Mark Carney and Donald Trump in 'deep discussions' on trade: Doug Ford
Ontario Premier Doug Ford says Prime Minister Mark Carney is in 'deep, deep discussions' on trade with U.S. President Donald Trump.
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Ford says he spoke with Carney on Wednesday and told him the best outcome would be a swift deal with the U.S. to drop Trump's tariffs on Canadian products.
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Ford also says that if that deal does not come through in the next few days, Canada should 'come out guns a-blazing' and match Trump's new steel and aluminum tariffs with retaliatory levies of its own.
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Toronto Sun
25 minutes ago
- Toronto Sun
GOLDSTEIN: Carney can't fix Canada's underperforming economy on his own
Get the latest from Lorrie Goldstein straight to your inbox Prime Minister Mark Carney delivers a press conference at Rideau Hall after his cabinet's swearing-in ceremony on May 13, 2025 in Ottawa. Photo by Andrej Ivanov / Getty Images Prime Minister Mark Carney's pledge to make the Canadian economy the strongest in the G7 is the equivalent of attempting to turn around the Titanic before it hits the iceberg. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account An indication of the enormity of this task is to look at the performance of the G7 countries in real Gross Domestic Product (GDP) per capita, which measures economic output per person, adjusted for inflation, and is a widely accepted metric of a nation's prosperity and standard of living. Low economic growth as measured by real GDP per capita has been a longstanding problem in Canada. Under Carney's predecessor, Justin Trudeau (who appointed Carney to chair his economic growth task force in September 2024), Canada recorded the worst record of economic growth since the government of R.B. Bennett in the depths of the Great Depression. According to Jake Fuss, director of fiscal studies for the Fraser Institute writing in The Hub last year, Canada's real GDP per capita grew by 1.9% in the Trudeau years. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. That was lowest in the G7, which includes the U.K., Germany, France, Italy, Japan and, most alarmingly, the U.S., our largest trading partner, where real GDP per capita grew by 14.7% during the same period. University of Calgary economist Trevor Tombe, also writing in The Hub last year, noted real GDP per capita in the U.S. is now almost 50% higher than in Canada – unprecedented in modern history. Read More In the Liberals' 2022 budget, then-finance minister Chrystia Freehand warned that unless this trend is reversed, 'the Organization for Economic Co-operation and Development projects that Canada will have the lowest per-capita GDP growth rate among its (38) member countries' from 2020 to 2060. This advertisement has not loaded yet, but your article continues below. Carney's announcement of proposed legislation on Friday – which he wants passed before Parliament adjourns from the summer – to reduce federal barriers to interprovincial trade, increase labour mobility and streamline government approvals for nation building infrastructure projects, are all aimed at increasing economic growth. But they all depend on co-operation by and among the provinces. And the reality is that decades of inaction on these issues has cost the Canadian economy an estimated $200 billion annually, increased the cost of goods and services to Canadians by up to 14.5% and reduced GDP growth by up to 8% annually. At the meeting between Carney and Canada's premiers and territorial leaders last week in Saskatoon to address these issues in the face of the threat posed to the Canadian economy by U.S. President Donald Trump's tariffs, all the participants paid lip service to working together on these issues. This advertisement has not loaded yet, but your article continues below. A supply depot servicing the Keystone XL crude oil pipeline lies idle in Oyen, Alta., Feb. 1, 2021. Photo by Todd Korol / REUTERS / FILES But the one premier not present – B.C.'s David Eby, who was on a trade mission to Asia – promptly rejected any new pipeline crossing his province's territory, as did many Quebec politicians when it comes to their province. Any new pipelines will also be opposed by environmental organizations and some (although not all) Indigenous groups who, while they do not have veto power over such projects, must be meaningfully consulted under Canadian law. Alberta Premier Danielle Smith has cited the enormous economic damage caused by Canada's failure to build pipelines. Had the Northern Gateway, Energy East and Keystone pipelines been built (Keystone was killed by then-U.S. president Barack Obama), she said, Canada would be producing 2.5 million more barrels of oil per day. This advertisement has not loaded yet, but your article continues below. 'That's $55 billion a year worth of GDP value, which is worth $17 billion to my government alone and about an equal amount to the federal government.' RECOMMENDED VIDEO The Carney government does have more direct control of some issues it can move on to boost Canada's economic growth. For example, it can introduce taxation policies that encourage businesses to invest in new technologies that boost productivity, as well as increase competition. It can lower Canada's immigration levels so that increases in population do not exceed the rate of economic growth, which reduces GDP per capita. It can reduce government spending. On that issue, Carney says he intends to reduce the growth rate in the operational costs of the federal government under Trudeau from 9% annually to less than 2%. But Carney's election campaign platform also outlined $130 billion in new spending over four years with total deficits of $224.8 billion. While Carney says most of that will be spent on infrastructure, it's 71% higher than the $131.4 billion in deficit spending the Trudeau government predicted during the same period in its fall economic statement in December 2024. Finally, of course, Carney needs to negotiate a deal on tariffs with Trump. lgoldstein@ Olympics Sunshine Girls NHL Ontario Sunshine Girls
Globe and Mail
34 minutes ago
- Globe and Mail
1 Warren Buffett Stock That Could Go Parabolic in 2025 and Beyond
