Latest news with #ElbowsUp
Hamilton Spectator
26-05-2025
- Business
- Hamilton Spectator
Pensions ‘investing almost nothing' in Canadian tech
The big Canadian pension plans have not bought into 'Elbows Up' and 'Buy Canadian' sparked by U.S. President Donald Trump's tariffs, says a veteran tech investor. 'It is more important than ever that Canada own its innovation, I think it is a relatively simple change, the Minister of Finance could do it tomorrow,' said Chris Albinson, a venture capitalist and former CEO at Communitech. Known collectively as The Maple 8, the big Canadian pension plans are a huge source of investment funds for American and Asian companies, said Albinson. 'The $2.7 trillion in pension assets collectively in the large Maple 8 pensions, 45 per cent of those dollars are invested in the U.S.,' he said in a recent interview. The pensions in the U.S. invest about five per cent of their assets in American innovation, and two years ago the British government said the pension plans there need to invest five per cent in British innovation. The Maple 8's investments in Canadian technology amount to about 0.5 per cent of their total investments, said Albinson. 'They are investing almost nothing in domestic innovation,' he said. The Maple 8 group of pension plans includes the Alberta Investment Management Corporation (AIMCo), the British Columbia Investment Management Corporation (BCI), la Caisse de dépôt et placement du Québec (CDPQ), the Canadian Public Pension Investment Board (CPPIB), the Ontario Municipal Employees Retirement System (OMERS), Healthcare of Ontario Pension Plan (HOOPP), Ontario Teachers Pension Plan (OTPP) and Public Sector Pension Investment (PSP). One of these funds, the CPP investment board, did not respond to a request for an interview. During his long career in venture capital, Albinson raised billions for startups and scaleups. For 20 years he was based in Silicon Valley, and returned to Canada in 2021 when he became the CEO of Communitech. Shortly after arriving at Communitech, he launched the True North Fund that raised $2.8 billion in its first year — more venture capital than the previous 10 years combined for Communitech. President Trump's threats against Canada's economy and territory need to be taken seriously, and the big pension funds should be part of Canada's push back, he said. During 2024, the biggest venture capital deal was the $1.24 billion raised by B.C.-based Clio, a software maker for the legal sector. It was one of the biggest software fundraising rounds in Canadian history. 'There wasn't a single Canadian investor,' said Albinson. Last year was a continuation of a decade-long trend. 'Over the last 10 years, 66 per cent of $40 billion that has been invested in our best companies has been U.S. investors,' said Albinson, citing numbers collected by the Canadian Venture Capital & Private Equity Association. 'Said differently, over the last decade we have sold 66 per cent of the ownership of our best companies to the U.S.' Canada's tech sector has 86 companies generating at least $100 million annually. It has four, private, venture-backed companies generating $1 billion annually, and two of those are in Waterloo Region. 'It's awesome that we have all these high performing companies, and they are at scale, they are on the cusp of being these global champions to really drive the flywheel over, we just sold off control of those companies to the U.S. in the last decade,' said Albinson. The one exception among the Maple 8 is la Caisse de dépôt et placement du Québec, which has a policy of investing in Quebec and Canadian tech. In 2022, the Caisse led one of the biggest funding rounds in the history of Waterloo Region tech, a $250 million investment in the cybersecurity Unicorn eSentire. The Caisse investment was the biggest part of a $325-million raise. The U.S., U.K., Scandinavian countries and others require their pension plans to invest in their innovation economies. Canada has no such requirement. 'Every other G7 country invests five to six per cent of their pension assets in their future, in their innovation engines, to keep them rooted in the country,' said Albinson. 'We are the only one that doesn't, and it drives me mad.' Canada Pension Plan Investment Board posted online its annual report for the last fiscal year that ended March 3. Investments generated a return of 9.3 per cent for fiscal year 2025. That $59.8-billion return is from investments in the U.S. (47 per cent), Europe (19 per cent), China and Asia (17 per cent), and Canada (12 per cent). It paid out more than $4 billion in fees and bonuses to external managers. In 2005, Ottawa removed any requirements on pension plans to invest in Canadian tech or any other sector of the economy, said Matt Roberts, a Toronto-based investor. At the time, the pension lobby implied that Canadian companies would get about 45 per cent of all the investments from Canadian pension funds, but that did not happen, he said. 'I would like them to put more money into Canada and figure it out,' said Roberts, co-founder and general partner at CMD Capital. 'Find the best investments in Canada, and if it's venture capital, wonderful, if it's not, fine.' The lack of investment in Canada by Canadian pension funds is hurting all sectors of the economy, he said, not just tech. 'When you send a dollar outside Canada you are losing the multiplier effect of that economic activity,' said Roberts. Prime Minister Mark Carney's government should require minimum levels of investment in Canada by the Maple 8, he added. A preliminary report on the subject went to the federal cabinet last fall, but was never made public. 'We have more money in China through CPP than we have in Canada,' said Roberts. 'Most Canadians I don't think would be happy with that. I think Canadians now want to invest in Canada, the problem we have now is it requires significant change.'
