Franco-Nevada provides update on arbitration proceeding in Panama
Franco-Nevada (FNV) provided an update regarding its arbitration proceeding related to the Cobre Panama mine. Following engagement with the Government of Panama's legal counsel, Franco-Nevada has agreed today to suspend its arbitration proceeding. Franco-Nevada had previously filed a request for arbitration under the Canada-Panama Free Trade Agreement to the International Centre for Settlement of Investment Disputes on June 27, 2024.
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Yahoo
26 minutes ago
- Yahoo
FFAW tells critics to 'stay in their lane' after Ottawa more than doubles northern cod quota
While those who work in the fishery in Newfoundland and Labrador celebrate Ottawa's decision to increase the northern cod quota, an environmental group says the change was motivated by politics. On Wednesday, the federal government announced it was more than doubling the total allowable catch to 38,000 metric tonnes of northern cod — up from 18,000 last year. "It's a level that has been a long time coming, and it's going to produce some very good opportunities for both harvesters and plant workers," Fish, Food and Allied Workers union president Dwan Street told CBC Radio's The Broadcast. Street said she sat down with federal Fisheries Minister Joanne Thompson to explain the FFAW's proposal for the allowable catch, and felt the minister understood the union's call for an increase. "I think [Wednesday's] decision is evidence that she did understand that and listened to harvesters, which I think is the most important thing that we can take from this," Street said. Alberto Wareham, president and CEO of Icewater Seafoods, said the significant increase is good news. "I think [it] will be a lot more cod for Arnold's Cove from the inshore and from the offshore, more year-round employment, more cod available for our customers," he said. However, Wareham couldn't say at this time whether the increase could mean his plant would be open throughout the year. "From Icewater's perspective, we would like to get a lot closer to 45 to 50 weeks a year," he said. Wareham said his business will be ready to start buying cod in the next few weeks. But there has also been some opposition to the quota change. "The minister has chosen to dramatically increase pressure on a still depleted cod stock without any guardrails in place to prevent overfishing," Oceana Canada fisheries scientist Rebecca Schijns told Radio-Canada. "This is not just a science oversight, it's a political position made under economic pressure." Oceana Canada is a non-profit advocacy group dedicated to ocean conservation. Schijns said history can demonstrate what can happen when a fragile fish stock is overfished. She called the federal government's decision a missed opportunity to rebuild the cod stock. Schijns said concerning signs are being overlooked, adding biomass levels have remained stagnant since 2017 and the limit reference point that defines the critical zone was cut by nearly two-thirds. "That appears for the stock to look like it's improved on paper, but the reality is far from it," she said. "This isn't science-lead management, it's political optics dressed in scientific language." Schijns said the move could undermine future economic opportunities. However, Street dismissed the concerns from Oceana Canada that the move was politically motivated. "I think Oceana Canada needs to stay in their lane," she said. "NGOs have no business making decisions or having input on decisions that affect the lives of our members or anybody who makes their livelihood on the ocean." Download our free CBC News app to sign up for push alerts for CBC Newfoundland and Labrador. Click here to visit our landing page.
The Hill
an hour ago
- The Hill
6 top issues to review in US-Mexico-Canada trade
The second Trump administration has come out swinging on trade. New tariffs — some targeted, others startlingly wide-ranging and broad — have reignited uncertainty across global supply chains and forced America's economic allies to find ways of placating the White House. For Canada and Mexico, Washington's partners in Trump's U.S.-Mexico-Canada Agreement, this has been a stark reminder of how easily trust can erode, even in the most integrated trade relationship in the world. But the first formal review of the agreement in 2026 offers the opportunity to not only overcome this uncertainty but also to build for a stronger shared future. In terms of trade, the stakes could not be higher: Mexico and Canada are the United States' no.1 and no. 2 trading partners. In 2024, U.S.-Mexico trade reached $840 billion; with Canada, the number was $761 billion (compared with $582 billion in two-way trade with China). These are intricate trading relationships, and the review process will be more than a box-checking exercise. Anxiety over the process is already rampant in Washington and among investors. But the U.S.-Mexico-Canada partners don't just trade enormous amounts with each other; they build things together and export them to the world through complex supply chains. Therefore, the review process is also a chance to modernize North America's trade architecture, reinforce strategic industries, and rebuild the foundations of regional trust and cooperation. America's competitiveness depends heavily on the integrated North American manufacturing platform, and thus on the success of Mexico and Canada, its partners. There are many contentious issues requiring resolution, too many to mention here. However, we can currently identify six key areas where substantial effort will be necessary. Addressing these areas holds the potential for significant improvements in regional competitiveness and economic security. A foreign investment committee for North America. The issue of competition with China was marginally addressed in Article 32.10 of the U.S.