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CTV National News: Tariff tensions at meeting of G7 finance ministers

CTV National News: Tariff tensions at meeting of G7 finance ministers

CTV News22-05-2025

CTV National News: Tariff tensions at meeting of G7 finance ministers
Finance ministers and central bankers from the G7 are gathering in Banff to lay the groundwork for the G7 Summit in Kananaskis. Rachel Aiello has the latest.

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Speech from OPEC head to kick off Global Energy Show in Calgary
Speech from OPEC head to kick off Global Energy Show in Calgary

CBC

time34 minutes ago

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Speech from OPEC head to kick off Global Energy Show in Calgary

More than 30,000 people from 100 countries are expected to descend on the white-collar heart of Canada's oilpatch next week for the Global Energy Show, which is to kick off with a keynote address from the head of the Organization of the Petroleum Exporting Countries. OPEC secretary-general Haitham al-Ghais is set to deliver remarks on Tuesday morning, as recent output increases from his group's members and other producers have put pressure on global crude prices. Among the other speakers are 20 chief executives from major Canadian and international energy companies and several political leaders, including Alberta Premier Danielle Smith. Energy show organizers say Calgary is expecting a 30 per cent increase in hotel bookings for the conference and trade show, and that exhibition space has been increased by one fifth year-over year. Nick Samain, senior vice-president at DMG Events, said as of two weeks before the event, pre-registrations were 78 per cent higher than last year. He says the show is seeing a big turnaround since the oil bust of 2015 and the COVID-19 pandemic. "There's a sense of optimism that the show really hasn't had in a long time," Samain said in an interview. "Operationally, we've been going crazy to make sure we've got enough room for everybody." The exhibition hall in the newly refurbished BMO Centre on the Calgary Stampede grounds is to feature a record 11 country pavilions and 500 company booths. Event rebranded in 2020 The event was called the Global Petroleum Show until 2020, when it was rebranded to highlight the growing number of non-oil-and-gas participants in the energy space, such as nuclear and renewables firms. Samain said at the trade show, oil and gas makes up about 70 per cent of exhibitors, with other forms of energy making up the rest. The conference comes as U.S. President Donald Trump's tariff war throws global trade into disarray, raising the prospect of a global downturn that could dampen energy demand. The trade strife has driven calls for Canada to diversify its export markets for its energy products beyond its biggest customer, the United States, and remove some of the logjams that have prevented infrastructure from being built over the past several years. Prime Minister Mark Carney has promised to speed up and simplify the regulatory process for projects deemed in the national interest. Samain said the show is an opportunity for people to hash out competing views about Canada's energy future. "We're just big proponents of people meeting face to face," he said. "We find when people get together at an event like this, it really does [give] the opportunity for people maybe to see a different perspective." A week after the Global Energy Show, another major event drawing dignitaries from abroad is to take place in a popular recreation area in the Rocky Mountains an hour west of Calgary. Canada is to host leaders from the United States, France, Germany, Japan, the United Kingdom, Italy and the European Union at the G7 summit from June 15 to 17 in Kananaskis.

Federal government will protect Hamilton steel amid tariffs, Joly tells Dofasco workers
Federal government will protect Hamilton steel amid tariffs, Joly tells Dofasco workers

CBC

time36 minutes ago

  • CBC

Federal government will protect Hamilton steel amid tariffs, Joly tells Dofasco workers

Since Minister Mélanie Joly took over the infrastructure portfolio last month, she and Dofasco CEO Ron Bedard have spoken every day about how the U.S. trade war is impacting Hamilton's steel industry. "I can't emphasize enough how determined she has been in every meeting on taking care of workers," Bedard told a crowd of workers at the company's plant in Hamilton on Friday, alongside Joly and local politicians. "It's unlike anything I've seen in my 38-year career. And the fact that she's here today wanting to understand what more she can do speaks volumes about how committed she is to our industry and our people." Before Friday, Bedard had rarely spoken publicly about ArcelorMittal Dofasco's efforts to get the federal government's help as Canada's trade war with the U.S. escalates. Watch | Hamilton reels after Trump's latest steel tariff gut punch: Hamilton reels after Trump's latest steel tariff gut punch 2 days ago Duration 2:01 Joly's visit to Dofasco came a few days after President Donald Trump signed an executive order increasing tariffs of steel and aluminum from 25 to 50 per cent. On Thursday, Canadian steel executives met with officials in Prime Minister Mark Carney's Liberal government, including Joly, to press for urgent assistance. "It is clear that the government is seized with the gravity of the situation facing Canadian steel and understands the need for expediency in responding," Canadian Steel Producers Association CEO Catherine Cobden said about the meeting in Ottawa in a statement. Dofasco plant a 'crown jewel' While Joly toured the Hamilton plant Friday, Carney introduced new legislation to eliminate federal barriers to internal trade and enable more infrastructure projects to be approved faster. These projects will include power lines and pipelines, and building up the defence industry, all of which will require steel that's made in Canada, Joly said. Much of that steel comes from Hamilton. "This is a national asset, the crown jewel of the manufacturing sector," she said of Dofasco's plant. "This is our opportunity to not only save jobs, but build jobs." The federal government is working on a plan to help companies financially in the short-term to prevent layoffs, Joly said. The government is also going to attempt to stop "steel dumping," which is when foreign steelmakers sell steel into the Canadian market at ultra-low prices. "We will have more to say very soon on those two issues," Joly told reporters. "These can't be empty promises. We're in action mode." Mayor Andrea Horwath met with Joly Friday and said after that she urged the minister to "get things moving quite quickly." 'Hamiltonians are worried," Horwath said. "This is impacting people and families." She said in a statement earlier this week that the tariffs were putting "thousands of good jobs at risk." Joly said diplomatic efforts with the Trump administration are ongoing and increasing Canada's retaliatory tariffs on American products is still an option.

Canadian, U.S. markets finish week with big gains as investors take in jobs reports
Canadian, U.S. markets finish week with big gains as investors take in jobs reports

CTV News

time41 minutes ago

  • CTV News

Canadian, U.S. markets finish week with big gains as investors take in jobs reports

The Toronto Stock Exchange Broadcast Centre is shown in Toronto on Friday June 28, 2013. THE CANADIAN PRESS/Aaron Vincent Elkaim TORONTO — Canadian and U.S. markets finished the week in solidly positive territory as investors took stock of the latest jobs reports in both countries. The S&P/TSX composite index was up 86.84 points at 26,429.13. In New York, the Dow Jones industrial average was up 443.13 points at 42,762.87. The S&P 500 index was up 61.06 points at 6,000.36, while the Nasdaq composite was up 231.50 points at 19,529.95. The Canadian dollar traded for 73.05 cents US compared with 73.21 cents US on Thursday. The July crude contract was up US$1.21 to $64.58 a barrel and the July natural gas contract was up 10 cents US at US$3.78 per mmBTU. The August gold contract was down US$28.50 at US$3,346.60 an ounce and the July copper contract was down nine cents US at US$4.85 a pound. This report by The Canadian Press was first published June 6, 2025.

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