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Global News
13 minutes ago
- Business
- Global News
Canadian leaders hold final day of talks in Ontario cottage country
The third and final day of meetings in Ontario's cottage country is dawning, with bail reform expected to be the major talking point for Canada's premiers. Since Monday, Ontario Premier Doug Ford has hosted provincial and territorial premiers in Muskoka for discussions dominated by trade talks, including a briefing from the prime minister. Monday featured a meeting which ran for roughly three hours of talks with Indigenous leaders, before Ford hosted premiers and the prime minister at his family cottage for dinner. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy The second day was dominated by the threat of tariffs from U.S. President Donald Trump. Prime Minister Mark Carney chaired a briefing with premiers on the odds that a deal with the States can be reached. Thirty-five per cent tariffs are currently scheduled for Aug. 1. While the premiers and prime minister appeared to broadly agree about the threat from the United States, the need to improve internal trade and concerns about Trump's unpredictability, they emerged with few concrete solutions. Story continues below advertisement A news release issued directly after the meeting wrapped earlier than expected pointed to the need to work quickly on major projects and to coordinate federal tariff responses. It did not include any specific retaliation that the council had agreed upon, nor did it identify nation-building projects they would all back. Tuesday ended with an evening reception for the premiers, Ontario Progressive Conservative caucus members and other major stakeholders. The final Wednesday morning meeting, which will touch on bail reform among other potential topics, will be followed by a news conference from the premiers.
Yahoo
3 hours ago
- Business
- Yahoo
Posthaste: 'Buy Canadian' is going strong except in one very important marketplace
Canadians say they are buying more domestic goods and steering clear of the United States on their holidays, but there is one area where the 'Buy Canadian' movement appears to be falling short. Canadian investors have been snapping up U.S. stocks at an unprecedented pace since President Donald Trump took office in January, according to recently released data from Statistics Canada on international securities transactions. 'So what kind of U.S. assets are Canadians buying? You name it,' said National Bank of Canada economist Warren Lovely in a note on the data. Most of the buying has been in stocks, but Canadians have also added $20 billion in U.S.-issued debt in the latest four months, most of it in U.S. Treasury securities. 'In other words, Canadians have been helping to finance the deficit of the government that's repeatedly threatened our economic livelihood. Curious,' said Lovely. On Monday, Ontario Premier Doug Ford renewed his call to buy 'Canadian-made everything' to pressure the United States to negotiate a trade deal. 'We're encouraging all provinces and territories: start buying Canadian-made vehicles, start buying Canadian-made everything — that will hurt more than anything at all,' Ford told reporters at the premiers' meeting near Huntsville, Ont. The Bank of Canada's consumer survey out yesterday also showed that Canadians plan to keep up their boycott of U.S. travel and products. (See today's chart below). It's a boycott that apparently doesn't extend to the stock market where Canadians bought $14.2 billion in U.S. shares in May alone. Meanwhile, foreign investors are pulling back from Canadian equities. In May, non-residents cut their holdings of Canadian securities by $2.8 billion, the fourth straight month of divestment. Foreigners are still buying Canadian bonds, but stocks not so much. 'For the first time on record (back to 1988), the first five months of the calendar year produced no net foreign buying of Canadian portfolio assets,' said Lovely. May marked a turnaround for stocks on both sides of the border after three straight months of decline. America's S&P 500 rose 6.2 per cent from the end of April and Canada's TSX was up 5.4 per cent, said Statistics Canada. The S&P 500 has hit record highs, but so has the TSX, topping 27,000, a 9.3 per cent gain since the beginning of the year, said National. National Bank still advocates being overweight in Canadian stocks, and stands by its allocation of 21 per cent Canadian equities, 15 per cent U.S. stocks, and 3 per cent each to foreign equities and emerging markets. Fifty per cent fixed income and 8 per cent cash round out the portfolio. The outperforming sectors on the TSX this year have been materials, consumer discretionary and banks, they said. The laggards have been health care, energy, consumer staples and real estate. Though President