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Globe and Mail
a day ago
- Business
- Globe and Mail
Carney's ethics filing shows more than 100 entities under conflict-of-interest screen
Prime Minister Mark Carney must recuse himself from discussions, debates, decisions or votes specifically pertaining to more than 100 corporate entities, newly released ethics documents show. That includes Brookfield Asset Management Ltd., where he held a management role prior to entering politics, but also dozens of companies with ties to Brookfield, even if Mr. Carney personally has no role or direct financial interest. 'In all of his work for Canadians, the Prime Minister will continue to serve with the highest standards for integrity at all times,' spokesperson Audrey Champoux said in a statement. The filings were released Friday in compliance with a deadline under the Conflict of Interest Act requiring public disclosure within 120 days of Mr. Carney becoming Prime Minister in March. He had been pressed to make the information public ever since he launched his bid for leadership of the Liberal Party earlier this year. Carney promises conflict-of-interest screen to prevent him from making decisions for companies he served Mr. Carney came to federal politics after a high-profile career in the private sector, including a stint as board chair for Brookfield Asset Management Ltd., a US$1-trillion asset manager whose investments touch on numerous sectors. Mr. Carney's critics had argued that his connections to the company potentially placed him in a conflict of interest − as Prime Minister, his decisions might not just benefit Brookfield, but also Mr. Carney personally through his own financial relationship with the company. Mr. Carney resigned from his board positions at the start of his leadership campaign, saying if he won he'd begin the process of compliance with ethics law. During the subsequent federal election, he said he had set up ethics screens and put his assets in a trust. But, he resisted calls to publicly disclose the scope of those screens or his holdings ahead of the legally required deadline. As a public office holder, he must report assets, liabilities, income and activities to the Conflict of Interest and Ethics Commissioner, and then a statement of those holdings must be made public within 120 days. Conflict-of-interest screens can in turn be proposed by the Ethics Commissioner as a preventive measure. The screen means he can't be aware of or participate in any matters specifically involving the companies' interests, but may participate in discussions or decisions that are general in nature or could affect the companies' interests more broadly. Mr. Carney was also required to divest of any assets that could be directly or indirectly affected by government decisions or policy. He opted to place them in a blind trust. That means he no longer has control over how the holdings are managed. Though the financial value of his holdings is disclosed to the Ethics Commissioner, that number is not made public. In addition to his roles with Brookfield, he was a director of the board of payments processor Stripe Inc. and an advisory board for investment giant PIMCO, among other private-sector jobs. The disclosures list hundreds of individual stocks held through an investment account. They include many stocks found in a typical mutual fund or index fund sold to ordinary investors, such as Walmart, Starbucks, video conferencing company Zoom, and tech giants such as Microsoft and That investment account does not include many of the largest Canadian companies, including those in highly regulated industries, such as major Canadian banks, telecommunications companies or energy producers. Mr. Carney also continues to own an interest in Brookfield Asset Management Ltd. He owns stock options and deferred share units in Brookfield and its parent company, Brookfield Corp., worth millions of dollars at current share prices, though their value fluctuates as Brookfield's stock rises or falls. The disclosures reveal that he owns shares of Partners Value Investments LP, a fund through which Brookfield's most senior executives own a large block of Brookfield shares. Those shares are typically only awarded to an exclusive group of Brookfield insiders, demonstrating the prominent position he held at the company. The Prime Minister is eligible to take part in the 'notional long-term inventive plan' for the Brookfield Global Transition Fund, a US$15-billion pool of capital that Mr. Carney spearheaded that makes large investments in technologies such as carbon capture and storage, solar power and batteries, and nuclear services. Mr. Carney could earn bonuses if it performs well. It is not clear if those incentives would be paid in cash, stock, or in carried interest − a cut of the fund's profits after it meets a certain threshold for investment gains. Mr. Carney divided his conflict screen into three sections. One is companies where he had a management position or an oversight role. The second lists Brookfield portfolio companies in the Registry of Lobbyists. The third section is described in the records as 'entities being screened out of an abundance of caution,' identified by the Ethics Commissioner as being Brookfield-related, 'even though I had no role in managing them, and no direct financial interest in them.' The screen is administered by his chief of staff and by the Clerk of the Privy Council. Even before the records were public, Mr. Carney was obligated to recuse himself from decisions that could place him in a conflict of interest. Those recusals must be made public within 60 days. None are listed on the Ethics Commissioner's website. A spokesperson for the opposition Conservatives said Friday that they were not officially commenting until they had a chance to fully review the records.
