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Montreal Gazette
3 days ago
- Business
- Montreal Gazette
Legault wants Ottawa to pay for power line from Churchill Falls
Quebec Politics By QUEBEC — Premier François Legault wants Ottawa to pay for a new power line carrying energy from Newfoundland and Labrador to Quebec. Answering a question Thursday in the National Assembly, Legault revealed each Canadian premier plans to respond to Prime Minister Mark Carney's request for infrastructure projects at a meeting in Saskatoon Monday. 'I can tell you right now that my project is that the federal government finance a line transporting electricity between Newfoundland and Quebec,' Legault said responding to a question from Québec solidaire co-spokesperson Ruba Ghazal. The Globe and Mail reported Thursday that Carney plans to brief the premiers on his nation-building plans when they meet. Carney intends to present legislation to fast-track significant infrastructure projects through upfront regulatory approvals and remove all federal barriers to interprovincial trade. The proposed 'One Canadian Economy,' legislation has been shared with Indigenous communities. The goal is to get approval for all projects within a two-year time frame. During the election campaign, Carney pledged to run deeper deficits to grow spending on infrastructure to reduce Canada's dependence on the U.S. economy, a statement Legault and other Canadian premiers made note of. In a separate interview with the CBC Tuesday, Carney said he will ask first ministers to provide lists of infrastructure projects that could get up and running quickly. In their first conversation after Carney was elected in April, Legault revealed infrastructure money was among the subjects they discussed. And Legault believes he has an ideal candidate for federal money. In December 2024 he and then Newfoundland and Labrador Premier Andrew Furey reached a new deal for energy from the Churchill Falls power plant in Labrador. The deal included construction of a new power plant near the existing Churchill Falls plant and a run-of-the-river generating station at Gull Island in Labrador. The new deal also included new costs of a $2-billion to $3-billion transmission line in Quebec and Labrador. Legault, who has said he and Carney are on the same wavelength because they both are interested in the economy, heads Sunday to Saskatoon. Officials in Legault's office said later that 'Quebec will make representations for different projects,' including the power line. 'We will let the discussions take place in Saskatoon,' an aide to Legault said. The Quebec government Friday will also move to deflect criticism it is not doing enough to reduce trade barriers with the other provinces, another priority item for Carney in order to shore up the economy. Economy Minister Christopher Skeete, who has been working behind the scenes for months on the question, has given notice on the legislature's order paper of plans to present fresh legislation doing away with some costly barriers. To be tabled first thing Friday morning, the new bill will be called: 'An act to facilitate the trade of goods and the mobility of labour from the other provinces and the territories of Canada.' In an interview in March, Skeete revealed some of the scope of the plan, saying the measures will reduce red tape for funeral directors, real estate brokers and racehorse owners. The government is also looking to harmonize regulations on consumer goods with other provinces as part of a countrywide effort to boost internal trade. On Thursday, the Montreal Economic Institute (MEI), a think tank, published a study saying removing barriers between Quebec and the rest of Canada could grow the Canadian economy by $69.9 billion.
