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The Wire
an hour ago
- Business
- The Wire
Ahead of G7 Summit, Canada Lists ‘Foreign Interference and Transnational Crime' as Key Priority
Menu हिंदी తెలుగు اردو Home Politics Economy World Security Law Science Society Culture Editor's Pick Opinion Support independent journalism. Donate Now World Ahead of G7 Summit, Canada Lists 'Foreign Interference and Transnational Crime' as Key Priority The Wire Staff 7 minutes ago Last week, Prime Minister Modi announced that he had received and accepted the invitation to attend the G7 summit. It was an unusually late invitation, considering other non-G7 states had got it by the first half of May. Canada Prime Minister Mark Carney. Photo: AP/PTI Real journalism holds power accountable Since 2015, The Wire has done just that. But we can continue only with your support. Contribute now New Delhi: Canada has identified countering 'foreign interference and transnational crime' as a key priority for the upcoming G7 Summit, which Prime Minister Narendra Modi is set to attend after accepting a late invitation last week. Unveiling the host country's agenda ahead of the summit's opening on June 15, Prime Minister Mark Carney outlined three 'core missions.' The first, titled 'Protecting our communities and the world', includes strengthening peace and security, coordinating efforts to combat forest wildfires and, notably, 'countering foreign interference and transnational crime'. The second priority focuses on 'building energy security and accelerating the digital transition' by strengthening supply chains for critical minerals and leveraging artificial intelligence. Carney also said Canada would seek 'securing the new partnerships in the future' aimed at unlocking large-scale private investment to develop resilient infrastructure, generate better-paying jobs and expand access to competitive, high-growth markets. As the Canadian media observed, these outlined 'core missions' are aligned to Carney's domestic agenda. It remains unclear how prominently Canada's stated priorities will feature in the G7 summit discussions, but traditionally, the host nation's agenda tends to receive significant emphasis in the summit's joint declaration. Canada's emphasis on foreign interference and transnational crime also carries particular diplomatic weight. Ottawa has been outspoken about attempts by foreign governments to meddle in its domestic affairs – especially election processes. The pairing of 'foreign interference' with 'transnational crime' was also seen as a signal that Ottawa is referring to efforts by foreign governments to target individuals on Canadian soil. Last Friday, Prime Minister Narendra Modi announced that he had received and accepted the invitation to attend the G7 summit during a phone call with the Canadian prime minister. It was an unusually late invitation, as it was just over a week before the summit was to begin, while other non-G7 states, like Mexico, Brazil, Ukraine and South Africa had got their invitation by the first half of May. Carney's invitation to India has drawn some domestic criticism, forcing him to clarify the decision publicly. 'We have now agreed, importantly, to continued law enforcement dialogue,' he said. 'There's been some progress on that, which recognises issues of accountability. I extended the invitation to Prime Minister Modi in that context, and he has accepted.' Among the G7 outreach invitees, India is the only country whom the host, Canada has accused of both 'foreign interference' and involvement in 'transnational crime'. Ties between India and Canada nose-dived in September 2023 after then-Prime Minister Justin Trudeau accused Indian government agents of being involved in the killing of a Canadian citizen, Hardeep Singh Nijjar, whom India had labelled as a Khalistani terrorist. New Delhi firmly rejected the charge, arguing instead that the real concern was Canada's tolerance of groups it considers anti-India and separatist in nature. In October 2024, Royal Canadian Mounted Police Commissioner Mike Duheme alleged that Indian officials were linked to a wider effort to intimidate or target Canadian nationals. The diplomatic rift deepened when Ottawa expelled six Indian diplomats, including High Commissioner Sanjay Kumar Verma. India reciprocated, prompting a further freeze in official engagement. Besides, a public inquiry led by Justice Marie-Josée Hogue into foreign meddling later identified China and India as key actors attempting to influence Canadian political processes. In its January 2025 report, the commission noted: 'Intelligence holdings also reveal that a government of India proxy agent may have attempted to clandestinely provide financial support to candidates from three political parties in 2021,' adding that 'the source of any such financial contribution could have been unknown to the candidates.' Responding to the report, India's Ministry of External Affairs issued a sharp statement that it was Canada that had been 'consistently interfering in India's internal affairs.' The ministry also claimed that such interference had encouraged 'illegal migration and organized criminal activities'. In the run-up of the snap parliamentary polls in April that was won by Carney, a senior Canadian intelligence official said in a public briefing that India, along with China, has the potential to interfere in the country's upcoming general elections next month. Meanwhile, Indian officials are working against the clock to finalise logistics for the prime minister's visit, rushing to obtain visas and secure accommodation for the delegation on short notice. The Indian team is also preparing for possible confrontations from pro-Khalistani groups, despite protest zones being restricted to three designated areas away from the main summit venue. In addition, Indian diplomats are hurriedly coordinating two stopovers for Prime Minister Modi's travel to and from Canada. On the outbound leg, he will transit through Cyprus, marking the first visit by an Indian prime minister to the country since 2002. On the return journey, Modi