-Mexico-Canada Agreement with a provision concerning trade with 'non-market economies,' but the topic of Chinese investment in the region was not covered. The Committee on Foreign Investment in the United States, an interagency body, is tasked with that role to assess and mitigate national security risks within the U.S., while Canada has a similar entity. Mexico, however, has not established such a mechanism. Implementing a trilateral or regionally coordinated investment screening system, tailored to the shared interests and legal frameworks of the U.S., Canada and Mexico, could address this gap effectively. Rules of Origin Are Only as Good as Our Tools to Enforce Them. The North American agreement's stronger rules of origin, especially for automotive and steel products, were a signature achievement. But enforcement remains a weak link. Self-certification and uneven oversight have created loopholes for transshipped and misclassified goods. To address this, North America should move toward a shared product passport system — a digital framework that enables real-time verification of supply chain data and regional content. Without it, even the best rules risk being undermined by outdated systems and bad actors. A Reinvigorated Approach to Energy and Critical Minerals. Chapter 8 of the U.S.-Mexico-Canada Agreement was a compromise: The U.S. and Canada sought more liberalization and investment protections in the energy sector, while Mexico prioritized sovereignty. The review must establish commitments to cooperation, regulatory coordination and investor protections, especially in Mexico, where uncertainty has hindered investment. But just as importantly, there is now an opportunity to establish institutionalized cooperation between the partners in building regional critical minerals supply chains, a key area of strategic competition with China. Dispute Resolution Must Be Enhanced. When the USMCA replaced the North American Free Trade Agreement, dispute settlement mechanisms were seriously weakened. Over the past six years, the need for stronger investor protections and legal recourse in the face of expropriation and regulatory abuse has become clear, especially in the case of Mexico. The agreement's dispute settlement systems must be strengthened to ensure they are timely, impartial and resilient against political pressure. If North America wants to remain an attractive investment environment, confidence in the rules must go hand in hand with confidence in how they're enforced. Labor Standards and the Gap Between Words and Action. The current agreement's labor provisions marked a leap forward from NAFTA. But implementation is inconsistent, to say the least. Labor reforms in Mexico are still catching up with commitments. The review is an opportunity to close the implementation gap — and to make enforcement credible across all three countries, for the good of workers across the region. Mexican President Claudia Sheinbaum should seize the opportunity to advocate for better working conditions for her people. Don't Ignore Digital Trade. The current agreement's digital trade provisions, contained in Chapter 19, are already aging. They lack the clarity and scope needed for today's data-driven economy, especially on cross-border flows and artificial intelligence. Mexico lags far behind the U.S. and Canada, but has a dynamic startup and entrepreneurial culture in some of its major cities, in part spurred on by digital nomads now living there. Harnessing the combined potential of the three countries and setting common standards and rules will benefit the entire regional economy and greatly assist in the intensifying tech race with China. The early days of the Trump administration's second term have strained North American cooperation, but the review is a chance to reverse that trajectory. It can help the U.S., Canada and Mexico recommit to a shared vision of prosperity, one grounded in transparency, innovation, and resilience. In 2020, the U.S-Canada-Mexico Agreement was sold as a modernization of NAFTA. In 2026, its review must become a modernization of our shared commitment to lead. Let's not settle for maintenance. Let's build something stronger. Duncan Wood is CEO of Hurst International Consulting and an independent analyst focused on North American trade, energy, and supply chain security.
Yahoo
an hour ago
- Yahoo
Canadians still avoiding the U.S., trips down nearly 40% in May
It looks like elbows are still up as Canadians continue to boycott the U.S through economic means. According to the latest Statistics Canada report, there was a significant decline in Canadian road trips to the United States last month — data shows a 38% decrease in May 2025 compared to the same period last year, affecting what traditionally represents the largest segment of Canadian visitors to the U.S. According to this StatsCan data, Canadian motorists making return trips to the U.S. saw significant declines in both April and May of 2025. Last month, approximately 1.3 million Canadians drove back from the U.S., representing a 38.1% decrease from the previous year. The downward trend was also evident in April, when 1.2 million return trips were recorded, showing a 35.2% reduction compared to the same time period in 2024. As well, air travel experienced a significant downturn in May, with Canadian return trips decreasing by 24.2% compared to May 2024. The decline in air travel was more pronounced than the previous month, as April saw a 19.9% year-over-year reduction in Canadian return air travelers. Airlines have experienced a significant impact from the decline, leading several carriers to adjust their U.S.-bound flight schedules to match reduced passenger demand. Several major Canadian airlines implemented service reductions in March, with Air Canada cutting flights by 10% to popular destinations such as Florida, Las Vegas and Arizona. Other carriers including WestJet, Flair Airlines and Air Transat followed suit with similar schedule adjustments. There's also a decline in American travel to Canada, with automobile trips decreasing by 8.4% — that's down from the 1,044,700 trips taken the previous year. Meanwhile, air travel from the United States to Canada experienced a minor decrease of 0.3% from 2024 levels. 1. Statistics Canada: Leading indicator of international arrivals to Canada, May 2025 This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