The Market Online
4 days ago
- Business
- The Market Online
Gold Report: Junior stocks with multi-million-ounce potential
Junior stock West Red Lake Gold Mines (TSXV:WRLG) has restarted production at its Madsen mine in Ontario. The property is estimated to contain 1.65 million ounces indicated and 370,000 ounces inferred at a base case of US$1,800 per ounce, representing a 45 per cent discount to the price as of May 27. Click here for the full story. By the ounce At the time of writing on Tuesday, the price of gold was US$3,294.20, up from US$3,284.60 per ounce in our May 21 report, according to data from The Globe and Mail, holding steady despite a global equity recovery over the past week driven by optimism for further discussions between the U.S. and its major trade partners. This week in gold Agnico Eagle Mines (TSX:AEM) increased its investment in Fury Gold Mines (TSX:FURY) by almost 3x to 9.9 per cent of issued shares on a partially diluted basis, granting it exposure to a multi-million-ounce portfolio while de-risking a retail allocation. Ashley Gold (CSE:ASHL) returned up to 20.2 grams per ton of gold in recent samples from its Howie project in Ontario, supporting the potential for significant gold mineralization on the property and bolstering its overall portfolio's multi-million-ounce upside. Globex Mining (TSX:GMX) noted that portfolio company Radisson Mining (TSXV:RDS) is adding 18,000 metres of drilling to its 2025 program at its O'Brien project in Quebec, where recent and historical exploration has yielded high-grade and visible gold, an estimated 1.2 million ounces indicated and inferred, and a runway to uncover up to a 4-million-ounce resource according to management's projections. Top trending gold stocks Join the discussion: Find out what everybody's saying about the junior mining stocks in this week's gold report on Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
Nikkei Asia
22-05-2025
- Politics
- Nikkei Asia
Nepal's new Everest rule is a game-changer
Brabim Karki is a businessman based in Nepal. He writes for The Independent, The Globe and Mail, the South China Morning Post and The Straits Times, among others. Nepal has announced plans to restrict access to the world's tallest peak to climbers with prior high-altitude experience, according to the draft of a new law. For aspiring Mount Everest climbers,Nepal's new rule is a bold gatekeeper, demanding proof of high-altitude grit before you can even dream of the summit. This isn't just a bureaucratic hurdle; it's a lifeline for a mountain drowning in overcrowding, trash, and tragedy.
Global News
21-05-2025
- Business
- Global News
Is Canada heading for recession? One economist says it may lack ‘severity'
If Canada is heading for a recession, how severe could it be? That's the question being debated by many economists and financial experts who warn that the main driving force is the trade war brought on by U.S. President Donald Trump's tariff policies. The labour market has already been shedding jobs as tariffs take hold and companies brace for higher costs, and at least one economist is forecasting the loss of thousands of jobs in the coming months. In an interview with The Globe and Mail, TD Group's chief economist and vice-president Beata Caranci said the bank is 'worried' Canada will enter a recession, in addition to potential job losses heading towards the third quarter of the year. 'We can see perhaps another 100,000 jobs lost,' Caranci said in that interview. 'We've already had over 70,000 lost in the private sector in two months.' Story continues below advertisement In a statement to Global News about that forecast, Caranci said much depends on how effective the federal government is at implementing promises to 'stabilize jobs, particularly in manufacturing.' 'The 100,000 jobs looks like a big number but it amounts to 0.4% of the labour force,' Caranci said in an email to Global News. 'Past recessions have corresponded with job losses in a range of 1-5% of the labour force. This speaks to the belief that there will be a front-loaded adjustment to the tariff environment, but it'll likely lack severity.' She added: 'But for now, there's immediate transparency in jobs at risk of being lost, rather than what can be gained.' 3:04 Ontario tables tariff-era budget with bigger deficit and bleak economic outlook How is a recession determined? There are several ways to gauge a recession, and the formal definition by most economists and central bankers is when Gross Domestic Product (GDP) shows a decline for two consecutive quarters, or a six-month period. Story continues below advertisement This means that the total value of goods and services produced within Canada in that period would be less than the same period one year prior. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Rising unemployment and inflation trends can also be used to determine a recession. If Canadian businesses continue to pull back on producing goods and services due to the heightened cost of tariffs, that will be shown in economic data including GDP. The trade war has also been impacting Canada's labour market with unemployment rising as companies lay off workers, and that is reflected in monthly jobs reports from Statistics Canada. Economic gauges like GDP and jobs reports come sometimes weeks or months after the start of a recession, which is only defined after the fact since it is based on data looking back at the previous two quarters of economic growth. There are several anecdotal theories that have been proposed to try and gauge whether a recession is happening in real time, but for the most part are considered inaccurate or outdated compared to what economists use. 2:36 Business News: Bank of Canada Financial Stability Report How severe might a recession be? Any recession that could arrive imminently is not expected to be as severe as the economic impact of the COVID-19 pandemic in 2020 or the Great Recession from 2007-2009. Story continues below advertisement However, the severity of this recession may depend on how the federal government responds to Trump's tariffs. Caranci pointed to proposals such as the federal government's plan to spend $2 billion on an 'all in Canada' manufacturing network. The next GDP report from Statistics Canada will be released on May 30, and represent economic growth by industry for the month of March. This would also give the full GDP report for the first quarter, or three months of the year. According to TD Economics, the first quarter of 2025 is forecast to show the economy grew by 1.8 per cent, while the second quarter is expected to show a decline of one per cent, and the third quarter will decline by 0.2 per cent. That projected third-quarter decline would meet the definition of a recession, but is projected to trend back up in the fourth quarter. However, that all depends on the data — and that's just not clear yet.
