Trump to visit new Florida immigration detention facility
The trip was confirmed by Florida Gov. Ron DeSantis on Monday.
The facility has drawn protests over its potential impact on the delicate ecosystem and criticism that Trump is trying to send a cruel message to immigrants. Some Native American leaders have also opposed construction, saying the land is sacred.
The detention facility is being built on an isolated airstrip about 50 miles west of Miami, and it could house 5,000 detainees. The surrounding swampland is filled with mosquitos, pythons and alligators.
'There's really nowhere to go. If you're housed there, if you're detained there, there's no way in, no way out,' Florida Attorney General James Uthmeier told conservative media commentator Benny Johnson.
He's described the facility as 'Alligator Alcatraz,' a moniker embraced by the Trump administration. The Department of Homeland Security posted an image of alligators wearing hats with U.S. Immigration and Customs Enforcement's acronym.
State officials in Florida are spearheading construction but much of the cost is being covered by the Federal Emergency Management Agency, or FEMA, which is best known for responding to hurricanes and other natural disasters.
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Yahoo
15 minutes ago
- Yahoo
Caisse's $3.2-billion investment in a nuclear project is the kind of deal Canada wants — too bad it's in the U.K.
The Caisse de dépôt et placement du Québec's $3.2-billion investment in a new nuclear energy facility this week is the kind of deal Canada is hoping the country's largest pensions and institutional investors will step up to fund — but it's happening overseas, in England, alongside the U.K. government. The Quebec's pension giant's 20 per cent stake in the Sizewell C nuclear power station in Suffolk was part of a final funding push to greenlight the project, of which the U.K. government owns 44.9 per cent. Once completed, the country's first new nuclear plant since 1995 is expected to reduce carbon emissions and provide more than 60 years of 'clean, reliable power to the U.K. grid, helping to boost the U.K.'s economy (and) strengthen energy security.' The deal is noteworthy for a couple of reasons: first, it capitalizes on a renewed push for nuclear power as countries search for less carbon-intensive options alongside a more recent desire to rely less on imported energy amid geopolitical tensions and trade upheaval driven by United States president Donald Trump. It also comes in a country where the government's push for more institutional investment in infrastructure is being met with some success, both domestically and abroad. In May, ahead of publication of a final review that could impose investment quotas on large pension providers in the United Kingdom, 17 of them — responsible for managing about 90 per cent of defined contribution pensions — signed an accord pledging to invest 10 per cent of their portfolios in assets to boost the economy by 2030. This will include investments in infrastructure, property and private equity, and half will be 'ringfenced' for the United Kingdom, an allotment projected to inject about £25 billion into the economy. The consortium backing the nuclear project, which is the first direct investment in nuclear by the Caisse, includes French energy operator EDF, British multinational energy and services company Centrica and investment partner Amber Infrastructure. This structure is not unusual for the Caisse, a seasoned global infrastructure investor. But a key draw is undoubtedly the project's financing structure. The U.K. government will foot the majority of that bill — an important consideration for institutional investors because of the potential for cost overruns common in infrastructure projects. Officials told the Canadian Press that the Caisse would begin receiving compensation right away, and that there are agreements with the British government that protect the pension fund's return in the event of overruns or significant delays. The project financing is coming through the U.K.'s National Wealth Fund, which was created by Keir Starmer's Labour government. It replaced the U.K. Infrastructure Bank and is intended to be the government's principal investment vehicle, with the express aim of creating conditions to draw in private investors. 'It's an ambitious project in terms of size and complexity,' said Sebastien Betermier, a finance professor at McGill University, adding that the Caisse is arguably one of the world's most advanced investors when it comes to new infrastructure builds referred to as 'greenfield' projects. He credited the U.K. government's success in forging partnerships with private investors to a strong track record of designing regulatory frameworks for privately-operated businesses and 'de-risking' investments for institutional investors. 'In this particular project, I believe the U.K. government was able to reduce the level of construction risk for investors and provide a dividend yield early on,' said Betermier, who has done extensive research on pensions. 'This project shows it is possible to generate win-win opportunities for governments and pension funds in infrastructure (projects), and hopefully we can learn from it here in Canada.' Past efforts by the Canadian government to include the country's pension funds in major infrastructure projects have largely fizzled, with complaints that the government isn't offering up projects with enough size and scale. Furthermore, potential projects haven't come with sufficient policy assurances or guarantees that the private investors will be adequately compensated for the risks they're taking, particularly if they're being asked to participate in building them. An exception has been the Caisse, which has a dual mandate to support economic development in Quebec alongside meeting investment objectives to pay pension beneficiaries. For example, the Caisse was a major investor in the province's The Réseau express métropolitain (REM) mass transit project, which was beset by cost overruns. The $6.3-billion cost of the Montreal light-rail system presented in 2018 had risen by 26 per cent by 2023. It rose further last year, reaching $8.34 billion. While the project was also backed by Quebec and the federal government, the Caisse was responsible for overruns. However, the pension manager structured the deal to derive revenue from ridership, advertising and real estate development, with a forecasted annual return of eight per cent over 30 years. The Caisse is also unique among Canadian pensions when it comes to energy transition. In 2021, the Quebec pension management organization pledged to divest completely from oil producers, which could have given the Caisse an edge with the U.K. nuclear deal. Plus, in May, CEO Charles Emond told the Financial Times that the Caisse plans to deploy more than £8 billion in the U.K. 