is scheduled to pass through Croatia, a visit that was originally planned as part of last month's Europe tour but had to be cancelled following the Pahalgam terror attack. The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments. Make a contribution to Independent Journalism Related News Canada Placed Law Enforcement Conditions Before Modi for G7 Summit Invite: Report Marking Turnaround in Ties, Modi Accepts Late Canadian Invitation to Attend G7 Summit Next Week As the G7 Clock Ticks, Silence over India's Invite and What it Means Nijjar & After: Facing Flak, Canadian PM says Progress in 'Accountability' Paved Way for Modi G7 Invite India's Disastrous Isolation Around the World As India and Canada's Foreign Ministers Speak Over Phone, Signs of a Further Thaw in Ties Has Development in Northeast India Undermined Its Environmental Sustainability? Israel Allows Limited Aid To Enter Gaza; France, UK, Canada Call Move 'Wholly Inadequate' G20 Is Too Elite. There's a Way To Fix That Though – Economists View in Desktop Mode About Us Contact Us Support Us © Copyright. All Rights Reserved.
The Wire
2 days ago
- Politics
- The Wire
Nijjar & After: Facing Flak, Canadian PM says Progress in ‘Accountability' Paved Way for Modi G7 Invite
New Delhi: Faced with questions over the invitation to Indian prime minister Narendra Modi for G7 summit, Canadian prime minister Mark Carney defended his decision, saying New Delhi had agreed to resume law enforcement dialogue in a way that 'recognises issues of accountability,' even as high-profile criminal investigations remains underway. On the evening of June 6 in Delhi, Modi posted on X about a phone call with Carney, noting that he had accepted the invitation to attend the G7 summit in the course of the call. The invitation came just over a week before the summit is scheduled to begin on June 15. Other non-G7 invitees, such as South Africa, Brazil, and Mexico, were invited at least a month in advance. Carney's office issued a readout, saying there 'was agreement to continued law enforcement dialogue and discussions addressing security concerns.' Following Modi's post, in Ottawa, Carney was pressed by reporters about the optics of inviting Modi, given that the Royal Canadian Mounted Police (RCMP) has previously alleged the involvement of Indian government agents in a campaign of ' violent criminal activity ' in Canada and also accused them of orchestrating the June 2023 killing of Khalistani separatist Hardeep Singh Nijjar. India and Canada currently have vacant high commissioner posts in each other's capitals, after the top envoys were forced out last year. 'Won't disrupt process' Carney acknowledged the sensitivity of the issue but maintained that his government would not interfere in the legal process. 'We have now agreed, importantly, to continued law enforcement dialogue. So there's been some progress on that, which recognises issues of accountability,' he said, when asked directly why the Indian leader was being invited despite the allegations . He reiterated that the ongoing investigation would remain fully independent. 'We are a country of the rule of law. The rule of law is proceeding as it should in Canada, and I am not going to disrupt that process,' he said. India, for its part, has firmly rejected the allegations levelled by Canadian security agencies, including broader claims of foreign interference in electoral affairs. Canada had last year even accused Indian home minister Amit Shah of being involved in the alleged plot to target Canadian nationals. New Delhi has insisted that Canada has ' not shared with us any shred of evidence ' regarding the involvement of Indian agents in the Nijjar case so far. However, Indian authorities have cooperated with the United States , which has connected its own attempted assassination case involving a US-based Khalistani separatist to Nijjar's murder. Carney refused to say whether he believed Modi was involved in Nijjar's killing. 'First off, there is a legal process that is literally underway and quite advanced in Canada. It's never appropriate to make comments in any respect with regard to those legal processes,' he said. Carney also laid out the broader rationale for the invitation, pointing to Canada's role as this year's G7 chair and the need to engage India on global strategic and economic issues. 'First, we are in the role, Canada is in the role, of the G7 chair, and in those discussions, as agreed with our G7 colleagues, we're addressing important issues like energy security, the digital future, and critical minerals, among others,' he said. 'Partnerships in building infrastructure in the emerging and developing world are also part of the agenda. There are certain countries that should be at the table for those discussions,' Carney stated. 'In my capacity as G7 chair, and in consultation with others, some of whom also make these determinations, it makes sense to include India, the fifth-largest economy in the world, effectively the most populous country, and central to a number of those supply chains.' 'Won't even get a slap on the wrist' According to Globe and Mail , the decision to invite Modi drew criticism from within Carney's party as well. Liberal MP Sukh Dhaliwal, whose constituency in British Columbia includes the temple where Nijjar was killed, said he did not agree with the government's decision to invite Modi. 'My constituents are telling me the message that we are sending is they can come and kill Canadians on Canadian soil and they won't even get a slap on the wrist,' he said. Opposition leader of the Conservative Party, Pierre Poilievre, said that the invitation was 'necessary', but that conversations on security issues should remain on the table along with economic matters. 'We need to sell our natural gas, our civilian nuclear power technology and other resource projects to India,' he said Friday, as quoted by CBC news , adding, 'We want to see the government work on addressing security issues at the same time when the prime minister has those conversations'. The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments.