Trump's threat to impose 35 per cent tariffs starting Aug. 1 is hanging over Canada, National economists say the outlook for the TSX is 'not entirely bleak.' A trade deal, which would be positive for the economy and corporate profits, is still possible before Ottawa tables its fall budget. The economists are also encouraged by what they call Make Canada Investable Again — Prime Minister Mark Carney's business agenda which includes efforts to reduce red tape and revive business investment. to get Posthaste delivered straight to your trade conflict between Canada and the United States continues to affect what Canadians buy and where they spend their vacations, the Bank of Canada's consumer survey revealed Monday. Half of consumers said they plan to cut their spending on U.S. goods and vacations south of the border. About 60 per cent say they plan to spend more on goods made in Canada and a third plan to spend more on vacations within their own country. 'I won't be going to the U.S. anytime soon. I don't feel good about spending my money there,' one respondent told the central bank. Price, however, still remains a key decider for many consumers, the survey said. Most Canadians said they would be willing to pay up to 10 per cent more for goods made in Canada. 'Ultimately, I'm going to do what works for my wallet. So, whether that's a Canadian brand, whether that's an American brand, I buy what works for my budget,' a survey participant said. Ontario Premier Doug Ford, Saskatchewan Premier Scott Moe and Alberta Premier Danielle Smith will sign a Memorandum of Understanding to build new energy and trade infrastructure at the premiers' meeting near Huntsville, Ont. Earnings: Canadian National Railway Co., General Motors Co., Coca-Cola Co., Halliburton Co., Lockheed Martin Corp., Equifax Inc., Baker Hughes Co., Capital One Financial Corp., Texas Instruments Inc. Canadian auto dealership chain on the hunt to buy competitors, dumps U.S. laggards Japan's bond market is flashing red. Here's why investors should pay attention Bank of Canada says inflation expectations easing as businesses hold off passing on tariff price hikes Millions of Canadians who want help managing their money seek out the services of a financial adviser. But the term itself refers to a wide variety of professionals with different specialties. And, depending on where you live in Canada, it can be used without specific qualifications, expertise or certifications. The Financial Post breaks down what a financial adviser can do, what credentials you can check for and how to find the right fit for you. Find out more Send us your summer job search stories Recently, we published a feature on the death of the summer job as student unemployment reaches crisis levels. We want to hear directly from Canadians aged 15-24 about their summer job search. Send us your story, in 50-100 words, and we'll publish the best submissions in an upcoming edition of the Financial Post. You can submit your story by email to fp_economy@ under the subject heading 'Summer job stories.' Please include your name, your age, the city and province where you reside, and a phone number to reach you. Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@ with your contact info and the gist of your problem and we'll find some experts to help you out while writing a Family Finance story about it (we'll keep your name out of it, of course). McLister on mortgages Want to learn more about mortgages? Mortgage strategist Robert McLister's Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won't want to miss. Plus check his mortgage rate page for Canada's lowest national mortgage rates, updated daily. Financial Post on YouTube Visit the Financial Post's YouTube channel for interviews with Canada's leading experts in business, economics, housing, the energy sector and more. Today's Posthaste was written by Pamela Heaven with additional reporting from Financial Post staff, The Canadian Press and Bloomberg. Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@ Cracks widen in Canadians' record-breaking wealth creation Food manufacturers take drastic measures to fight U.S. tariffs Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
CBC
6 hours ago
- Business
- CBC
Sask. joins Ont., Alta. in energy, mineral infrastructure deal
Saskatchewan Premier Scott Moe has joined Ontario Premier Doug Ford and Alberta Premier Danielle Smith in a memorandum of understanding to build infrastructure that will ensure Ontario minerals and western oil and gas get to market overseas. Some are already skeptical if the provinces can deliver.
CTV News
8 hours ago
- Business
- CTV News
Premiers partnering for new trade agreement
Premiers Danielle Smith, Doug Ford and Scott Moe announced a new trade agreement involving energy and trade infrastructure. CTV News Edmonton's Connor Hogg reports.