Toronto Sun
15-05-2025
- Toronto Sun
Missing hiker found safe after surviving weeks in snowy California mountains
Coach Craig Berube to angry Maple Leafs fans: 'Believe, like our team believes' CHARLEBOIS: Forget 'Elbows Up,' it's 'Wallets Out' for Canadian consumers SIMMONS: Maple Leafs are done like dinner in series with Panthers Leafs fans, former NHL stars tear apart team after 'embarrassing' Game 5 loss to Panthers Missing hiker found safe after surviving weeks in snowy California mountains AP Article content LOS ANGELES (AP) — When the Vermilion Valley Resort in California's eastern Sierra shut down for the winter, the staff left cabin doors unlocked just in case a wayward hiker needed shelter during the frequent mountain snowstorms. That decision may have saved the life of Tiffany Slaton, the 27-year-old Georgia woman who was missing for nearly three weeks in remote wilderness. Advertisement 2 Story continues below 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 or Sign in without password View more offers Article content Article content tap here to see other videos from our team. Try refreshing your browser, or Missing hiker found safe after surviving weeks in snowy California mountains Back to video tap here to see other videos from our team. Try refreshing your browser, or Play Video Article content Owner Christopher Gutierrez spotted a cabin door ajar and a pair of shoes nearby when he arrived Wednesday morning to begin reopening the resort for spring. Suddenly, a young woman appeared in the doorway. 'She pops out, didn't say a word, just ran up and all she wanted was a hug,' Gutierrez said during a Wednesday evening news conference. 'It was a pretty surreal moment, and that's when I realized who this was.' It was Slaton, whose parents had reported her missing on April 29 after not hearing from her for more than a week. The Fresno County Sheriff's office launched a search, and deputies and volunteers scoured more than 600 square miles (1,550 square kilometers) of the Sierra National Forest, with no luck. Searchers were hampered by heavy snow blocking many roads. Your Midday Sun Your noon-hour look at what's happening in Toronto and beyond. There was an error, please provide a valid email address. Sign Up By signing up you consent to receive the above newsletter from Postmedia Network Inc. Thanks for signing up! A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Your Midday Sun will soon be in your inbox. Please try again Article content Advertisement 3 Story continues below This advertisement has not loaded yet, but your article continues below. Article content On Monday, the sheriff's office had announced it was scaling back the search effort. Two days later, she emerged from the cabin. Gutierrez gave Slaton a peanut butter and jelly sandwich and called authorities, who brought her to a hospital for evaluation. She was hungry and dehydrated, but otherwise in good condition, sheriff's officials said. Sheriff's spokesperson Tony Botti said it was the longest period of time he's seen someone be missing in the wilderness and survive. 'Three weeks, it's unheard of,' he said. 'It speaks to the tenacity that Tiffany has, that she's a fighter.' AP Thanks to tips from the public, investigators determined that Slaton had been spotted around April 20 near Huntington Lake, more than 20 miles (32 kilometres) to the southwest through rough terrain. But authorities didn't provide details about when or where Slaton's trek began, what her plans were, and what route she took to end up at Vermilion Valley Resort. Advertisement 4 Story continues below This advertisement has not loaded yet, but your article continues below. Article content Botti said sheriff's officials planned to interview Slaton to learn the details of her experience, and how she survived in icy conditions at elevations topping 6,500 feet (1,981 meters). Across the country in Jeffersonville, Georgia, her parents were out shopping when they got word that their daughter had been found. 'I just grabbed somebody and I said, 'Can I hug you?' And I did,' said her mother, Fredrina Slaton. 'I was crying and hugging.' Tiffany's father, Bobby Slaton, said 'a ton of weight has been lifted.' He thanked the search-and-rescue team and all the community members who helped in the effort to find her. Sheriff's officials said snowplows cleared a key mountain pass earlier Wednesday, which allowed Gutierrez to access the resort on Lake Edison for the first time this year. Gutierrez said he had to spend about an hour and a half breaking up ice before he could get into the property. Slaton's parents said Tiffany was raised with a love of the outdoors, and they always stressed the importance of being able to fend for yourself in a tough situation. 'So it's nice to know, as parents, that all the things that we've taught her, she actually did,' her mother said. 'We believe that life is an adventure.' Article content Share this article in your social network Read Next
Toronto Sun
15-05-2025
- Sport
- Toronto Sun
Don't bet on Masai Ujiri bailing on Raptors despite interest from Atlanta Hawks
