Mullen Group price target lowered to C$15 from C$18 at CIBC
CIBC lowered the firm's price target on Mullen Group (MLLGF) to C$15 from C$18 and keeps an Outperformer rating on the shares. Heading into the Q1 earnings season, the firm says it does not expect any major guidance revisions from the Canadian rails or the waste sector. For its industrial/transportation coverage, the firm says the focus will be on tariffs and their implications across the coverage universe, adding that freight trends remained soft in Q1 and focus among those names will be on commentary on pricing and volume trends and expectations for the remainder of 2025.
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Mullen Group Ltd. to Announce Q1 2025 Earnings
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Mullen Group Ltd. Declares Monthly Dividend
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Mullen Group price target lowered to C$17.50 from C$18.50 at Raymond James
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Boston Globe
an hour ago
- Boston Globe
Canada commits billions in military spending to meet NATO target
But even if Canada is able to finally hit the 2 percent threshold, that is not likely to be enough to satisfy the United States or other NATO allies. Mark Rutte, NATO's secretary general, speaking in London on Monday, called on the alliance's members to make a 'quantum leap in our collective defense' by committing to significantly higher spending targets. Rutte wants members to commit to spending 5 percent of their gross domestic products on military and defense-related activities. Trump has called for a similar spending target. Advertisement Proposals for increased spending are likely to dominate the NATO summit meeting in The Hague this month, though Rutte has not set a timeline for his increased spending plan. Carney, speaking in Toronto, said that new geopolitical threats, advances in technology, and the fraying of Canada's alliance with the United States demanded an accelerated spending schedule. '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,' he said. 'Today, that dominance is a thing of the past.' Advertisement 'It is time for Canada to chart its own path,' he added, 'and to assert itself on the international stage.' While Carney promised to increase spending by billions of Canadian dollars, he did not specify where the funds would come from. Government officials spoke mostly in broad terms about how the money would be used. Canada's economy is heavily dependent on exports to the United States, and Trump's tariffs have targeted key industries, including autos and steel. Some economists have warned that Canada could face a recession if the tariffs persist. Carney also said the country would no longer rely as extensively on American defense contractors to supply its armed forces, underscoring Canada's strained relations with the United States and focus on shifting away from its neighbor. The Canadian government said it would immediately add 9.3 billion Canadian dollars (about $6.8 billion) to its defense budget. That will raise total defense-related spending this year to CA$62.7 billion, slightly higher than the 2 percent NATO target. To get there, the government included CA$2.5 billion in spending related to 'defense and security' for other departments, including the Canadian coast guard, an unarmed civilian agency which is under the department of fisheries. Carney's spending pledge was welcomed by defense analysts. 'This is a long-overdue announcement,' said Margaret McCuaig-Johnston, a senior fellow at the Graduate School of Public and International Affairs at the University of Ottawa. 'This significant commitment is remarkable given how quickly they're going to have to move to make 2 percent by the end of the fiscal year.' But, she added, Carney will have to add further budget increases to fund all of the programs he is promising. Advertisement Carney laid out a long shopping list for the military, including 'new submarines, aircraft, ships, armed vehicles, and artillery.' He also said the military would add drones and sensors to monitor the seafloor in the Arctic, a vast region of the country that is becoming a source of competition among global powers such as Russia and China. But Canadian officials said that this year most of the spending would go toward things like increasing the pay and the benefits of armed forces members to help ease a severe recruitment crisis, and repairing broken equipment. Carney also said that money would be directed toward much-needed improvements, noting that three of the Royal Canadian Navy's four diesel submarines were not seaworthy. 'We will repair and maintain our ships, our aircraft, and infrastructure that for too long we allowed to rust and deteriorate,' the prime minister said. Other spending will focus on artificial intelligence and computer systems, as well as ammunition production within the country. Carney also said that Canada would look to buy more goods domestically or from allies other than the United States to equip its military. 'We should no longer send three-quarters of our defense capital spending to America,' he said. Carney said Monday that details about how the country's military needs would be financed would be revealed when a budget was released in the fall. 'Our fundamental goal in all of this is to protect Canadians,' he told reporters, 'not to satisfy NATO accountants.' This article originally appeared in
Yahoo
2 hours ago
- Yahoo
PA House passes bill requiring American-made steel in tax-payer funded projects
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Yahoo
2 hours 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.
