3 judicial recounts could leave Liberals one seat shy of majority
It's been more than a week since election day, but the seat tally has changed yet again. With recounts now underway in three federal ridings, the Liberal Party could soon move to within one seat of a majority government.
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Globe and Mail
27 minutes ago
- Globe and Mail
Tesla shares down as Trump fires back at ally Musk
Elon Musk, CEO of Tesla (TSLA-Q) and self-proclaimed 'First Buddy' of President Donald Trump, has stepped up criticism of the president's massive tax legislation in recent days. Investors are starting to notice. Tesla shares dropped more than 5 per cent on Thursday on a day otherwise devoid of news for the electric vehicle maker, leading traders to speculate that Mr. Musk's increasingly pointed rhetoric suggests strain in the relationship that has benefited his sprawling empire of businesses. Mr. Trump said on Thursday that Mr. Musk was upset because the bill took the EV mandate away. 'Look, Elon and I had a great relationship. I don't know if we will anymore,' the president said. 'He said the most beautiful things about me. And he hasn't said bad about me personally. That'll be next. But I'm very disappointed.' Mr. Trump's comments extended a decline in Tesla shares. The world's richest man, a key figure in the Department of Government Efficiency's (DOGE) cost-cutting initiative for several months, has blasted the bill, not long after he said he would spend less time in the White House and more time with his companies. On his social media platform X, Mr. Musk has called on Congress members to kill the legislation, calling it a 'disgusting abomination.' 'It more than defeats all the cost savings achieved by the DOGE team at great personal cost and risk,' Musk, the largest Republican donor in the 2024 election cycle, said on X on Tuesday. Mr. Musk's leadership of DOGE and his alignment with the Trump administration have put off some Tesla buyers. Sales of his EVs have slumped in Europe, China and key U.S. markets like California, even as overall electric vehicle purchases continue to grow. Mr. Musk has slowly started to separate himself from the White House in recent weeks, stung in part by the wave of protests against Tesla. 'Elon's politics continue to harm the stock. First he aligned himself with Trump which upset many potential Democratic buyers. Now he has turned on the Trump administration,' said Tesla shareholder Dennis Dick, chief strategist at Stock Trader Network. Mr. Musk's other businesses, SpaceX and Starlink, dominate their respective markets, but have also come under scrutiny due to Mr. Musk's relationship with Mr. Trump. Those two businesses often serve as the default choice for commercial launches and satellite internet deployment, and foreign governments have also increasingly looked to Starlink, with regulatory approvals smoothed by Mr. Musk's ties. Tesla shares are down 12 per cent since May 27, roughly coinciding with his decision to pull back from Washington activities. The stock has been on a roller-coaster ever since his endorsement of Mr. Trump in mid-July 2024 in his re-election bid, gaining 169 per cent from that point through mid-December. That was followed by a 54-per-cent selloff through early April as a 'Tesla Takedown' protest movement intensified. The House of Representatives version of the budget bill proposes largely ending the popular US$7,500 electric vehicle subsidy by the end of 2025. Tesla and other automakers have relied on incentives for years to drum up demand, but Mr. Trump promised during the transition to end the subsidy. Tesla could face a US$1.2-billion hit to its full-year profit, along with an additional US$2-billion setback to regulatory credit sales due to separate Senate legislation targeting California's EV sales mandates, according to J.P. Morgan analysts. 'The budget bill contains bad stuff for Tesla with the end of the EV credits, and just generally his falling out with Trump has risks for Tesla and Elon's other companies,' said Jed Ellerbroek, portfolio manager at Argent Capital Management. Mr. Musk's public attacks have upset potential Republican Tesla buyers as well, Dennis Dick added. One White House official on Wednesday called the Tesla CEO's moves 'infuriating.' The billionaire joined Senate Republican deficit hawks this week in arguing that the House bill does not go far enough in reducing spending. Overall, Tesla shares are down 22 per cent this year, including Thursday's losses. But the company is still the most valuable automaker worldwide by a long shot - carrying a market value of US$1-trillion, far surpassing Toyota Motor's market value of about US$290-billion. Tesla trades at 140.21 times profit estimates, a steep premium to other Big Tech stocks like Nvidia. Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.
Toronto Star
40 minutes ago
- Toronto Star
A New Era for the Canada-U.S. Relationship
TORONTO, June 03, 2025 (GLOBE NEWSWIRE) — Today, the Empire Club of Canada, in partnership with the American Chamber of Commerce in Canada (AmCham Canada), will host a special event 'A New Era of the Canada-U.S. Relationship' with the Honorable Pete Hoekstra, the newly appointed U.S. Ambassador to Canada. Ambassador Hoekstra's remarks will address current affairs, including trade and security, while also reflecting on how to build on the long tradition of cooperation and friendship between Canada and the United States.
CBC
42 minutes ago
- CBC
Saskatoon financial forecast pegs property tax increase at 10%, but says number will go down
Social Sharing The City of Saskatoon has released its preliminary financial forecast, and the numbers are daunting. It projects property tax increases of 10 per cent in 2026 and another seven per cent in 2027 on an average assessed home value of $397,000. Inflation, growth, funding for long-term projects and the police budget account for much of the financial pressure. Clae Hack, the city's chief financial officer, said he's "confident" the numbers aren't what will be ultimately approved by city council when they pass a final budget in the fall. "The starting point of all those conversations is, what are the pressures we're facing? What can we do to address them?" Hack told host Stephanie Massicotte on CBC Radio's Saskatoon Morning on Thursday. "I think for any household or business, that's always the starting point to understand the pressures you're facing and then to make decisions from there." One of the biggest pressures is funding for the Saskatoon Police Service, which accounts for more than one-third of the projected increase — driven by inflation and wage increases set out in a recent arbitration settlement. Hack said he has talked with the police chief about the budget, but ultimately, the board of police commissioners makes the final decision on it. Inflation is another big driver of rising expenses. The administration's report to council cites examples of items that have seen big increases since 2021, such as sand (23 per cent), asphalt (38 per cent), buses (23 per cent) and cement (28 per cent), according to Statistics Canada data. Growth also drives up costs, the report notes. The city's population has increased by four to five per cent annually over the past two years. "When we add more hectares of park space and kilometres of roadway to program and service that growing population, those come with costs to maintain as well," Hack said. City council previously decided to phase in spending for some big capital projects — such as the Link rapid transit system, east leisure centre and two fire stations — so there are already line items for those. The administration is forecasting revenue increases of about 3.5 per cent and four per cent in each of the next two years, which "while substantive," are lower than "the rate of inflation, growth and the associated expenditure impacts." The report notes Saskatoon has one of the most affordable property tax burdens in Western Canada, citing data that shows Saskatoon residents pay about 2.6 per cent of their after-tax income compared to the regional median of about three per cent. The preliminary financial forecast will be considered by council members at the next meeting of the governance and priorities committee on June 11. It recommends that council direct the administration to continue to refine the budget to reduce the proposed property tax increases.