CHARLEBOIS: Forget 'Elbows Up,' it's 'Wallets Out' for Canadian consumers SIMMONS: Maple Leafs are done like dinner in series with Panthers Leafs fans, former NHL stars tear apart team after 'embarrassing' Game 5 loss to Panthers Don't bet on Masai Ujiri bailing on Raptors despite interest from Atlanta Hawks He's invested in the rebuild and in returning his staff in Toronto. Get the latest from Ryan Wolstat straight to your inbox Sign Up Ernest Doroszuk/Toronto Sun Article content The Toronto Raptors aren't often big players in the NBA's rumour mill, but once in a while the spotlight shines on them. Advertisement 2 Story continues below 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 or Sign in without password View more offers Article content Article content tap here to see other videos from our team. Try refreshing your browser, or Don't bet on Masai Ujiri bailing on Raptors despite interest from Atlanta Hawks Back to video tap here to see other videos from our team. Try refreshing your browser, or Play Video Article content Right now is one of those times, with rumours once again connecting the franchise to superstar forward Giannis Antetokounmpo and another popping up that team president Masai Ujiri is being courted by the Atlanta Hawks. Long-time NBA insider Marc Stein reported on his Substack 'The Stein Line' Wednesday: 'The Atlanta Hawks have interest in trying to hire Toronto's Masai Ujiri as their new president of basketball operations, league sources tell The Stein Line. 'It was not immediately clear, league sources say, what sort of shot Atlanta has at prizing Ujiri away from the Raptors.' The Hawks fired ex-Raptor Landry Fields as general manager last month and hired Onsi Saleh as his replacement. Saleh, who was born in Texas but grew up in Edmonton and went to the University of Alberta, has a background in basketball strategy and the team is looking for an experienced president to run all operations. Your Midday Sun Your noon-hour look at what's happening in Toronto and beyond. There was an error, please provide a valid email address. Sign Up By signing up you consent to receive the above newsletter from Postmedia Network Inc. Thanks for signing up! A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Your Midday Sun will soon be in your inbox. Please try again Article content Advertisement 3 Story continues below This advertisement has not loaded yet, but your article continues below. Article content tap here to see other videos from our team. Try refreshing your browser, or Play Video Ujiri certainly would fit the bill and, while his latest contract extension with the Raptors has been reported by Sportsnet to end after next season, it seems highly unlikely that he would leave for anything less than an absolutely plum job, if at all. That's not Atlanta, a franchise that has missed the playoffs two straight years, has two conference final appearances and has not reached the NBA Finals since 1971. Asked by Postmedia at his season-ending media availability in April about looming ownership changes at Maple Leaf Sports and Entertainment (Rogers Communications is in the process of closing its buyout of Bell Canada's ownership stake and co-owner Larry Tanenbaum can be bought out in the near future, per multiple reports), Ujiri said he had no concerns. Advertisement 4 Story continues below This advertisement has not loaded yet, but your article continues below. Article content 'I don't see anything (changing),' Ujiri said. 'It's unique that people kind of see it as new, but it's almost kind of the same being that we have had Edward Rogers and Tony (Staffieri, CEO of Rogers) and these guys for how many years I've been here, so no relationships have changed. 'Everything has been normal. I think having a unique CEO like Keith (Pelley, the new MLSE boss), like that, really takes on the leadership and really communicates with all the team and sees the growth of all the teams. 'It's different in some kind of way, but it's what you want in the organization. So I've had the same relationships with all these people. Keith was new, but it's honestly been great, but it's been the same relationship and being the same way and the same communication, which I am happy about.' Advertisement 5 Story continues below This advertisement has not loaded yet, but your article continues below. Article content Teams have sought out Ujiri in the past. The Washington Wizards made a pitch that was reported by former NBA insider Adrian Wojnarowski seemingly minutes after the Ujiri-built Raptors won the 2019 NBA title. In 2020, just before the start of the pandemic, Wojnarowski reported again that New York Knicks owner James Dolan's 'dream' had been to land Ujiri. Howard Beck, then of Bleacher Report, said Dolan was 'enamoured' with Ujiri and SNY's Ian Begley said people within the organization were 'obsessed' with him. Ujiri ended up re-signing with the Raptors in August of 2021 days after the team surprisingly drafted Scottie Barnes fourth overall, a move that has aged extremely well. Both Washington and New York pivoted and made hires that have proven wise to lead their franchises (though Washington is in the building stage). Advertisement 6 Story continues below This advertisement has not loaded yet, but your article continues below. Article content Ujiri has since overseen a rebuild of the franchise for the first time since his hiring in 2013, with stalwarts Pascal Siakam and OG Anunoby dealt away and Fred VanVleet departing via free agency. The team has struggled through two rough seasons but accelerated the pace of the rebuild by trading for former all-star Brandon Ingram in February and hopes to add another key piece with the ninth pick of next month's NBA draft. It has been well-reported that Edward Rogers had some questions about giving Ujiri a significant bump last time around, but multiple sources have told Postmedia that any friction between the two has been overstated and it was just 'business.' Ujiri has talked constantly of his desire to bring another championship to Toronto. Advertisement 7 Story continues below This advertisement has not loaded yet, but your article continues below. Article content 'My expectations for next season is we continue to grow. But the end goal for me is how do we win a championship? That's always going to be the end goal and how do you build and grow towards that,' he said in April. He also has discussed Toronto's competitive advantages. 