Mark Carney's first cabinet faces high stakes: who's in, who's out, and what's at risk
Carney's cabinet unveiling to signal direction of new
Liberal Government
All eyes will be on Rideau Hall Tuesday morning as Prime Minister Mark Carney formally unveils his inaugural cabinet lineup. The swearing-in ceremony, confirmed Friday by the Governor General's office, will take place at 10:30 a.m. EDT inside the historic ballroom, just steps from Carney's new residence at Rideau Cottage.
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The ceremony, overseen by Gov. Gen. Mary Simon, will mark a pivotal moment for Canada's newly elected Liberal leader, who must now translate campaign commitments into action. With Parliament resuming in just two weeks and a G7 summit looming in June, Carney's cabinet picks will set the tone for how he plans to govern—and whether he can deliver on his promises of efficiency, regional representation, and renewal.
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'I committed to an efficient cabinet, a focused cabinet,' Carney told reporters in Ottawa last week. That promise will now be tested against real-world pressures, including economic headwinds and a trade standoff with the United States.
New faces could define Carney's renewal agenda
While Carney has pledged to uphold gender parity, speculation continues about whether he will expand beyond his pre-election cabinet picks to accommodate fresh Liberal talent and regional diversity.
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'You've got to balance a bunch of things,' said CTV News political analyst Scott Reid. 'You have to balance gender, region, you have to balance old and new… You don't want a cabinet of complete green rookies, but on the other hand, you definitely want to signal change and have some fresh blood.'
Among the newcomers being closely watched are:
Former Vancouver mayor Gregor Robertson
Calgary organizer and strategist Corey Hogan
Former Manitoba provincial minister Buckley Belanger
Broadcaster-turned-politician Evan Solomon
Engineer and École Polytechnique survivor Nathalie Provost
Also generating buzz: former IBM Canada CEO Claude Guay, Trois-Rivières economist Caroline Desrochers, former Quebec finance minister Carlos Leitão, and ex-Goldman Sachs executive Tim Hodgson, a former Bank of Canada advisor under Carney.
These fresh faces could symbolize a bold shift in Carney's approach to national policy, especially as the Liberal Party of Canada faces calls for generational and regional renewal.
Veterans under pressure to deliver in 'war cabinet'
Still, a number of key Trudeau-era veterans could retain their posts—or be reassigned—to ensure continuity in critical files. Among those under the microscope:
International Trade Minister Dominic LeBlanc
Foreign Affairs Minister Mélanie Joly
Finance Minister François-Philippe Champagne
Industry Minister Anita Anand
Internal Trade and Transport Minister Chrystia Freeland
Canadian Culture Minister Steven Guilbeault
'Mark Carney should consider this a war cabinet, because the reality is, we're in a tariff war with the United States,' said CTV News pollster Nik Nanos. 'That's making sure that the right people are in the right positions.'
Nanos emphasized that the Liberal government also needs a unity cabinet, with strong regional representation. With electoral wins in every province and two territories, Carney has flexibility—but also pressure to make room at the table for a diverse range of voices.
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India Today
26 minutes ago
- India Today
He does this to his dad, Shashi Tharoor quips after son's curveball on Op Sindoor
In a rare and heartwarming moment during India's diplomatic outreach in Washington DC following the Pahalgam terror attack and Operation Sindoor, Congress MP Shashi Tharoor found himself fielding a question from his son, Ishaan senior Tharoor, who is part of an all-party delegation visiting key global capitals to highlight the Pahalgam carnage and India's response to it, was pleasantly surprised when Ishaan - introducing himself jokingly as asking "in a personal capacity and mostly to say hi before you go off for your next engagement" - posed a pointed query about terrorism advertisementAs Ishaan took the mic, Shashi Tharoor smiled and gestured for him to raise it properly before he responded. The question, both timely and probing, was whether any country had asked the Indian delegation for evidence of Pakistan's involvement in the Pahalgam attack, given Pakistan's repeated denials. "I'm very glad you raised this. I didn't plant it, I promise you. This guy does this to his dad," Tharoor said candidly. He stated that "no one had any doubt," and that the delegation was not asked for evidence by any foreign government. However, he acknowledged that the media in "two or three places" did raise the question."Let me say very clearly that India would not have done this without convincing evidence," he said. Citing three reasons for international understanding, Tharoor highlighted the 