Carney says ‘more will be done' on energy, but conversation isn't all about pipelines
Asked by CBC's Power & Politics host David Cochrane about the separatist sentiment in Alberta, Prime Minister Mark Carney says his government is 'committed' to working with Canadians across the country.
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CBC
30 minutes ago
- CBC
N.L. government doesn't understand true level of child-care demand, NDP leader says
Political opposition in Newfoundland and Labrador says the government is letting child-care operators down by not communicating updates for months, while NDP Leader Jim Dinn says it shows the province doesn't understand the overall need for care. "I can't help but think that the main reason for these delays is because they know they don't have the funding for it, and they're slowing it down and frustrating the people who are trying to move this forward," Dinn told CBC News Thursday. Dinn's comments follow reporting from CBC News that at least three prospective daycare operators feel bogged down in bureaucracy. They've heard radio silence from the provincial government for months in some cases, waiting for updates about when they can receive the funding they've applied for. Newfoundland and Labrador's 2025 budget allocated $3.9 million for the creation of new $10-a-day child-care spaces, but advocates have said that isn't enough. One advocate told CBC News earlier this week that amount of money would only fully cover about five projects. "In the execution of it, it's really disappointing to parents, and to organizations that are trying to create these spaces," Dinn said. "I don't think government fully appreciated the demand that was there, and they didn't fund it appropriately." WATCH | Delays operators face are 'alarming and fustrating': NDP, PCs blast 'alarming and frustrating' months-long wait by daycare operators trying to open new centres 23 minutes ago Duration 2:05 PC Leader Tony Wakeham and NDP Leader Jim Dinn say the Liberal government should have to answer to firm deadlines when considering applications for daycare centres. Several operators say they have everything lined up — except approval from the provincial government. The CBC's Heather Gillis reports. Tony Wakeham, leader of the Official Opposition, said the fact that operators looking to open $10-a-day spaces are facing government-created barriers is alarming. "They face enough barriers when it comes to financing, when it comes to staff. The last thing they need is a Liberal government saying, 'No, we're not going to respond on a timely basis.' Or, they haven't responded on a timely basis," Wakeham said. "I wrote the minister a week ago about these issues. I have not even gotten a response back." Wakeham said the issue also translates to other problem areas — specifically noting health care. A lack of child care in an area of the province, especially in rural areas, can keep communities from being able to recruit the health-care professionals they need, he said. He wants to see better timelines established and a more frequent update schedule that can keep parties seeking funding informed on their status. Dinn said he'd want to see the $3.9 million allocated for the creation of spaces increased to reflect the true demand for child care, and believes child care will be a key election issue this fall. "If we want to encourage families to make Newfoundland and Labrador their home, to move beyond the city, then we've got to make sure that there's an investment there," Dinn said. "If our children are our most valuable resource, and I hear that from government as well, than put the money into it. They're just as deserving of that investment as oil companies." CBC News has asked Education Minister Bernard Davis for an interview on the matter, but Davis isn't answering questions.
Globe and Mail
32 minutes ago
- Globe and Mail
This $4.6-billion money manager used the April downturn to buy Canadian dividend stocks on sale
While the U.S.-led trade war hasn't been as catastrophic for Canada as originally feared, at least so far, money manager Scott Lysakowski is still cautious about the impact the ongoing uncertainty is having on the economy. 'It hasn't really materialized in the numbers yet,' says Mr. Lysakowski, managing director and a senior portfolio manager at RBC Global Asset Management in Vancouver. He's also head of the Phillips, Hager & North (PH&N) Canadian equity team. While he's 'not overly defensive' right now, Mr. Lysakowski says he's 'mindful' of the pullback in business spending and impact on jobs that could weigh on economic growth in the coming months. 'And of course, when you've had the markets recover like they have, the risk-reward today is a lot less compelling than it was during the depths of the market volatility in April,' he says. Mr. Lysakowski, who manages the $4.6-billion PH&N Dividend Income Fund, used the April downturn to buy companies he felt were on sale, including Canadian dividend-paying stocks. The fund returned 16.7 per cent over the past 12 months, as of April 30, and has a three- and five-year annualized return of 8.5 per cent and 15.1 per cent, respectively. The performance is based on total returns, net of fees. The Globe spoke with Mr. Lysakowski recently about what he's been buying and selling. Name three stocks you own today and why. Arc Resources Ltd. ARX-T, the mid-sized natural gas producer, is a long-time core holding and a stock we've been adding to recently. It has assets in some of the best acreage in the Montney region of northeast B.C. and northwest Alberta. Arc is a low-cost producer that's disciplined with its production growth and capital allocation. And despite natural gas being a volatile commodity, it has done a good job of maintaining and growing its cash flow. Its strong balance sheet has allowed it to acquire more assets to help it build inventory for long-term growth. The company has also sustained and grown its dividend over time, which is an important feature for us. Canadian National Railway Co. CNR-T and Canadian Pacific Kansas City Ltd. CP-T are both core holdings and stocks we added to in April. Before the tariff threats, railroad stocks faced freight recessions, which are characterized by declining volumes, pricing pressure and operational challenges such as labour unrest and wildfires. We're about three years into this freight recession, a follow-on from the pandemic, which meant lagging performance. We believe railway stocks are high-quality growth cyclicals that will be impacted by economic activity but will survive. CP has been the clear outperformer in recent years and continues to drive synergies thanks to its merger with Kansas City Southern, and we expect those results to continue. There's a particular opportunity for CN to make up some lost ground. CN has lagged its peers in North America with declining volumes and operational outages. The company is focused on returning to its historical growth trend in terms of volumes, getting some of these operational issues behind it and focusing on productivity. We have been adding more CN than CP recently because we see more growth potential ahead. Telus Corp. T-T is a stock we've owned for several years and bought more of recently. All telecoms have faced several headwinds, including increased wireless competition, decreasing population growth and rising interest rates. All of the telecom stocks have underperformed the market significantly, but Telus has done slightly better than its peers. It has delivered slightly better than average revenue and EBITDA [earnings before interest, taxes, depreciation and amortization] growth. Its capital spending has peaked and is now being reduced, which enabled it to recently increase its dividend, which is quite different than some of its peers. Telus has also signalled to the market that it aims to deliver some dividend growth over the next few years. Name a stock you sold recently. Northland Power Inc. NPI-T, the offshore wind generation company, is a stock we recently exited after owning it since the fall of 2023. Investor sentiment toward renewable stocks has soured lately with the new U.S. administration removing some of the tax incentives in the industry. That led us to reduce our exposure to that group as a whole, but specifically to Northland Power. The company is developing two large-scale offshore wind projects. It has a reasonable track record of delivering projects like this and does its best to de-risk them, but as it moves through the construction phase, it will experience an elevated payout ratio – the dividends it pays out as a percentage of cash flow will be high. The market is concerned about the payout ratio and the potential risk of a dividend cut. So, as a dividend manager focused on dividend growth, I don't want to be invested in companies that are cutting their dividends. We decided to step aside during this period of uncertainty. This interview has been edited and condensed.
