Dispute over a major port contract threatens Haiti's fragile political stability
The incident has deepened infighting within the council and further strained relations between Haiti's government and its private sector as a wealthy businessman prepares to take over the council's presidency on Thursday.
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Yahoo
6 minutes ago
- Yahoo
B.C. debt grows 50 per cent in two years to $134b despite lower-than-expected deficit
British Columbia is weighed down by rapidly growing debt despite a lower-than-forecasted deficit for 2024, something that Finance Minister Brenda Bailey said the government is working hard to address. But Bailey said the province needs to grow its revenue in addition to finding efficiencies in spending, a challenge in the economic uncertainty driven largely by tariffs imposed by the United States. With that backdrop, Bailey said current debt levels are necessary in the shorter-term to fund infrastructure such as hospitals, schools and transportation networks while the province works toward a longer-term solution. "Yes, we are experiencing increased debt," Bailey said Thursday during the release of B.C.'s public accounts for 2024-2025. "And that reflects the fact that our government remains committed to ensuring that we support British Columbians, and we're going to continue to do that." B.C.'s final deficit for the fiscal year came in at $7.3 billion, $564 million lower than the number projected in Budget 2024 and about $1.8 billion lower than the most recent third-quarter forecast. But provincial debt climbed to almost $134 billion, spiking 50 per cent in just two years. It includes a $23.7 billion boost in taxpayer-supported debt from the previous year, bringing the figure to $99.1 billion — an increase of more than 31 per cent. The Finance Ministry attributed the debt spike to the province having "supported people through climate emergencies and high costs," and Bailey said the province was working on an efficiency review to find spending cuts. But she said B.C. cannot rely on cuts and must increase revenue despite the current economic headwinds. "There is no question that that challenge is more complex in the current trade environment," she said. "But British Columbia has everything we need to be successful. "We have incredible natural resources. We have amazing skilled workers and we have incredibly determined entrepreneurs. And our task as government is to set those groups up for success. That is the work we're doing now." B.C. Conservatives finance critic Peter Milobar said in a statement that the rising debt levels aren't being reflected in the level of support for the public, saying the government was "racking up record levels of debt while delivering the worst public services in a generation." 'This year alone, the NDP added $15.78 billion in new operating debt — and what do British Columbians have to show for it?" Milobar said. "ERs are still closing, schools are crumbling, and ferries can't run on time.' "David Eby isn't just borrowing more — he's making life more expensive for future generations while failing to fix anything today," he said of B.C.'s premier. The public accounts show B.C.'s taxpayer-supported debt-to-GDP ratio was still lower than most other provinces at 23.2 per cent, compared with 41.6 per cent in Ontario, 41.9 per cent in Quebec and 22.1 per cent in Alberta. So-called self-supported debt, incurred by revenue-generating Crown corporations and other entities, also rose from $32.1 billion to $34.8 billion. Bailey said B.C. was able to report a lower-than-projected deficit largely due to revenue from the Insurance Corporation of British Columbia. But the higher revenues from ICBC and elsewhere, were offset by lower natural resource revenue, her ministry said. Bailey added that the deficit coming in lower than projected does not offer her any comfort. "Let's be clear, it's a $7.3 billion deficit, and I take that very seriously," she said. "We have a lot of work to do ahead of us to get back to a path to balance, and that's the work that we're engaged in now." Total revenue was about $2.5 billion higher than expected, while GDP grew by 1.2 per cent, lower than the Canadian average of 1.6 per cent. The ministry said the province spent a record $10.4 billion on infrastructure including roads, hospitals and schools. Among the projects were the Mills Memorial Hospital replacement in Terrace, the Broadway Subway in Vancouver, and high schools and student housing throughout the province. The unemployment rate was 5.6 per cent. "While our work to improve our fiscal position is underway, it is clear that, despite challenging economic conditions, this government is making progress on the things that matter to British Columbians, Bailey said. The province is expected to release its first quarterly report for the current fiscal year on Sept. 15. Bailey's budget in March forecasted a record deficit of about $10.9 billion. This report by The Canadian Press was first published Aug. 7, 2025. Chuck Chiang, The Canadian Press 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
The Hill
7 minutes ago
- The Hill
Trump signs order giving political appointees oversight of federal grants
President Trump on Thursday signed an executive order tightening control of the federal grant funding process, requiring political appointees to sign off on each grant. The order directs each agency head to designate a senior appointee who will be responsible for creating a process to review grant opportunity announcements and to ensure any grants awarded are 'consistent with agency priorities and the national interest.' 'In short, there is a strong need to strengthen oversight and coordination of, and to streamline, agency grantmaking to address these problems, prevent them from recurring, and ensure greater accountability for use of public funds more broadly,' the order states. 'The Government holds tax revenue in trust for the American people, and agencies should treat it accordingly.' The text of the order cites federal grants that have been given to universities that are used to cover 'facilities and administrative costs.' It also points to a federal grant that supported gain-of-function research, which came under scrutiny amid the COVID-19 outbreak in 2020. The order is part of a broader effort by the Trump administration to review and eliminate funding that does not align with the president's 'America First' agenda. For months, Trump has clashed with Ivy League universities like Harvard, Brown and Penn. The Department of Government Efficiency has also sought to slash federal contracts, while the White House worked with Congress to claw back roughly $9 billion in previously approved funding for State Department programs and the Corporation for Public Broadcasting.
TechCrunch
7 minutes ago
- TechCrunch
Rocket Lab eyes big defense opportunities with new acquisition
Rocket Lab is signaling to investors, yet again, that it's more than 'just' a rocket company. Rocket Lab's second-quarter results, which were posted Thursday, show revenues continue to be driven by its space systems business rather than launch. The results also highlighted the company's acquisition strategy and how its purchase of a new optical payloads company will make it more competitive for lucrative government contracts. The company's space systems brought in $97.9 million of the $144.5 million in total revenues for the second quarter. Rocket Labs' total revenue, its highest quarterly revenue in the company's history, jumped 36% from a year ago. The company's net loss widened to $66.4 million. Rocket Lab founder and CEO Peter Beck highlighted the 'busy quarter of M&A activity' as the company is gets close to closing its deal to buy Geost, a company that builds optical payloads. Through that acquisition, which will close at $275 million in cash and equity, Rocket Lab is opening a new business unit called Optical Systems to scale electro-optical and infrared sensor manufacturing. Those sensors are used in missile warning, tracking, and space domain awareness. The acquisition is also one part of a larger play from Rocket Lab – spelled out quite explicitly in the company's earnings presentation – to bid for multi-billion-dollar DOD initiatives like Golden Dome. Rocket Lab has already won some major defense contracts, including a $515 million, 18-satellite build contract to support the Space Development Agency's constellation of missile tracking satellites. The company has moved into production on those satellites, following confirmation that they meet the DOD's mission requirements, Rocket Lab said. Down on Earth, Rocket Lab says its progressing well toward the first launch of its larger Neutron rocket. The rocket's launch complex in Virginia is expected to be complete in the third quarter of this year, with hardware en route and the new rocket engine, called Archimedes, undergoing multiple tests per day. Techcrunch event Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital, Elad Gil — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $600+ before prices rise. Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. San Francisco | REGISTER NOW The company is staying vague about the exact launch date, saying only in the presentation that it is pushing an 'all-out effort to get Neutron to the launch pad before the end of 2025.' Rocket Lab ended the quarter with $564 million in cash and cash equivalents and estimates revenues will hit between $145 to $155 million next quarter.