National Post
a day ago
- Business
- National Post
'What is a conflict of interest, anyway?' The imagined thoughts of Mark Carney's ethics disclosures
The Conflict of Interest and Ethics Commissioner has released the full details of Mark Carney's asset disclosures, and they reveal a prime minister who appears to be more constrained by conflicts of interest than any other. Article content Carney's years of helping to oversee the trillion-dollar portfolio of Brookfield Asset Management gave him an equity stake over dozens of companies whose fortunes are likely to be directly impacted by the policies of his government. Article content Article content And so, the Ethics Commissioner has accepted a complex arrangement wherein any time one of 103 Carney-linked companies comes up in cabinet discussions, he's supposed to leave the room while declaring that he's doing so. Article content Article content But no, it turns out that all these assets were seen as a liability. A bad thing. The commissioner was prejudicially assuming that just because Mr. Carney happened to own substantial shares of a few dozen companies, this was itself evidence that he would use his public influence for personal gain. For shame, I say. Look within your heart, Canada. An intelligent, beautiful man volunteers to be your prime minister and your first impulse is to assume that he must only be doing it for selfish reasons? Article content Article content Article content What is a conflict of interest, anyway? Mr. Carney is a bipedal mammal who requires oxygen for cellular respiration. Does that put him at a 'conflict of interest' if he takes pro-oxygen positions in public life? Article content I have known Mr. Carney to ride inside automobiles manufactured by Mercedes, Lexus and, if he's slumming it, Volkswagen. Does that put him at a 'conflict of interest' when it comes to foreign relations with the respective governments of Germany and Japan? Article content By your logic, surely his appreciation of the elegant and responsive interior of the 2025 E-class would instantly transform him into a Manchurian candidate loyal only to the whims of Mercedes-Benz AG and the Chancellor of Germany, in that order. Article content Perhaps your next ethical disclosure should uncompromisingly litigate everything that has ever given Mr. Carney joy or satisfaction of any kind. Did he once enjoy a matinee screening of Ladri di biciclette? Watch out; because that surely means he'll sell us out to Italy at the first opportunity.
Yahoo
a day ago
- Business
- Yahoo
2 Canadian Stocks to Buy and Hold for Life
Written by Sneha Nahata at The Motley Fool Canada If you're looking to build a resilient, long-term portfolio, focus on high-quality Canadian stocks that offer solid growth and can outperform the broader market. Diversification plays a crucial role here as it spreads your risk across sectors and companies, making your holdings more stable over time. Furthermore, pairing this strategy with a Tax-Free Savings Account (TFSA) can amplify your real returns. Since capital gains and dividend income earned within a TFSA are not taxed, this account structure allows your investments to grow unhindered by the usual drag of taxation, which is an especially powerful advantage when compounded over years or even decades. Against this background, here are two Canadian stocks to buy and hold for life. They have solid fundamentals and significant long-term tailwinds. Brookfield Asset Management Brookfield Asset Management (TSX:BAM) is a compelling Canadian stock to buy and hold for life. The alternative asset management company's cash flows are supported by fee-related earnings. Moreover, approximately 95% of its fee-related revenues are derived from long-term or perpetual capital, providing a reliable stream of income that supports consistent distributable earnings. Its investment portfolio includes infrastructure, real estate, power generation, and critical service businesses. These sectors are essential to everyday economic activity and are largely shielded from global trade volatility. Because these assets tend to serve local demand, they are less vulnerable to geopolitical shocks such as tariffs or supply chain disruptions. Many of these assets also benefit from inflation-linked revenue streams, enabling Brookfield to pass rising costs through to end users, preserving margins even in inflationary environments. Brookfield's early investments in sectors now experiencing massive tailwinds, such as renewable energy, data centres, semiconductor manufacturing, and nuclear power, provide a solid base for future earnings growth. These industries are seeing rapid capital inflows, which will drive Brookfield's fee-related earnings and its share price. It continues to deliver solid financials with Q1 fee-bearing capital climbing to $549 billion, representing a 20% year-over-year increase. This expansion drove a 26% increase in fee-related earnings and boosted distributable earnings by 20%. Looking ahead, Brookfield aims to double its business in the medium term and expand the fee-bearing capital to $1 trillion. Furthermore, its business remains capital-light, and the company targets a dividend payout ratio of 90% or higher. In short, Brookfield offers solid long-term growth and income potential. Loblaw Loblaw (TSX:L) is another solid stock to buy and hold for life. Canada's leading food and pharmacy retailer offers stability, solid growth, and income. Despite economic uncertainty, Loblaw has continued to deliver, with its stock already up approximately 16% year-to-date. Over the past five years, Loblaw stock grew at a compound annual growth rate (CAGR) of more than 27%, translating to an impressive total capital gain of about 237%. These gains are driven by its high-quality, defensive business model, which thrives across various market conditions. Loblaw focuses on value, convenience, and an improved customer experience, which drives traffic regardless of economic situations. Its discount banners, No Frills and Maxi, are rapidly expanding and resonating well with budget-conscious shoppers across Canada. As the company