Canada's Poilievre Says He Would Approve Suncor Oil Project, Mines
The leader of Canada's Conservative Party said he would accelerate approval on 10 resource projects if elected, including the extension of a major Suncor Energy Inc. oil sands mine in Alberta.
Pierre Poilievre, who's running against Liberal Prime Minister Mark Carney in an April 28 election, has pledged to advance projects including the second phase of LNG Canada in British Columbia, the Rook 1 Uranium Mine in Saskatchewan, Springpole Lake Gold mine in Ontario and Suncor's project. Poilievre said natural resource projects have been stymied over the past decade of Liberal leadership due to excessive regulations and slow approvals.
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Yahoo
an hour ago
- Yahoo
Carney says Canada will meet 2% NATO spending target by March
Saying that the era of the United States' dominance on the world stage is over, Prime Minister Mark Carney committed his government on Monday to meeting the NATO benchmark target of two per cent of the country's gross domestic product by the end of the current fiscal year in March. The prime minister outlined his vision of Canada moving more closely toward European allies in a speech in Toronto. "We stood shoulder to shoulder with the Americans throughout the Cold War and in the decades that followed, as the United States played a dominant role on the world stage. Today, that dominance is a thing of the past," Carney told an audience of foreign policy thinkers, national security officials and defence industry business leaders on Monday morning. Carney said the world is at a turning point — a hinge moment — and that it's time for Canada to chart its own path."The United States is beginning to monetize its hegemony: charging for access to its markets and reducing its relative contributions to our collective security," Carney said. "In parallel, the world's trade routes, allegiances, energy systems and even intelligence itself are being rewired. Rising great powers are now in strategic competition with America. A new imperialism threatens. Middle powers compete for interests and attention, knowing that if they are not at the table, they will be on the menu." Carney reiterated pledges made during the election campaign to rearm the Canadian military with new submarines, armoured vehicles, drones and other technology. He provided no additional specifics during the speech. Much of the new $9.3 billion in defence spending is foundational, allowing the military to increase recruitment, give current soldiers a pay raise and set the stage for major equipment purchases — as well as an expansion of the Canadian defence industry. WATCH | Carney's full speech: There was speculation that the Liberal government would fold the Canadian Coast Guard entirely into the Department of National Defence — something other countries do. The coast guard is currently a special operating agency under the Fisheries Department with an annual budget of $2.5 billion. At a technical briefing for the media, senior defence officials said the coast guard would remain where it was and there would be no need to arm the civilian agency. However, senior federal officials insisted a more fundamental reorganization of the service would take place. One of the biggest questions on the minds of the opposition parties, whom Carney called to support the plan, was how the dramatic increase would impact the federal budget. Carney said the government would not raise taxes, but acknowledged some cuts would be made elsewhere within the federal more fundamental, defence expert Dave Perry said, is that the Defence Department has had trouble in the past being able to spend additional money. "I think the Government of Canada now has to actually try to come to grips with whether or not it can actually move this money that the prime minister talked about this morning," said Perry, president of the Canadian Global Affairs Institute, who's spent more than decade tracking defence spending. "If bureaucracy proceeds like normal, the way it has been over the past decade and a bit, this money is unlikely to be spent. We're going to have to actually see concrete change across the Canadian government." Federal ministers have been quietly signalling the pathway to a two per cent commitment for the last couple of weeks. The former head of NATO, George Robertson, speaking on CBC's Rosemary Barton Live on June 1, said Industry Minister Mélanie Joly had assured him that Canada would reach the alliance goal, which was first agreed upon in 2014, by the end of the year. Last week, at NATO headquarters in Brussels, Defence Minister David McGuinty signalled Carney would address Canada's defence spending targets before the upcoming leaders' summit in The the two per cent NATO target would require an investment of between $18 billion and $20 billion. In his speech, Carney said Canada will sign on to NATO's defence industrial pledge. Last year, NATO said it wanted its members to develop national plans to bolster the capacity of their individual defence industry sectors, a concept Canada has struggled with — or avoided outright — for decades. "Our goal is tangible commitments from our allies to provide NATO with the necessary resolve to deter aggression and protect against all adversaries in all domains," Carney said. "Our goal is to protect Canadians, not to satisfy NATO accountants." Canada under former prime minister Justin Trudeau faced regular criticism from allies for not meeting NATO's current target of two per cent of GDP. The dispute became public at last year's leaders' summit in Washington when members of the U.S. Congress from both sides of the aisle called out Canada for not having a plan to meet the goal, unlike all other allies.