CBC
9 hours ago
- Business
- CBC
Ford praises Carney after late-night fireside chats at Muskoka cottage
Social Sharing It may not be the sunny ways government, but some premiers certainly seem to be feeling sunny about the future. And that's despite troubled trade negotiations with the United States and the worsening effects of that country's tariffs on Canadian businesses. Still, provincial premiers have nary seemed so cheerful about their own relationships to each other — and the federal government. "First off, isn't it great? Like, these are such important relationships for Canadians and we're all kind of binding together and spending time together," said Nova Scotia Premier Tim Houston in response to a question about what has been achieved in the three meetings premiers have so far held together since Mark Carney became prime minister. Premiers typically get together about once a year, and even more rarely with the prime minister present. Houston was speaking in Huntsville, Ont., where Ontario Premier Doug Ford has been hosting this year's premiers' meeting, which Carney attended on Tuesday. Both Houston and Ford — two conservative leaders — heaped praise on Carney in news conferences at the cottage country gathering. Houston listed the passage of Bill C-5, Carney's internal trade and major projects legislation aimed at creating "one Canadian economy," as one of the accomplishments achieved thanks in part to better relations with and between Canadian first ministers. But perhaps most notable was Ford's near soliloquy about the night Carney spent at his cottage. WATCH | 'He's humble, he listens,' says Ford of Carney: Ford says Carney stayed over at his Muskoka cottage Monday night 3 hours ago Ontario Premier Doug Ford, speaking to reporters at the end of Day 2 of the first ministers' meeting in Huntsville, Ont., says he and the prime minister were up past midnight 'chatting by the fireplace, solving the world's problems.' Just as Ford was preparing to wrap up a news conference held with Quebec Premier François Legault, a reporter shouted a question about Carney's dinner invitation to Ford's Muskoka home on Monday. "Full disclosure, the prime minister stayed up at my place," Ford said. "We had dinner, we were up 'til 12:30 at night, chattin' in front of the fireplace, solving all the world's problems." Legault, seemingly amused, leaned into the microphone to interrupt Ford: "A very nice, small chalet," he said. "Yeah, yeah I have a little shack up — down the street, there," Ford said. 'The most humble person you'd ever want to meet' Undeterred, he continued. "The prime minister is the most humble person you'd ever want to meet," Ford said. The Ontario premier went on to list Carney's roles at Goldman Sachs, Brookfield, Bloomberg and as governor of the Bank of Canada and Bank of England. Ford said he'd never heard the prime minister name drop any of them, perhaps a surprising feat given how much Carney's resumé featured in the federal election. "I'd hand the keys of a business over to the prime minister," Ford said. "He has his hands full because of the last 10 years of what has happened in our country…. He doesn't need to be doing this, I can assure you that. But he's given it everything he possibly can." Legault could be heard chuckling as he followed Ford off the stage. It's not the first time Ford and Houston showed Carney their support in direct or indirect ways. During the federal election, Ford was critical of Conservative Leader Pierre Poilievre's campaign. And less than a week before election day, on the eve of Poilievre's visit to Nova Scotia, Houston released a campaign-style video on social media, prompting some to wonder whether he was eyeing Poilievre's job. The two Progressive Conservative premiers have sought to distinguish themselves from the federal Conservatives, but such transparent support for the Liberal leader is relatively new. "I actually have tremendous confidence in the prime minister, and the team that is representing us as Canadians, to look at all of the factors and the moving parts, and come up to the best deal for Canadians," Houston said. Ford has said he supports dollar-for-dollar tariffs, while Saskatchewan Premier Scott Moe and Alberta Premier Danielle Smith have said the impact of tariffs on U.S. consumers should be enough to force President Donald Trump to change his approach. What all the premiers do agree on is that they don't want to force a trade deal with the U.S. at all costs. If there is no deal that can benefit Canada, they want to focus on internal trade, "national interest projects" and diversifying trade with other countries. "It's still government in many ways. But I will say that the urgency is felt and I'm personally, as a Canadian, incredibly optimistic about the future of this country," Houston said.
