Latest news with #Maisonneuve
Vancouver Sun
3 days ago
- Business
- Vancouver Sun
Canada's shooting at a moving target on defence spending, say military watchers
Canada's plan to add more than $9 billion to defence spending this year was praised by military watchers Monday, but they cautioned that the country is shooting at a moving target. Prime Minister Mark Carney announced the country would meet its commitment in this fiscal year of hitting the two per cent of gross domestic product mark that was agreed upon by NATO countries more than a decade back. 'It's very encouraging that the prime minister has come out this early in his mandate and made such a strong commitment to defence,' said Vincent Rigby, a former top intelligence adviser to former prime minister Justin Trudeau, who spent 14 years with Canada's Department of National Defence. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. 'You've gone from the former prime minister talking about the two per cent as a crass mathematical calculation to the current prime minister saying, no, this is actually a serious commitment. We committed to it 10 years ago and even before that. And we have to do it because we owe it to our allies. But we also owe it to the Canadian people. He made it quite clear this is about protecting Canada, protecting our national interests and protecting our values.' New spending could do a lot to improve crumbling military infrastructure, said Michel Maisonneuve, a retired Canadian Army lieutenant-general who has served as assistant deputy chief of defence staff, and chief of staff of NATO's Allied Command. 'The housing on bases is horrible,' Maisonneuve said. He's keen on Carney's plan to participate in the $234-billion ReArm Europe program. 'This will bolster our ability to produce stuff for ourselves' while also helping the Europeans to do the same, Maisonneuve said. 'All the tree huggers are going to hate that, but that's where we are today in the world.' Carney's cash injection includes $2.6 billion to recruit and retain military personnel. The military is short about 13,000 people. It aims to boost the regular force to 71,500 and the reserves to 30,000 by the end of this decade. 'There is no way we can protect Canada and Canadians with the strength that we have now,' Maisonneuve said. Carney promised investment in new submarines, aircraft, ships, vehicles and artillery. He also talked about adding money to the defence budget for new radar, drones, and sensors to monitor the seafloor and the Arctic. 'All in all, great promises; we'll just have to see what actually comes through,' Maisonneuve said. 'You can have as many drones as you want, if you want to hold terrain, if you want to protect yourself, you're going to need boots on the ground.' Carney promised pay raises for those in uniform, but a technical briefing after his speech was short on details about who might get them. 'Corporal Bloggins needs a lot more than General Smith does,' said defence analyst David Perry, who heads the Canadian Global Affairs Institute. 'The senior ranks are pretty well compensated. The military has got an affordability cost-of-living issue in the lower ranks.' For people who have to move regularly, like many in uniform, 'the total compensation package hasn't kept pace with changing cost pressures,' Perry said. 'The military is having a difficult time both getting people in and keeping them there once they do join. So, I think depending on how the pay measures are actually structured, it could have quite a significant impact.' Canada spent about 1.45 per cent of its GDP on defence last year. If Canada's defence spending does hit two per of GDP by March of 2026, 'by then the target probably will have moved,' Rigby said. 'So, we've hit two per cent just as the target's likely to go to 3.5 per cent or even right up to five per cent if you throw in extra security capabilities … beyond pure defence.' That will leave Canada 'playing serious catch up,' he said. NATO leaders are meeting later this month to discuss boosting military spending. 'Two per cent is not going to cut it in terms of where the rest of the alliance is,' Perry said. 'Pretty clearly there is a discussion about getting to a number much higher than that at the upcoming NATO summit. But given that we have been falling short of this now … 11-year-old target, I do think it's a good first step to help regain some Canadian credibility by putting the money in the window to actually get to the two per cent mark this fiscal year.' The other question is whether Canada be able to spend all of the promised money by next March, Rigby said. 'We all know that one of the problems over the last number of years is National Defence can't spend the money quickly enough.' The Canadian Armed Forces (CAF) returns between hundreds of millions and over a billion dollars annually to central treasury, Perry told National Post earlier this year. Carney is creating a defence procurement agency to help in that respect, Rigby said. 'It's not easy setting up new agencies. There are big machinery issues. It costs money. You've got to find the people.' Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here .
Edmonton Journal
14-05-2025
- Politics
- Edmonton Journal
Canada's boutique military: 'Should we not be able to defend ourselves?'
Maintenance problems plague military equipment that includes submarines, aircraft and the army's rolling stock. 'I have never seen it as bad as it is now,' said Maisonneuve. Lots of Canadian military equipment 'is parked by the fence right now because there are not enough spare parts to fix them.' Boivin worries about the declining rate of military equipment that is supposed to be ready for training and operations. Key naval fleets that are serviceable to meet training and readiness requirements in support of concurrent operations dropped below 50 per cent in 2022-2023, as did key army fleets. Serviceability rates for air force fleets increased slightly but were also way off target. 'The reality is I'm privileged as a commander that the serviceability rate of the equipment that the services give me to employ on operations is high,' said Boivin. His concern is about the equipment left back in Canada for training the brigades at home. 'I believe we're always going to be in a position where there are some challenges,' said the commander. 'We've got quality people. We simply need to give them quality equipment, train them properly, and I'm very confident that we'll do well in the operating environment. 'Every day we've got dedicated Canadian Armed Forces members that are delivering crazy good effects for the country on all of the operations that we have,' Boivin said, pointing to the successful helicopter rescue recently of 20 sailors from a ship grounded off Newfoundland as an example. 'I don't think we're a broken military,' the commander said.
Bloomberg
24-02-2025
- Business
- Bloomberg
China Stocks Under Owned by Foreigners: Allianz Global Investors
Virginie Maisonneuve of Allianz Global Investors says investors are reassessing Chinese equities following "the tech buzz triggered by DeepSeek." Maisonneuve tells Bloomberg Television that "on a global basis, the market is still cheap. I think people have not believed in the innovation power of China but also it's massively under owned by foreigners." She also discusses the German elections and European stock valuations. (Source: Bloomberg)
