribed public offering, which concurrently marks our uplisting to the Nasdaq. Our U.S. listing also reflects our emerging status as America's tungsten supplier, further supported by our ongoing redomiciling initiatives. The capital from this offering funds the development of our Sangdong tungsten oxide facility, enabling Almonty to continue to rise in prominence as a leading supplier of tungsten for the defense needs of the U.S. and its allies.' Article content The Offering is expected to close on or about July 15, 2025, subject to the satisfaction of customary closing conditions, including the listing of the Common Shares sold under the Offering on the Toronto Stock Exchange (the ' TSX '). The Common Shares are currently, and following the Offering will continue to be, listed on the TSX under the symbol 'All' and the Australian Securities Exchange (the ' ASX ') under the symbol 'AiiDA', and are, and will continue to be, traded on the Frankfurt Stock Exchange. The Common Shares are expected to commence trading on the Nasdaq Capital Market (the ' Nasdaq ') on July 14, 2025 under the ticker symbol 'ALM'. Pending the commencement of trading of the Common Shares on the Nasdaq, trading of the Common Shares on the OTCQX was suspended at the close of markets on July 11, 2025. Article content The Company intends to use the net proceeds of the Offering primarily to fund the development of its tungsten oxide facility and for working capital and other general corporate purposes. Article content The Offering is being made in the United States pursuant to a registration statement (the ' Registration Statement ') containing a final base PREP prospectus prepared in accordance with National Instrument 44-101 – Short Form Prospectus Distributions (' NI 44-101 ') and National Instrument 44-103 – Post-Receipt Pricing (' NI 44-103 ') filed with the Ontario Securities Commission, the review jurisdiction in Canada, and the U.S. Securities and Exchange Commission pursuant to the Canada/United States Multi-Jurisdictional Disclosure System, as supplemented by a supplemented PREP prospectus prepared pursuant to NI 44-101 and NI 44-103 containing the final pricing and related information (the ' Supplemented PREP Prospectus '). The Registration Statement and the Supplemented PREP Prospectus contain important detailed information relating to the Offering and the Common Shares. Article content The Registration Statement can be found on SEDAR+ at and on EDGAR at Prospective investors located outside of Canada may request copies of the Registration Statement from the Company by telephone at +1 (647) 438-9766 or by email at info@ or from Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, New York 10004, or by telephone at (212) 667-8563, or by email at equityprospectus@ Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, New York, New York 10022, or by email at prospectus@ D.A. Davidson & Co., 757 Third Avenue, Suite 1902, New York, New York 10017, or by email at prospectusrequest@ or Scotia Capital (USA) Inc., 250 Vesey Street, 24th Floor, New York, New York 10281, Attention: Equity Capital Markets, or by telephone at (212) 255-6854, or by email at or Scotiabank in Canada, 40 Temperance Street, 6th Floor, Toronto, Ontario M5H 0B4, Attention: Equity Capital Markets, by email at equityprospectus@ or by telephone at (416) 863-7704. Prospective investors should read the Registration Statement and the other documents the Company has filed before making an investment decision. Article content No regulatory authority has either approved or disapproved the contents of this news release. This news release does not constitute an offer to sell or the solicitation of an offer to buy Common Shares, nor shall there be any sale of Common Shares in any state, province, territory or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province, territory or jurisdiction. The Offering will be made in the United States only by means of the Registration Statement. Any offering of the Common Shares in other jurisdictions will be made on a private placement basis in accordance with applicable laws. Any offers, solicitations or offers to buy, or any sales of Common Shares will be made in accordance with the requirements of the Securities Act of 1933, as amended, and otherwise in accordance with applicable securities laws in any other jurisdiction. Article content About Almonty Article content Almonty is a diversified and experienced global producer of tungsten concentrate in conflict-free regions. The Company is currently mining, processing and shipping tungsten concentrate from its Panasqueira Mine in Portugal. Its Sangdong Mine in Gangwon Province, South Korea is currently under construction. The Sangdong Mine was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China. Almonty also has a significant molybdenum resource on a separate property adjacent to the tungsten orebody at the Sangdong Mine. Additional development projects include the Valtreixal Project in northwestern Spain and Los Santos Mine in western Spain. Further information about Almonty's activities may be found at and under Almonty's profile at and Legal Notice Article content The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions. Article content Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. Article content Cautionary Note Regarding Forward-Looking Information Article content This news release contains 'forward-looking statements' and 'forward-looking information' within the meaning of applicable securities laws. Article content All statements, other than statements of present or historical facts, are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are typically identified by words such as 'plan', 'development', 'growth', 'continued', 'intentions', 'expectations', 'emerging', 'evolving', 'strategy', 'opportunities', 'anticipated', 'trends', 'potential', 'outlook', 'ability', 'additional', 'on track', 'prospects', 'viability', 'estimated', 'reaches', 'enhancing', 'strengthen', 'target', 'believes', 'next steps' or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved. Forward-looking statements in this news release include, but are not limited to, statements concerning the completion of the Offering, the Company's redomiciling initiatives, the Company's position as a leading supplier of tungsten to the U.S. and its allies, the timing of any listing of the Common Shares on the Nasdaq, the continued listing of the Common Shares on the TSX and the ASX and trading on the Frankfurt Stock Exchange, and the use of proceeds of the Offering. Article content Forward-looking statements are based upon certain assumptions and other important factors that, if untrue, could cause actual results to be materially different from future results expressed or implied by such statements. There can be no assurance that forward-looking statements will prove to be accurate. Key assumptions upon which the Company's forward-looking information is based include, without limitation, the absence of market conditions that could adversely impact the Offering or the intended listing of the Common Shares on the Nasdaq; the satisfaction of all listing requirements of the Nasdaq and continued listing requirements of the TSX and ASX; the achievement of any closing conditions to the Offering; and the absence of material adverse changes in the Company's industry or the global economy including interest rates, inflationary pressures, supply chain disruptions, and commodity market volatility. Article content Forward-looking statements are also subject to risks and uncertainties facing the Company's business, including, without limitation, the risks and uncertainties identified in the Registration Statement; risks relating to the Offering not being completed in a timely manner or at all, including due to unfavourable market or other conditions or factors; the possibility that the required approvals for or conditions to the Offering will not be received or satisfied on a timely basis or at all; changes in the anticipated timing for closing the Offering; business disruption during the pendency of or following the Offering; diversion of management time on Offering-related issues; the ability to retain members of Almonty's management team; the impact of the Offering on relationships with customers, suppliers, employees and other business counterparties; risks related to the reaction of customers, shareholders and members of the public to the Offering; and other events that could adversely impact the completion of the Offering, including industry or economic conditions outside of Almonty's control. Any of these risks could have a material adverse effect on the Company's business, financial condition, results of operations and growth prospects. Readers should consider reviewing the detailed risk discussion in the Company's Registration Statement, the most recent Annual Information Form and the amended Management Discussion and Analysis for the three months ended March 31, 2025 filed on SEDAR+, for a fuller understanding of the risks and uncertainties that affect the Company's business and operations. Article content Although Almonty has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Almonty. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. Article content Investors are cautioned against attributing undue certainty to forward-looking statements. Almonty cautions that the foregoing list of material factors is not exhaustive. When relying on Almonty's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Almonty has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. Article content Article content Article content Article content Article content Contacts Article content Company Contact Article content Article content Lewis Black Article content Article content Chairman, President & CEO Article content Article content (647) 438-9766 Article content Article content info@ Article content Investor Relations Contact Article content Article content Lucas A. Zimmerman Article content Article content Article content Article content Article content