Winnipeg Free Press
an hour ago
- Winnipeg Free Press
In the news today: Liberals set to table internal trade bill
Here is a roundup of stories from The Canadian Press designed to bring you up to speed… Liberals set to table internal trade bill The Liberal government is poised to table landmark legislation to break down internal trade barriers and increase labour mobility within Canada. The government has put a bill on the House of Commons notice paper that could potentially be tabled as early as today. Prime Minister Mark Carney has pledged to break down internal trade barriers by Canada Day to create one economy — although the time left on the parliamentary calendar suggests the legislation will not gain Royal Assent by the time the House rises for the summer. Several other provinces, including Ontario and Quebec, have also tabled such legislation to remove interprovincial barriers to the trade of goods across the country. It comes against a backdrop of U.S. President Donald Trump roiling the country's economy with stop-and-go tariffs in an escalating trade war — and as Carney has been engaged in behind-the-scenes talks with Trump on trade. Here's what else we're watching… Wildfire evacuees take refuge in Niagara Falls Some Manitoba residents who have taken refuge in Niagara Falls, Ont., after fleeing wildfires raging in their province say they're grateful for the hospitality but worry they won't have a home to return to once the flames die down. Kelly Ouskun says he saw so much fire and smoke along the highway on the drive from his family's home in Split Lake to Thompson, about 145 kilometres away, that he felt 'nauseated' and his eyes hurt. The family flew to Niagara Falls from there and he says they've now settled in at one of the five downtown hotels taking in evacuees, while hanging on to hope that what he's heard about his home — that it's still standing and intact — is true. More than 18,000 people have been displaced due to the wildfires in Manitoba since last week, including 5,000 residents of Flin Flon near the Saskatchewan boundary, along with members from at least four First Nations. Some residents from Pimicikamak Cree Nation, east of Flin Flon, were taken to Niagara Falls on Sunday, with more arriving since then. Wildfires included in G7 leaders summit planning Security officials at the G7 leaders summit in Kananaskis say plans are in place, including the possibility of evacuations, if wildfires become a serious threat later this month. Kananaskis, located about an hour west of Calgary, is in the foothills and front ranges of the Rocky Mountains. Its western edge borders Banff National Park and the Alberta-B.C. boundary. Its remote location is considered to be ideal from a security standpoint for the meeting of the leaders from Canada, the United States, France, Germany, Japan, the United Kingdom and Italy, as well as the European Union from June 15 to 17. But with an explosion of wildfires in Manitoba, Saskatchewan and in northern Alberta, a contingency plan is in place if the situation moves south. 'Wildfire has been part of our planning since the summit was announced here in Alberta,' said RCMP Chief Supt. David Hall, an event security director for the Integrated Safety and Security Group, in a recent briefing. StatCan to publish May jobs numbers Statistics Canada is set to reveal employment numbers for May today. A poll of economists provided by LSEG Data & Analytics heading into today's release calls for a loss of 12,500 jobs last month and for the unemployment rate to rise a tenth of a percentage point to seven per cent. Canada's unemployment rate rose two ticks to 6.9 per cent in April amid a gain of 7,400 jobs. That month's figures got a one-time boost in hiring tied to the federal election but also showed a contraction in manufacturing as the tariff dispute with the United States started to bite. The Bank of Canada will be watching the labour market data closely just two days after it left its benchmark interest rate on hold for a second straight time. Fans react to criticism of Gretzky over Trump ties It wasn't long ago that some Canadians were up in arms about hockey legend Wayne Gretzky's ties to U.S. President Donald Trump's administration. But as the Edmonton Oilers skate their way through the Stanley Cup final, hockey fans say it's time to let bygones be bygones. The statue was vandalized in March and smeared with what appeared to be and strongly smelled like feces. On Wednesday, a hip-high metal fence was up around the bronze figure. Gretzky, the Ontario-born hockey star who led the Oilers to four Stanley Cup victories in the 1980s, recently drew the ire of Canadians for his public support of Trump, who has repeatedly expressed his desire for Canada to join the U.S and become its 51st state. Darren Rogers, a Gretzky fan since the Oilers' inception into the NHL in 1979, said Gretzky's leadership led the team to win multiple Stanley Cups. This report by The Canadian Press was first published June 6, 2025.