'We are the only team that's outside the United States in the NBA and I believe it's a unique opportunity, and it's going to be an incredibly unique opportunity in the years to come,' he said last month. Read More Raptors boss Masai Ujiri on titles, tanking, drafting, Brandon Ingram and more Several top draft prospects linked to Raptors with NBA lottery in the books Finally, Ujiri didn't sound like someone with one foot out the door when he added he was working on new deals for the rest of his management team, which is led by general manager Bobby Webster and assistant general manager Dan Tolzman. 'I'm working on it now. All of them. Everybody. It's a focus for me,' Ujiri said. As for the Giannis intrigue? Ujiri has pursued him plenty of times in the past and would love to land the Bucks superstar, but it's hard to see the Raptors coming up with a package better than the ones other teams can offer now that Toronto fell to ninth in the draft. Article content Share this article in your social network Read Next
USA Today
29-04-2025
- Business
- USA Today
Carney wins Canada's election, riding Canadian fury at Trump to victory
Carney wins Canada's election, riding Canadian fury at Trump to victory Show Caption Hide Caption President Trump's feud with Canada key issue in Canadian election Canadians have taken exception with President Trump's talk of tariffs and annexation as the "Elbows Up" movement forms to fight back. Mark Carney won the Canadian election to continue his term as prime minister, Canadian and U.S. news outlets reported late Monday night, closing his victory after President Donald Trump's aggressive rhetoric and tariffs lifted the ruling Liberal Party to a remarkable political comeback. Both CBC in Canada and the Associated Press projected Carney as the winner. Carney's win represented a repudiation of Trump's volley of threats to annex Canada and make it the "51st state." That rhetoric – along with punishing tariffs on Canadian goods – has sparked an unprecedented wave of Canadian nationalism and overturned years of stability between the two neighbors. Carney, a central banker with little formal government experience, called a snap election late last month as the liberal party surged in polls to close a more-than-20-point deficit since the beginning of 2025.
CBC
25-04-2025
- Politics
- CBC
'I don't want to be part of the U.S.': Sault Ste. Marie, Ont., to host Elbows Up rally
Supportive rallies in Michigan border towns to happen at the same time Sault Ste. Marie, Ont., will be the latest city to host an Elbows Up rally, meant to show support for Canadian sovereignty in the face of threats from U.S. President Donald Trump. Frank O'Connor, a long-time business owner from the northern Ontario city, said he discussed the idea of a rally with two of his friends when they learned there was a national organization called Elbows Up, Canada that had already organized similar rallies in Toronto, Ottawa and Halifax. "I have family in the U.S., I travel in the U.S., but I don't want to be part of the U.S.," O'Connor said. "I love Canada, I love our history. I love our Indigenous peoples, the first caretakers of this land. We are a sovereign nation and we want to stay that way." O'Connor said the event will take place on Saturday at Sault Ste. Marie's Downtown Plaza and will feature music from local musicians, along with several speakers, including Sault Ste. Marie Mayor Matthew Shoemaker. It will end with a rendition of O Canada from local singer Annette Bouchard. "The goal is to get, if we have 2,000 people there, to get them all singing as loud as they can and as off-key as they can," said O'Connor, the long-time former owner of the Voyageur Lodge and Cookhouse in Batchewana Bay. While the event will take place only days before Canada's federal election, O'Connor said it's intended to be a non-partisan affair. "I have friends in the Conservative Party, the Liberal Party, the NDP Party, the Green Party and I want them all to be here," he said. "The only requirement is you love your country." Solidarity rally across the river During the Elbows Up rally, a group of Americans across the St. Marys River, in Sault Ste. Marie, Mich., will hold their own solidarity rally. Katie Fink, one of the event's organizers, said its part of a series of rallies in Michigan border towns to stand in solidarity with Canadians. "These are non-partisan, non-political events showing our Canadian neighbours and friends and the border cities that we are standing in solidarity with them, that we don't adhere to some of the things that are coming out of our government," Fink said. Fink said she expects at least 200 people from across Michigan's Upper Peninsula to attend the American rally. She said many will cross the bridge into Canada after their event to attend the Canadian rally. "We understand you're mad. We understand how this is affecting all of us," Fink said, referring to Canadians upset with the Trump administration's position on Canada. "We're going to stand with you. We don't agree with what our administration is doing."