37-year pattern of terror attacks originating from Pakistan, each followed by habitual reminded the audience of Pakistan's disavowal of knowledge of Osama bin Laden's whereabouts, even when he was eventually found in a compound adjacent to an army camp in Abbottabad. He also mentioned Pakistan's denial of involvement in the 26/11 Mumbai attacks."So we know what Pakistan's all about. They will dispatch terrorists, they will deny they did so until they're actually caught with red hands," he also dismissed the idea of American mediation between India and Pakistan. The US has, on several occasions, taken credit for brokering a ceasefire between India and Pakistan, with President Donald Trump claiming that he strongarmed the two nuclear nations with the threat of trade and tariffs. India, however, has denied the claim on several occasions. "Mediation is not a term that we are particularly willing to entertain. You're implying an equivalence which simply doesn't exist," he said. He added, "There is no equivalence between terrorists and their victims. There is no equivalence between a country that provides a safe haven to terrorism and a country that's a flourishing multi-party democracy that's trying to get on with its business."Addressing US diplomatic engagement following the attacks, Tharoor said the PM Modi-led government had received calls at high levels from the US, and that India appreciated the concern and interest. However, he said, "They must have been making similar calls at the highest levels to the Pakistan side. Because that's the side that needed persuading to stop this process... But that's guesswork on my part."advertisementReiterating the nature of India's actions in Operation Sindoor, Tharoor drew a sharp contrast between the two nations' conduct. "India hit terror bases in Pakistan, while Pakistan hit civilians in retaliation, since there are no terror bases in India," he asserted. "There are no terrorist organisations in India listed in the UN or the State Department anywhere else. So, what do you hit? You hit civilians, innocent people. That is the asymmetry of this particular conflict."Tharoor said India's response was "precise and calibrated", and stressed that India has "systematically signalled" it is not interested in war with Pakistan. "We're not interested in attacking Pakistani civilians, ordinary people. This is about India versus terrorism," he the question of Chinese military technology and Pakistan's alleged use of it, Tharoor said India responded innovatively and effectively during the conflict. The Thiruvananthapuram MP spoke about China's interest in Pakistan, but added that despite Islamabad's use of Beijing's technology, India was able to manoeuvre its military plans to give a befitting reply to supposed to be something called a kill chain that the Chinese specialise in. We simply did things in a different way. Otherwise, we wouldn't have been able to hit 11 airfields," he explained. He acknowledged the depth of China's investment in Pakistan through the Belt and Road Initiative, particularly the China-Pakistan Economic Corridor, and said India had "no illusions" about China's strategic stake in on the broader context, Tharoor described the war as "a distraction" for India, but "fundamental" to the Pakistani military's sense of self-importance."There was a lot of chuckling in Delhi," Tharoor remarked wryly, "when the failed general became a field marshal by promoting himself, as you said, with an extra star".Tune InTrending Reel
Indian Express
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The easing of supply chain pressures, softening of global commodity prices and higher agricultural production on the back of a likely above-normal south-west monsoon augur well for the inflation outlook in 2025-26, the RBI's annual report said. 'Any potential downward revision in FY26 CPI inflation will be closely watched, as it will provide an indication of the depth of the rate cutting cycle,' said IDFC First Bank's Sengupta. The real GDP growth for 2025-26 is projected at 6.5 per cent. In the quarter ended January-March 2025, the domestic economy picked up pace and grew at a four-quarter high of 7.4 per cent. For the financial year 2024-25, the growth rate stood at 6.5 per cent, which was a four-year low. 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Following the likely repo rate cut in the June policy, the RBI may go for a total reduction of 50 bps in the current financial year, experts said. 'Two more cuts over the subsequent two policy reviews are expected, taking the repo rate to 5.25 per cent by the end of the cycle,' said Aditi Nayar, Chief Economist, ICRA Ltd. 'We expect a 25bp rate cut at the upcoming June 6 meeting, followed by another in August, taking the repo rate to 5.5 per cent,' HSBC Global Research said in a report. The RBI may pause in October to evaluate the transmission of monetary policy to lending and deposit rates. 'We forecast a final rate cut in December, although much will depend on the state of growth around then,' the report said.