expands its national footprint in 2025, its top-line growth is expected to remain solid. Further, its strong push into private-label products, competitive pricing, and a broad product selection all contribute to its growing base of loyal shoppers. The company is also investing in modernizing its supply chain and implementing automation to boost efficiency and lower costs. These moves will support stronger margins over time. Meanwhile, its omnichannel strategy and popular loyalty program give it an edge in capturing consumer data and driving smarter, more effective promotions. Its reliable earnings, expanding store network, and consistent performance in any economic environment make Loblaw one of the most compelling long-term investments. The post 2 Canadian Stocks to Buy and Hold for Life appeared first on The Motley Fool Canada. More reading 10 Stocks Every Canadian Should Own in 2025 [PREMIUM PICKS] Market Volatility Toolkit A Commonsense Cash Back Credit Card We Love Fool contributor Sneha Nahata has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. 2025
Yahoo
a day ago
- Business
- Yahoo
AI Arms Race Heats Up As Startups Borrow Billions To Buy Nvidia GPUs
Amid rising infrastructure demands, AI startups like Crusoe Energy Systems are tapping large-scale credit lines, PitchBook reported. Crusoe last month raised a $750 million credit facility from Brookfield Asset Management (NYSE:BAM) to expand its data centers and acquire more graphics processing units from Nvidia Corp. (NASDAQ:NVDA). That deal reflects a broader trend in venture financing. AI and machine learning startups have secured an outsized share of venture debt so far, accounting for more than a third of the $30 billion deployed across the U.S. and Europe, according to PitchBook. That marks a significant increase from 2024, when such companies attracted 24.9%, or $22.9 billion, of total debt funding. Don't Miss: —with up to 120% bonus shares—before this Uber-style disruption hits the public markets $100k+ in investable assets? – no cost, no obligation. Why Startups Are Turning to Debt Sooner According to PitchBook, the shift toward debt financing is being driven by rising compute costs and high early-stage valuations in AI. "There are companies coming out of the gate with these large chunky seed rounds," Silicon Valley Bank Managing Director, Early-Stage Startups Bo Ren told PitchBook. "But then there's a Series A valuation drop-off because they can't live up to the VC expectations." Ren said that many AI startups are turning to venture debt earlier in their lifecycle as they struggle to maintain growth targets set by their inflated early valuations. Ren also cited infrastructure costs as a key factor: "Given the cost of compute, it's very much like the price of gas, it just keeps going up and up. That's where a lot of the venture debt conversations start," she told Pitchbook. PitchBook data shows that the median pre-money valuation for AI startups has climbed to $25 million so far this year, up from $15 million in 2024. Trending: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — Large Debt Deals Backed by GPUs Several AI infrastructure startups have recently raised major venture debt deals to purchase high-performance chips. Lambda Labs also raised a $500 million special-purpose financing vehicle, collateralized by GPUs it already owned, to expand its chip inventory. GPU cloud provider CoreWeave (NASDAQ:CRWE), which recently went public, raised $2.3 billion in debt with similar terms, PitchBook reported. The loan was backed by the company's Nvidia GPU Lenders Are Cautious "How long is the useful life of those chips? If it's 10 years or even seven years, that makes sense," CIBC Innovation Banking Executive Managing Director and Co-Head Paul McKinlay told PitchBook. "But if it's two years, that starts to become a tougher proposition." Venture Debt's Rapid Expansion PitchBook reported that total venture debt deployment reached $53.3 billion in 2024, a 94.5% increase from 2023. That growth was primarily fueled by later-stage startups preserving valuations amid slowing VC rounds. In 2025, AI is driving the next wave of venture debt demand—now extending to earlier-stage companies. Read Next: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article AI Arms Race Heats Up As Startups Borrow Billions To Buy Nvidia GPUs originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Yahoo
2 days ago
- Business
- Yahoo
Starwood Property (STWD) Falls on $2.2-Billion Acquisition of Fundamental Income
We recently published . Starwood Property Trust, Inc. (NYSE:STWD) is one of the worst-performing companies on Thursday. Starwood Property declined by 5.47 percent on Thursday to end at $19.71 apiece as investors shunned news that it was acquiring a net-lease firm for $2.2 billion. In a statement, Starwood Property Trust, Inc. (NYSE:STWD) said it entered into a definitive agreement to acquire Fundamental Income Properties, LLC from Brookfield Asset Management. Fundamental Income operates a vertically integrated net lease real estate investment business, with 467 properties across its portfolio spanning 12 million square feet across 44 states, 56 industries, and 92 tenants. 'When we went public in 2009, we said we would create a diversified company around the areas of expertise of our Manager, Starwood Capital. With the addition of another business cylinder, we are expanding into another proven, scalable segment with strong synergies with our platform. Our core commercial real estate lending business is now approximately half of our asset base as we have strategically expanded into complementary lending and investing verticals,' said Barry Sternlicht, Chairman and CEO of Starwood Property Trust, Inc. (NYSE:STWD). A sky high view of the corporate headquarters indicating the large scale of the company. Following the acquisition, the company announced the distribution of dividends worth $0.48 per share for shareholders as of September 30 record date. The dividends will be payable on October 15, 2025. While we acknowledge the potential of STWD as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey.
