Varcoe: Carney says it's 'highly likely' an oil pipeline will make Ottawa's major project list
'Yeah, that does rise towards the level of nation-building, because we're building a new industry and it unlocks other things,' he added.
Article content
Alberta's premier also showed up at Saturday's pancake breakfast, outside a United Brotherhood of Carpenters' hall, and briefly bumped into the prime minister.
Article content
In a later interview, Smith welcomed Carney's comments that an oil pipeline will likely make the federal list, and his remarks on the merits of the carbon capture initiative in the oilsands.
Article content
'That's what I've been hoping to see,' Smith said.
Article content
'I can see why our customers want a lower carbon product. It seems to me like those two projects together make perfect sense, and I'm hoping we can come to a deal on that.'
Article content
However, Smith believes several hurdles still need to be removed by the federal Liberal government before any new pipeline can gain the necessary investor and producer confidence.
Article content
Article content
This would include changing the federal emissions cap on the oil and gas industry, the Impact Assessment Act, and the tanker ban off the northern B.C. coast.
Article content
Carney said the federal government wants to see more oil and gas produced, and decarbonized, in Canada. He suggested there would be ways to build projects and deal with the tanker ban.
Article content
'We're not going to have a project that gets oil to tidewater and it stays there.'
Article content
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CTV News
2 hours ago
- CTV News
Striking WSIB workers returning to work on Monday after voting to ratify tentative collective agreement
As the WSIB strike drags on, Ontario Compensation Employees Union president Harry Goslin visited the picket line in North Bay on Tuesday to update them on contract negotiations. Members of the Ontario Compensation Employees Union will be returning to work on Monday after voting in favour of ratifying the tentative collective agreement that was announced on Saturday with their employer, the Workplace Safety and Insurance Board. The nearly 4,000 workers have been off the job for about six weeks following months of stalled contract negotiations with the WSIB, which provides workplace injury and illness insurance to more than 5.3 million people across 300,000 Ontario businesses. Represented by CUPE Local 1750, the union struggled to reach an agreement with the WSIB. Some of its key priorities were 'real investments in frontline staffing, a stop to outsourcing Ontario jobs, and safer workloads.' 'I am proud of my coworkers and the strength of our union, we are a critical safety net for Ontario workers and Ontarians spoke up, sending thousands of messages to the WSIB leadership,' Harry Goslin, the union's president, said in a written statement on Sunday. 'Together, we were able to secure the best possible outcome and successfully pushed back against the employer's attacks on union seniority rights.' Calling the job action, a 'historic moment for our union and the broader labour movement,' Goslin thanked his members for their 'unwavering commitment and courage, the public for their understanding, and our fellow unions for their solidarity and support throughout this challenging fight.' Despite the return to work, OCEU/CUPE Local 1750 said the fight is not over to protect all workers' rights and health. 'OCEU/CUPE 1750 will continue to stand in solidarity with other public sector unions currently negotiating collective agreements. The union remains concerned about the ongoing anti-union measures being pursued by the Ford Government and will remain vigilant in defending workers' rights and fair bargaining processes,'it said. WSIB strike Jeff Lang, WSIB's president and CEO, previously said that their 'number one priority has always been — and continues to be — helping the people who depend on us.' 'I am proud of our team's work the last few weeks and am very excited for everyone to come back together so we can keep supporting Ontarians who need us,' he said over the weekend in response to the tentative collective agreement. Lang thanked Ontarians for their patience, adding the organization is committed to 'delivering better, easier, and faster service.' During the strike, digital services on the workplace safety board's website remained available for submitting claims, accessing benefits, and managing account information. Terms of the agreement have not been disclosed. CP24 reached out to WSIB for comment on Sunday, but we have not heard back. With files from CTV News Toronto's Jermaine Wilson
Globe and Mail
4 hours ago
- Globe and Mail
The Weekly Setup: What every investor needs to know about tariffs, Aritzia and job numbers
This week featured a lot of heat warnings at the kids' camp. The teens in charge have taken to handing out unlimited freezies. How can I explain to these well-meaning pre-adults the consequences of giving seven freezies to a five-year-old in one day? Maybe letting a deranged raccoon loose in their pantry would help them understand what we are dealing with at home. Here are five things to watch for this week: Want ads: Economists estimate Canada added zero jobs in June. That's not a typo. The consensus estimate for net job growth in a country of 20.7 million workers is 0.0. The unemployment rate is expected to advance to 7.1 per cent – the highest since the pandemic peak, or, apart from that, since April, 2016. Tariffs provide ample reason for pessimism. The manufacturing sector could post a third straight month of job losses, notes Benjamin Reitzes, Bank of Montreal managing director for Canadian rates and a macro strategist. 'U.S. steel and aluminum tariffs doubled in June, which will hit those already struggling sectors even harder,' Mr. Reitzes wrote in a note to clients. The data will be key for the Bank of Canada, which is set to make an interest-rate decision at month's end. The central bank has held rates steady at 2.75 per cent for two consecutive meetings, but the market is pricing in only a slight chance of a rate cut. If payrolls disappoint, this could sway the odds in favour of another cut. Let's make a deal: The deadline for deals with the United States on tariffs is fast approaching. President Donald Trump set July 9 as the deadline for country-based tariffs to begin on trading partners without deals in place. With the deadline days away, deals have only been hammered out with Vietnam and Britain. Although the U.S. and China have agreed to a truce, which involves cooling it on reciprocal tariffs and lowering export controls, Canada has promised a deal by July 21. Does a deal matter to markets? The S&P 500 INX and the TSX TXCX are at record highs. So far, tariffs aren't hitting inflation; does that mean companies are absorbing them at the expense of margins? Could margins be the undoing for investors? BMO chief investment officer Sadiq Adatia says tariffs may actually increase a company's profitability. 