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The International Monetary Fund's (IMF) first deputy managing director Gita Gopinath on Thursday flagged concerns about the rise of crypto uptake in developing economies saying that though nascent, it poses a risk in terms of currency substitution. In an interview with the Financial Times, Gopinath said 'we are seeing some pretty rapid growth of uptake of crypto in some emerging markets.' Emerging markets faced risks from crypto uptake, especially stablecoins, in terms of 'disintermediation of their financial institutions,' she said. 'In terms of currency substitution, those risks are rising,' Gopinath added. Gopinath's comments came against the backdrop of US President Donald Trump's push for a strategic crypto reserve and backing to the issuance of stablecoins to make America the 'crypto capital of the world'. In the Indian subcontinent, Pakistan has recently struck a deal with US-based World Liberty Financial Inc (WLFI) a firm backed by the Trump family, for that country to emerge as a crypto hub while promoting the use of blockchain technology and the use of stablecoins for payments and remittances. Amid a spate of activity in the crypto space, experts echo Gopinath's warning that cryptocurrencies may pose a risk to the currencies and financial institutions of developing and emerging economies. Stablecoins are cryptocurrencies whose value is pegged to an asset such as a currency or commodity such as gold. Cryptocurrencies such as Bitcoin have rallied since Donald Trump took over as US President owing to the reversal of his earlier skeptical stance on digital coins. He appointed David Sacks as the White House crypto czar while also naming crypto backer Paul S Atkins as the Securities and Exchange Commission (SEC) chair. Flagship cryptocurrency Bitcoin's price stood at $104,512.82 apiece, down 0.07 per cent, at 7:30 pm on Thursday. Last month, Bitcoin breached the $110,00 mark for the first time after the passage of the GENIUS Act Bill in the US Senate owing to bipartisan support. If passed the GENIUS Act is also expected to allow crypto companies to produce more stablecoins. Issuers must be in compliance with anti-money laundering provisions and anti-terrorism regulations, according to the Bill's fine print. Further, stablecoins issuers must back the digital currency with fiat currency or highly liquid assets in a 1:1 ratio. They must also maintain separate reserves to backstop the stablecoins, according to the GENIUS Act Bill. Democratic Senator Mark R Wright, who backed the bill, stated that while there were concerns about the Trump family's involvement in cryptocurrencies to 'evade oversight, hide shady financial dealings, and personally profit at the expense of everyday Americans… blockchain technology is here to stay.' He said it was in America's interest to take the lead on shaping crypto policies. Democratic Senator Elizabeth Warren warned that the GENIUS Act Bill did not meet the minimum standards such as guaranteeing consumer protection and preventing the illicit use of stablecoins. Passage of the GENIUS Act may pose a risk since the illicit use of stablecoins already make up 60 per cent of unlawful crypto transactions. If passed, the GENIUS Act is expected to boost the stablecoin market's growth by 10X to $2 trillion, Warren said citing industry estimates. Developing countries and their dalliance with cryptocurrencies Pakistan recently announced a collaboration between the Pakistan Crypto Council and the WLFI, which envisages the use of blockchain technology to promote financial inclusion. It also aims to monetise national assets such as rare earths besides using stablecoins in trade and remittance. Pakistan eyes the status of a regional crypto hub as a result of this agreement. Experts warn of the inherent instability of the crypto asset system. To elaborate on Gopinath's warning, a paper titled 'Crypto assets as a threat to financial market stability' states that currencies of emerging and developing economies may lose their importance as store of value owing to higher inflation rates, leading to a rising degree of substitution of the domestic currency by a foreign currency. According to an UNCTAD study, this may result in the 'cryptoisation' of emerging and developing economy currencies relative to their GDP and backed by factors such as a younger population as well as macroeconomic stability. In Central America, El Salvador, which approved Bitcoin as official tender in 2021, the cryptocurrency has seldom found use as a means for buying goods and services. Stablecoins may also pose a risk similar to that seen during a bank run — when depositors and investors rush to cash their assets after a bank is unable to honour its financial commitments owing to a shortage of assets. According to the paper cited above, the linkage of stablecoins to a currency creates arbitrage opportunities leading to speculation. Former US Treasury Secretary Janet Yellen during a US Congressional hearing said fears of inadequate asset backing for stablecoins may also lead to a sell off triggering a situation similar to a bank run. In March this year, Trump announced the creation of a strategic crypto reserve — a basket comprising Bitcoin, Ethereum, XRP, Solana and Cardano. While flagging 'corrupt attacks (on cryptocurrencies) by the Biden administration' Trump in a Truth Social post said the US Crypto Reserve, part of his executive order on digital assets will 'elevate this critical industry'. 'I will make sure the US is the Crypto Capital of the World,' Trump said. Under Trump, the US has dropped probes and legal lawsuits related to alleged securities violations against cryptocurrency firms and exchanges. The US government holds an estimated 200,000 Bitcoin pending an audit, according to a fact sheet shared by the White House. To be sure, the US crypto reserve will only store digital tokens obtained through forfeiture proceedings — it will not purchase additional reserves at the cost of the American taxpayer's money, according to the White House fact sheet.