Business Times
5 days ago
- Business
- Business Times
Digital money and the art of the impossible
WHILE G7 central banks continue to agonise over supplementing physical cash with digital money, and in the case of the US, ban the central bank digital currency version outright, India has surged ahead with a mobile-based payments platform accounting for half the world's real-time payments in 2023. India's United Payments Interface continues to overcome apparently insoluble conundrums facing mature economy central banks, such as managing digital identity, balancing state and private-sector players in payments and ensuring the stability of commercial banks in the monetary system. The instant payments system has already boosted the tax take, had a transformational impact on financial inclusion and democratised the provision of financial services – with mutual fund subscription at a record high. Meanwhile, other major non-G7 economies such as China and Brazil – where state-backed digital retail payments platforms operate – have for now set aside trying to map distributed ledger technologies (DLT) onto national payments systems or sovereign money. Still, a variety of national and cross-border projects are in the works, though mired in circular discussions about regulatory, liquidity, foreign exchange and interoperability challenges. DLT – which underpins digital assets and versions of money such as stablecoins and tokenised money market funds – may also become a component of mainstream wholesale and retail finance in the wake of the Genius Act. But as statements at OMFIF's 2025 Digital money summit made clear, the technology continues to flummox many in the official sector in practical terms. Renato Gomes, deputy governor of Banco do Brasil, described the 'privacy trilemma' within DLT. Discussing experiments to build on the success of their Pix platform with Drex, he noted that trade-offs between privacy, scalability and programmability were tough, and legal frameworks remain 'incompatible' with DLT. The bank wished to remain 'technology-agnostic'. At other sessions, cross-border DLT networks between central banks and commercial banks in different jurisdictions on a unified ledger, such as Project Agora, continue to be defined. A technologist at the summit declared 'this project simply will not be possible on a single network'. The net result of it may simply be an improved set of data standards in the extant system. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Correspondent banking – a method for cross-border transactions, often criticised for being expensive, slow and inefficient compared to blockchain-based finance – already deals with the regulatory burden which DLT innovators are struggling to reinvent. A representative from a major US bank experimenting with tokenised versions of commercial bank money wryly pointed out that stablecoin-based remittances are simply regulatory arbitrage. Regional successes Reinventing the cross-border financial system by joining central banks schemes together is difficult even without DLT. While significant progress has been made with the Nexus cross-border instant payments project, the establishment of the Nexus Scheme Organisation and the harmonisation of governance frameworks are continuing efforts. Participating central banks are working out how to cater for foreign exchange – a function embedded in the cross-border commercial banking system already. There are also regional pockets of progress. An intriguing example is Buna, the Middle East's cross-border payments initiative, which has bypassed these problems. Backed by the Arab Monetary Fund, Buna has created a regional network resembling a 'unified ledger' between central and commercial banks, but in a closed and centralised system – the opposite of DLT – built on the existing real-time gross settlement platforms. While DLT might be a hard toy to handle for central banks, it is also advancing at pace as a transformational financial infrastructure – enabling cheap, quick and also cross-border payments via stablecoins such as Tether and USDC. Whether it is secure or practically regulatable or not, it is a version of money regulators will have to contend with as consumers vote with their feet, and is expected to accelerate further as an explicit aim of US policy. What is the official sector to do? Artful hacks are in the works to handle DLT-based tokenisation, which may or may not become a mainstream component of existing money and securities markets. An informal vote even among digital finance specialists at this year's Digital Money Summit could not quite find a majority to say that it would. The European Central Bank is running a twin-track approach through projects at Deutsche Bundesbank and Banque de France, with the former creating a bridge between the existing T2 RTGS arrangement and DLT-based tokens, and the latter creating a DLT-native setting for DLT-based tokens to be