Business Insider
an hour ago
- Business Insider
LMT, NOC, RTX: Canada to Boost Defense Spending by $30 Billion
Canada's federal government in Ottawa says it will boost its defense spending by $30 billion to meet its obligations under the NATO military alliance. Confident Investing Starts Here: As a member of the North Atlantic Treaty Organization (NATO), Canada is required to spend 2% of its gross domestic product (GDP) on defense. But until now, Canada has never met that target, spending only 1.45% of its GDP on defense in 2024. However, Canada's newly installed Prime Minister Mark Carney is looking to close the gap, pledging to lift the country's defense spending to 2% of GDP in the current Fiscal year that runs until March 31, 2026. The defense spending increase could be a boon to leading defense contractors such as Lockheed Martin (LMT), Northrop Grumman (NOC), and RTX Corp. (RTX). Closing the Gap According to government projections, Canada is projected to spend $52.3 billion on defense in the current 2025-26 Fiscal year. Canada's parliamentary budget office has estimated that the federal government would need to spend $81.9 billion to hit NATO's 2% GDP target, an increase of $29.6 billion from current levels. Canada has long been one of the biggest laggards among NATO members when it comes to meeting its defense spending targets, a fact that has drawn the ire of U.S. President Donald Trump. Currently, 22 of 32 member countries meet or exceed NATO's 2% defense spending target. Canada is expected to spend the additional defense money on new submarines, military aircraft, and artillery. Part of the new spending will also include Canada's participation in the $234 billion 'ReArm Europe' initiative, and to expand and bolster the Canadian Coast Guard. Is LMT Stock a Buy? The stock of Lockheed Martin has a consensus Moderate Buy rating among 15 Wall Street analysts. That rating is based on seven Buy and eight Hold recommendations assigned in the last three months. The average LMT price target of $521.07 implies 8.37% upside from current levels.
Yahoo
2 hours ago
- Yahoo
Canada plans to hit NATO spending target early and reduce reliance on US defense, Carney says
Canada will meet NATO's military spending guideline by early next year and diversify defense spending away from the United States, Prime Minister Mark Carney said Monday, asserting that Washington no longer plays a predominant role on the world stage. The announcement means Canada will achieve NATO's spending target of 2% of gross domestic product five years earlier than previously planned. 'Our military infrastructure and equipment have aged, hindering our military preparedness,' Carney said. 'Only one of our four submarines is seaworthy. Less than half of our maritime fleet and land vehicles are operational. More broadly, we are too reliant on the United States.' According to NATO figures, Canada was estimated to be spending 1.45% of GDP on its military budget, below the 2% target that NATO countries have set for themselves. Canada previously said it was on track to meet NATO's target by the end of the decade. 'Our goal is to protect Canadians, not to satisfy NATO accountants,' Carney said in a speech at the University of Toronto. Canada is about to host US President Donald Trump and other leaders at a summit of the Group of Seven leading industrialized nations in Alberta on June 15-17, and before the NATO summit in Europe. NATO allies are poised to increase the commitment well beyond the 2% target. NATO Secretary-General Mark Rutte said last week that most US allies at NATO endorse Trump's demand that they invest 5% of gross domestic product on their defense needs and are ready to ramp up security spending even more. 'We are meeting 2%. And that is the NATO target as it is today,' Carney said at a later news conference. 'We will need to spend more.' He said there will be discussions on the increased spending amount and its timeline at the NATO summit. Carney has said he intends to diversify Canada's procurement and enhance the country's relationship with the EU. 'We should no longer send three-quarters of our defense capital spending to America,' Carney said in a speech at the University of Toronto. 'We will invest in new submarines, aircraft, ships, armed vehicles and artillery, as well as new radar, drones and sensors to monitor the seafloor and the Arctic.' Canada has been in discussions with the European Union to join an EU drive to break its security dependency on the United States, with a focus on buying more defense equipment, including fighter jets, in Europe. Carney's government is reviewing the purchase of U.S. F-35 fighter jets to see if there are other options. 'We stood shoulder to shoulder with the Americans throughout the Cold War and in the decades that followed, as the United States played a predominant role on the world stage. Today, that predominance is a thing of the past,' Carney said in French, one of Canada's official languages. He added that with the fall of the Berlin Wall in 1989, the United States became the global hegemon, noting that its strong gravitational pull became virtually irresistible and made the US 'our closest ally and dominant trading partner.' 'Now the United States is beginning to monetize its hegemony: charging for access to its markets and reducing its relative contributions to our collective security,' Carney said. Trump's calls to make Canada the 51st US state have infuriated Canadians, and Carney won the job of prime minister after promising to confront the increased aggression shown by Trump. The prime minister said 'a new imperialism threatens.' Carney said the long-held view that Canada's geographic location will protect Canadians is increasingly archaic. The government is adding $9 billion Canadian (US$6.6 billion) in spending this year and Carney said the Canadian Coast Guard will be now be a part of the military. European allies and Canada have already been investing heavily in their armed forces, as well as on weapons and ammunition, since Russia launched a full-scale invasion of Ukraine on Feb. 24, 2022.