Yahoo
21-05-2025
- Politics
- Yahoo
King Charles and Queen Camilla embody Britain's special bond with Canada
King Charles III and Queen Camilla will be in Canada next week. They'll be visiting the nation's capital, Ottawa, between May 26-27. While they've both visited Canada on previous occasions, this is their first visit to my country since the Coronation. Their two-day itinerary is fairly packed, all things considered. The King and Queen will greet the troops of Canada's senior-most armoured regiment, the Royal Canadian Dragoons, on May 26. They will attend a community gathering at Lansdowne Park open to the general public, and be part of a ceremonial tree planting. They're scheduled on May 27 to ride down historic Wellington Street in the 1902 State Landau, an early 20th century horse-drawn carriage owned by the United Kingdom and used by the British monarch on visits to Canada. His Majesty will also be delivering the throne speech for prime minister Mark Carney's Liberal government in the Canadian senate. This is the main reason for the Ottawa trip, and it's of great historical significance. It's the first time this has happened in Canada since 1977, when his late mother, Queen Elizabeth II, honoured our country in the same fashion. It's nice to see that our two countries are paying a considerable amount of attention to this Royal visit. No-one is suggesting their usual comings and goings are ignored, of course! But when Charles and Camilla travel abroad and participate in goodwill tours, the people and the press will generally have a light awareness and little else. Why is it seemingly different for Canada? There could be a few reasons. Charles and Camilla are putting themselves in front of the public eye for a good cause, which certainly helps attract interest and attention. Carney's invitation to King Charles to deliver the throne speech on behalf of his Liberal government – a good public relations move on his part, to his credit – has created a heightened awareness of this special visit and an appreciation of the historic bond between Canada and Britain. King Charles III has always had a soft spot for Canada and its beautiful landscape, too. It began with the young prince's first trip to the Great White North in 1970. The Globe and Mail observed at the time: 'He had never been in North America before, but he appeared totally at ease.' He has since visited many Canadian cities, communities and provinces, including the Northwest Territories. He famously went ice diving in 1975, living up to the nickname the press gave him for a spell: 'Action Man.' Charles wrote about this watery excursion in his journal: 'There were fascinating ice crystal formations and icicles suspended under the ice and inside the layers of these wafer thin crystal structures were large white shrimp like creatures.' There was also his highly publicised 1983 trip to Canada with Princess Diana, a ski trip to beautiful Whistler, British Columbia with Prince William and Prince Harry, and his first visit with Camilla in 2009. The latter excursion was of special interest to Her Majesty, who has Canadian roots. They visited Dundurn Castle in Hamilton, Ontario, which is where her great-great-great-grandfather, Sir Allan Napier MacNab, lived when he was joint premier (or prime minister) of the Province of Canada between 1854-1856. The ties that bind, indeed. Best wishes to King Charles III and Queen Camilla on their trip to Canada. Rest assured that Canadians, Brits and others around the world will be watching with interest. Michael Taube was a speechwriter for former Canadian prime minister Stephen Harper Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