It is hard to find cheap stocks trading at all-time highs, but Warren Buffett's portfolio at Berkshire Hathaway may be a good place to start. Berkshire Hathaway owns a large collection of stocks, and one that should catch people's eye today is Ally Financial (NYSE: ALLY). Berkshire owns close to 10% of the online bank and is its largest shareholder, having started a position back in 2022. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Learn More » Many investors have soured on Ally stock in the last few years. The stock is off 37% from all-time highs while the rest of the market is soaring. But if you look at the numbers, now may be the time that Ally Financial begins to turn around its operations, meaning the stock could go parabolic in 2025 and beyond for those who buy today. Here's why this Warren Buffett stock may go parabolic for the rest of this year. Improving loan metrics, decreasing deposit costs As an online bank, Ally Financial has two sides of the business that investors need to analyze: loans and deposits. The company makes loans in a variety of markets, but mostly for consumer automotive loans, which have been under some pressure in the last few years because of rising interest rates. Loans made in 2022 and 2023 have not performed as well as Ally hoped, while existing loans at ultra-low yields decreased its interest income, while costs paid to depositors soared. These dynamics decreased Ally's net interest margin (NIM), which is a large indicator of what the company can generate in bottom-line profits for shareholders. Now, all three of these factors seem to be normalizing. Deposit costs are decreasing due to the Federal Reserve lowering interest rates and Ally giving up on expensive depositors to competitors. Its 2024 automotive loan book is performing much better than 2022 and 2023 when it comes to delinquencies and 30 days past due metrics. The average yield it is earning on its automotive loan book keeps rising, which will help expand NIM through the rest of 2025. Add it up, and Ally has a lot working in its favor coming out of the inflation-induced Federal Reserve hiking cycle. The stock is not earning much in net income today, but it has a recipe for greatly increasing its earnings in the next few quarters: lower funding costs, higher-yielding loans, and better-performing loans. Expect this dynamic to continue. A cheap stock for those with eyes forward Ally stock does not look cheap on a trailing basis. It has a price-to-earnings ratio (P/E) of 26, which is expensive for a bank. However, at a market capitalization of $10.9 billion, the stock may be a steal if we consider Ally's forward earnings potential. Before the pandemic, Ally was well on its way to generating $2 billion in annual net income. It went through a period of overearning with interest rates close to zero and rising used car prices and has now fallen to the other side of the spectrum. Through the rest of 2025 and over the next few years, Ally's core automotive lending business can help it recover back on its track to $2 billion in net income, which is easily doable with a much larger deposit/asset base today compared to before the pandemic. This would bring the stock's price-to-earnings ratio (P/E) down to around 5, a dirt-cheap figure even for a bank. This is the setup that could drive gains for Ally stock through the rest of 2025. ALLY PE Ratio data by YCharts Long-term dividend growth at a high starting yield Another way to look at Ally's cheapness is the stock's dividend. A rising dividend will not make the stock price go parabolic, but it can help fuel total shareholder returns. Today, Ally has a dividend yield of 3.40%, a high starting yield even though its dividend has not been raised in a few years. Once Ally's net income starts moving in the right direction again, the company should be able to start raising its dividend per share, which will help boost returns for shareholders who buy today. This makes it a perfect dividend growth stock. Lastly, once Ally's net income begins to grow again, its share repurchase program will likely recommence. This has been paused for a few years as the bank works out the kinks on its balance sheet but it was previously a huge driver of shareholder returns. Shares outstanding will begin to shrink, which will help the company increase its dividend per share at an even faster rate. Putting everything together, Ally Financial looks like a dirt-cheap Buffett stock with the chance to produce huge returns for investors who buy today. Should you invest $1,000 in Ally Financial right now? Before you buy stock in Ally Financial, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Ally Financial wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $669,517!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $868,615!* Now, it's worth noting Stock Advisor 's total average return is792% — a market-crushing outperformance compared to171%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 2, 2025
CTV News
39 minutes ago
- CTV News
London's commemoration of Afzaal family
Hundreds gathered at a vigil Friday night in London, Ont., to commemorate four years since the brutal killing of the Afzaal family. 'It's so important for us to remember what happened, to remember this family and recommit to standing united against all forms of hatred, including Islamophobia,' said Amira Elghawaby, a Special Representative on Combating Islamophobia. The family was out for an evening walk on June 6, 2021, when they were run over by Nathaniel Veltman, who was later convicted of first-degree murder and deemed a terrorist by the courts. 'It happened because they were Muslim which is deeply, deeply painful for Canadians across the country and of course London Muslims,' said Elghawaby. Advocates expressed events like this one help bring the community together, show solidarity and respect for human rights. 'This is really a whole of society issue that all Canadians benefit from supporting and addressing,' said Elghawaby. The Youth Coalition Combating Islamophobia organized the event, to ensure no other families are destroyed as a result of hate. 'We believe that silence is an enabler of hatred,' said Malik Khandakar, YCCI communications director. 'We feel the signs you give are an agreement and if you don't speak up against hatred this allows people to think it's ok.' Khandakar said more must be done to put an end to Islamophobia. 'We feel it needs a larger community because we can't just speak for ourselves. We need to have other people come out and gather. That's an important aspect of how we can move forward,' said Khandakar.