'Let's say a 10-per-cent tariff is imposed on goods crossing the border,' he said on my podcast. 'Most consumers think prices will go up by 10 per cent. But only 40 per cent of the product's cost comes from raw goods. So, 10 per cent on 40 per cent is only a 4-per-cent tariff. Companies know people expect 10 per cent, so they might raise prices by 7 per cent and say, 'We're doing you a favour. We're not doing 10.' But they've increased their profits by another 3 per cent.' High fashion: Someone forgot to tell Aritzia Inc. ATZ-T there's a consumer slowdown. The stock hit a record high last week, creating an interesting set-up for quarterly results due Thursday after markets close. Aritzia is expected to show a 150-per-cent rebound in profitability and a nearly 15-per-cent jump in same-store sales. In this economy? Apparently. With the stock trading at a hefty premium to peers (UBS estimates it at 48 per cent) it will make the quarterly results a nail-biter. Will Aritzia continue to buck the trend of weak consumer growth? Can it continue to manage around tariffs? As with most companies, it may come down to the outlook it provides. 'We believe the 'bar' for the event is ATZ maintains its FY26 operating guidance and provides a 2Q26 outlook supportive of the Street's C$0.37 EPS forecast,' Mauricio Serna of UBS wrote in a preview note. Jamie Murray of Murray Wealth Group flagged Aritzia as a winner on my podcast back in February. It promptly went straight down before recovering and reaching new highs. He's still holding. 'They've beat quarterly guidance by at least 5 per cent the past 3 quarters and we expect a similar result,' he wrote in an e-mail. Hungry for change: Shares of MTY Food Group Inc. MTY-T have been grinding lower for years, and this week investors will get to assess if catalysts for the stock remain elusive when it reports results on Friday. MTY is known as a food-court purveyor of such brands as Manchu Wok and Mr. Sub, but it has diversified and has many free-standing restaurants. It is also known for its growth-by-acquisition business model – except recently it hasn't been growing or acquiring. Its last deal was in 2022 for Wetzel's Pretzels. While sales of that brand are strong, other brands haven't fared as well and same-store sales have struggled for five consecutive quarters. Even so, it is worth pointing out that MTY is a cash-flow machine reliably spitting out more than $100-million a year. Bank of Nova Scotia's John Zamparo wondered out loud, in a June note to clients, if this makes MTY an attractive takeout candidate. 'MTY's valuation is overly punitive,' he wrote, noting that MTY owns 90 brands but only three are interesting to investors (Wetzel's, Cold Stone, sweetFrog). 'Strategic buyers typically want simpler businesses … which leads to private equity as the likeliest acquirer,' Mr. Zamparo said. Turbulence: Delta Air Lines Inc. DAL-N reports Thursday and will give investors a sense of travel demand. Between tariffs, geopolitics and a spike in gas prices, not to mention generally lower travel into the U.S., there was no shortage of volatility for airlines. We will see how all of this plays out. The airline is poised to report a 7-per-cent drop in revenue and 12-per-cent drop in earnings per share. In the Money with Amber Kanwar brings you actionable insights from top portfolio managers and business leaders. New episodes out Tuesdays and Thursdays.
CTV News
4 hours ago
- CTV News
Couple finds sweetness in shared gingerbread Alberta legislature project
Matt Intihar and Sheila Guevara with their model of the Alberta legislature created out of gingerbread. This is a love story made out of gingerbread. Matt Intihar and Sheila Guevara spend often spend quality time relaxing together in a unique way: by making model houses from the sweet-and-spicy baked delight. 'Both of us inspired each other in doing a project, because he's good at what I'm not, and I think for him, I'm good at what he's not, so we compliment each other,' Guevara told CTV News Edmonton. The pair were in a local bake shop when they saw a gingerbread castle built by the baker. 'We thought, 'Geez, that would be pretty neat if we could build something like that,' Inithar said. 'I don't know if we're up to it, but we can give it a try.' Gingerbread Alberta legislature A replica of the Alberta legislature created by Matt Intihar and Sheila Guevara out of gingerbread. (Connor Hogg/CTV News Edmonton) Their first gingerbread house was simple, then they decided to go bigger. At first, they planned to build a replica of the White House, home of the U.S. president. They ultimately selected the Alberta legislature as their subject. It was closer to home and easier to research in person. 'As time went on, we thought, 'We can do this, we can add that on, and so slowly, it became a bit more detailed as time went on,' Intihar said. Intihar and Guevara worked on their project together and separately, dictated by their shift-work schedules. 'He comes home, I'm sleeping, or I come home, he's sleeping,' Guevara said. 'But when I come home, I see something that he did. and I'm like, 'Oh, cool! I can do this!' Creating their delicious legislature took six months of manipulating gingerbread and key ingredient marzipan – plus painstaking research, baking, sculpting and re-sculpting. 'We managed to finish it, and we're pretty happy with how it looks,' Intihar said. Alberta legislature gingerbread A replica of the Alberta legislature created by Matt Intihar and Sheila Guevara out of gingerbread. (Connor Hogg/CTV News Edmonton) The happy couple are in the process of finding a place to display their work and also sharing what they learned about each other in the process. 'He sits right there and he's just doing his little thing,' Guevara said. 'It's very heartwarming, and he is very graceful doing it, and it makes me push myself harder, too.' Intihar said the process brought them even closer. 'I guess this kind of thing could pull people apart, maybe they'd get fed up with each other,' he said. 'I think, for us, it did bring us together.'