settled atomically in tokenised wholesale CBDC. As both banks explained at the summit, the former would smooth the path to the latter, but also continue to run in parallel with it while traditional finance persists. Pioneers at the Brazilian central bank are watching the former with an eye on replicating that model in Brazil. If these projects to integrate DLT-based private money and tokenised securities into the official monetary system are not successful fairly soon, first principles may be rediscovered the hard way. A panel of central banks at the summit quietly demurred at the suggestion that they would eventually be asked to bail out a version of DLT-based money which had become de facto systemic and then unstuck in the next financial crisis. OMFIF John Orchard is chairman, and Katie-Ann Wilson is managing director, of the Digital Monetary Institute at the Official Monetary and Financial Institutions Forum (OMFIF)
Yahoo
23-05-2025
- Business
- Yahoo
Jack Mintz: The King will have an easier job with throne speech than Carney
On Tuesday, we will be privileged to have King Charles III open Parliament with the speech from the throne, 68 years after his mother Elizabeth II did so, the first time a monarch had. (She also delivered it in 1977). On that first occasion, in 1957, the 'my government' Her Majesty referred to was a Tory minority government led by John Diefenbaker. Its legislative program, and therefore her speech, focused on NATO, federal-provincial fiscal relations, economic development, social justice and international trade — all familiar themes today. History does repeat itself. Tuesday's speech will play up the Liberal election plan, which boasted 'Together, we'll stand strong against President Trump's tariffs, create new jobs, cut taxes for the middle class, and build the fastest growing economy in the G7.' Unlike his immediate predecessor, Prime Minister Mark Carney at least says he's focused on economic growth rather than new social programs. His success will be measured by his actions, however, not his words. So far, his actions have not been impressive. After five months of prorogation and an election, Parliament will meet for just a month before going on another vacation, delaying what should be a spring budget to the fall, though a summer session is hardly unheard of: our most recent was in 2020. Are we really aiming to be the fastest growing economy in the G7? Our economy stagnated over the past 10 years, but growth has disappointed for decades. From 1990 to 2023, our per capita gross national income rose 51 per cent (in 2021 international dollars). In the U.S. it grew more than double that: 111 per cent. Other G7 members will be easier to catch: France, Germany and Italy grow as slowly as we do, Japan even slower. But many non-G7 members have far out-paced us since 1990: Australia (91 per cent growth), China (706 per cent), Ireland (171 per cent), India (314 per cent) and Israel (109 per cent). For high-income countries as a group per capita GNI rose 63 per cent; for all countries, 80 per cent, which makes our 51 per cent look very feeble. Maybe we should try to make the playoffs before we aim for the Cup. Even keeping up to the average for high-income countries will be a challenge with U.S. growth slowing, inflation and interest rates sticky downward and oil prices falling. Then there are tariffs. For two reasons, they're not likely to go away soon. The U.S. needs the revenues that a 10 per cent tariff on most imports will generate. And it seriously wants to repatriate autos, aluminum, steel and semi-conductors to grow the U.S. industrial base. Reciprocal tariffs aimed at reducing the U.S. trade deficit will gradually disappear as Washington negotiates new trade deals with other countries. But we don't seem to be included in that plan. The effective U.S. tariff rate on our exports is now roughly 11 per cent, compared with just two per cent before Trump started raising tariffs. It would have been even higher were it not for exemptions under the Canada-U.S.-Mexico agreement. And still other tariffs may be coming — on semi-conductors, lumber and films, to name a few. Carney's visit with Trump was friendly enough but it achieved virtually nothing: Trump made clear sector-specific tariffs will stay. Playing with elbows up doesn't guarantee a win. And there are other arrows pointing to continuing stagnation: core inflation (i.e., ignoring food and energy prices) remains above three per cent, which means interest rate relief will be postponed, hurting a housing market in which new starts are already stalling. Unemployment, now 1.5 million, is rising as uncertainty causes companies to hold back on investment or, even worse, shift it to the U.S., especially in manufacturing. The Liberals' idea, a sound one, is to improve competitiveness rather than rely on massive immigration to provide growth. Making that happen won't be easy, however. A third of our exports — energy, vehicles and parts — will be hard to diversify quickly, given their current orientation to the U.S. market. Stepping up energy exports requires a sharply different regulatory approach. As for the auto industry, unlike Mexico's, ours simply isn't competitive in Chinese, Asian or even European markets. There's lots of talk about bringing down interprovincial trade barriers, but don't hold your breath. Provinces might reduce some but protectionism will always motivate new ones. In its recent budget Ontario cut taxes on craft beer and alcohol — but only for products manufactured in Ontario. Go figure. In the end, the Liberals' growth plan will boil down to traditional Liberal methods: big government and fiscal stimulus. The official plan to keep deficits at two per cent of GDP is likely to fail, especially if the economy goes into recession. The debt run-up will be focused on infrastructure and housing, which is better than borrowing to pay current expenses. But it comes with a daunting price tag. For example, a recently completed Toronto fabricated building offering 25 low-rent units of 220 square feet each cost a fortune to build: $1,350 per square foot, funded by $900,000 from the builder and $6.5 million by taxpayers. The public subsidy to do this for 100,000 units would be $26 billion. EVs versus movies (a tale of two subsidies) Election swagger is over, now back to the future King Charles' job is to read the throne speech with dignity, something he has trained all his life to do. Prime Minister Carney's is to turn the speech into reality, a challenge he's taking on for the first time. 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Calgary Herald
22-05-2025
- Business
- Calgary Herald
G7 finance ministers in Banff commit to backing beleaguered Ukraine in communique tough on Moscow
Article content He said delegates discussed other ways of increasing pressure on Russia to end its invasion but added 'it's wise to keep those to ourselves.' Article content When asked about disunity among G7 delegates on the Ukraine issue and economic ones, Champagne said 'some of you questioned whether we'd come out with a communique.' Article content On Tuesday, Champagne spoke to reporters alongside Kyiv's Finance Minister Sergii Marchenko, the only non-G7 ministers to attend the Banff meeting. Prime Minister Mark Carney has also invited Ukrainian President Volodymyr Zelensky to next month's G7 leaders' summit in Kananaskis. Champagne said that's a sign of the commitment to the country that's been trying to roll back a full-scale Russian invasion since February, 2022 and pro-Moscow separatists' 2014 seizure of parts of its eastern Donbas region. Article content The G7 stance comes as Russian President Vladimir Putin has rejected committing to a ceasefire in the war in which his forces are on the attack. Article content Article content The war in Ukraine has largely settled into a stalemate on a 1,000-km front line along the country's eastern and southern regions while Kyiv's forces maintain a foothold in a slice of Russia that they invaded last summer. Article content Both sides trade daily air attacks meant to erode each others' military and economic capacity and their population's will to fight. Article content The Kremlin says no new direct peace talks are planned while the Ukrainians say the Russians are preparing for a summer offensive to seize more territory. Article content On Thursday, Germany pledged to defend Lithuania in the event of Russian aggression and has begun deploying an armoured brigade in the Baltic state, the first one since the Second World War. Article content A G7 expert said the language in the ministers' communique takes a harder line against Moscow than he'd expected, especially considering it was co-authored by a delegation from the U.S. that's recently been more sympathetic to Russia. Article content Article content 'It talks about ramping up sanctions, not reducing them so it's a one-way street…it replaces' illegal' invasion with the word 'brutal' and brutal is pretty tough,' said Prof. John Kirton, director of the G7 Research Group at the University of Toronto. Article content 'By saying 'unwavering support' for Ukraine is actually an important shift in Trump's position – Trump's instinct to give Putin the benefit of the doubt is clearly gone.' Article content Demanding war reparations from Russia among a G7 group with potential dissent from the U.S., he said, 'is a big deal'. Article content The group's commitment to holding onto Russian financial assets is notable, said Kirton, although it says nothing about transferring them to Ukraine itself. Article content The G7 ministers said the push for Ukraine's early reconstruction would continue at a meeting in Rome in July. Article content The communique noted there are external challenges facing the reconstruction of Ukraine while it remains under fire by its larger neighbour. Article content