'in the coming years,' increasing its exposure in the largest investment destination outside North America by 50 per cent. In the article, Emond praised the 'clarity' of its business environment, the 'ability to execute deals' and its 'welcoming approach' to investors. Perhaps it was not a coincidence that Starmer dispatched Rachel Reeves, the U.K.'s chancellor of the exchequer, to Canada to talk up the investment destination last summer. This was followed by a cross-country tour by U.K. trade officials looking to partner with Canada's pension funds to address, among other things, Britain's decades of underinvestment in infrastructure, with the lowest levels among G7 countries. When it comes to enticing Canada's pension giants to invest more at home, Prime Minister Mark Carney appears to be trying to change the conversation: his focus is on the need to create infrastructure and energy corridors to unify and strengthen Canada's economy and reduce dependence on the United States. During his spring campaign, Carney pledged to use $150 billion of government funds to kickstart private sector investment in projects ranging from housing, defence production and transportation infrastructure to digital innovation and patents, critical minerals and energy. 'Our plan is expected to catalyze $500 billion in new investment over the next five years,' the costed platform said, a similar if slightly less ambitious target than the UK's plan to draw in £3 of private investment for every £1 of government money. But there are a few things the Canadian government has to get right with its 'Maple 8' pensions, including the Caisse, as well as other large institutional investors such as Brookfield Asset Management (which had been a rumoured front-runner to invest in the Sizewell C nuclear power station), if it hopes to replicate what the U.K. government has done. For starters, Canada's infrastructure efforts lack both coordination and a comprehensive evaluation framework, crowding out private investors rather than drawing them in, Betermier said in a research paper on infrastructure banks around the world, published by the C.D. Howe Institute in May. Government efforts since 2016 have led to sprawling commitments of more than $180 billion for infrastructure projects spread over 20 federal departments and agencies, primarily in the form of grants and subsidies, he pointed out, adding that provincial governments, too, have tried to get in the game over the past decade. 'Having multiple grants and investment agencies operating in the same market means there is a high risk of competition between the agencies,' Betermier wrote. 'Coordination between these organizations, along with regular engagement with the private sector, will be critical in order to generate maximum engagement from the private sector.' Canada could also take lessons from other governments, such as using loan guarantees to underwrite the risk of projects, as is done in the European Union's under the InvestEU model. Other infrastructure banks allow projects to move forward with the expectation that private investors will come aboard in the future, while Canada's flagship infrastructure bank needs to secure private investment partnerships for a deal to move forward. Large-scale public-private projects are also hobbled by the lack of a comprehensive evaluation framework for short- and long-run performance, said Betermier, whose paper compared public infrastructure banks in Australia, California, Canada, the Nordic-Baltic region, Scotland and the U.K. The Canada Infrastructure Bank, launched with much fanfare in 2017 and a goal of every government dollar being matched by private sector investment of $3 to $4 — a target later reduced to $1 to $2 — failed to live up to that promise. By 2022, a House of Commons standing committee on transportation, infrastructure and communities recommended abolishing it. A couple of weeks ago, the Parliamentary Budget Officer estimated that the infrastructure bank would disburse $14.9 billion in 2027-28, well short of its $35-billion target. However, the PBO noted that the $1-billion target for Indigenous investments has already been met. Among the many reasons for the struggle in Canada, Betermier said, is that most of the country's infrastructure assets – including airports, seaports, railways, and utilities – remain publicly owned by federal, provincial or municipal governments. This stands in sharp contrast to countries like Australia and the U.K., where Canadian pensions have been, and continue to be, big investors in infrastructure assets that provide diversification, hedges against liability risks, and offer opportunities for high risk-adjusted returns and direct value creation. Canada's big pensions are ready for airport privatization. Are Canadians? 'Not theirs for the taking': Can the Canadian pension model survive a new era of politicization? Another Canadian pension giant puts brakes on China investment 'The lack of infrastructure assets available for sale to (pension and other institutional investors in Canada) has become a hot topic recently because it is one of the reasons why Canadian pension funds have decreased their domestic investments over the past decade,' he wrote. 'For infrastructure banks to successfully catalyze investment in infrastructure from private banks and large institutional investors, Canadian governments must actively support and commit to a private-sector role in the infrastructure market.' • Email: bshecter@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15 minutes ago
- Yahoo
Trump envoy Witkoff says US cuts short Gaza ceasefire talks as Hamas lacks 'good faith'
WASHINGTON (AP) — President Donald Trump's special envoy Steve Witkoff said Thursday the U.S. is cutting short Gaza ceasefire talks and bringing home its negotiating team from Qatar for consultations after the latest response from Hamas 'shows a lack of desire to reach a ceasefire in Gaza.' 'While the mediators have made a great effort, Hamas does not appear to be coordinated or acting in good faith," Witkoff said in a statement. 'We will now consider alternative options to bring the hostages home and try to create a more stable environment for the people of Gaza.' It was unclear what 'alternative options" the U.S. was considering. The White House had no immediate comment, and the State Department did not immediately respond to messages. A breakthrough in talks on a ceasefire deal between Israel and Hamas has eluded Trump's Republican administration for months as conditions worsen in Gaza. The territory recently had its deadliest day yet for aid-seekers in over 21 months of war, with at least 85 Palestinians killed while trying to reach food Sunday. The sides have held weeks of talks in Qatar, reporting small signs of progress but no major breakthroughs. Officials have said a main sticking point is the redeployment of Israeli troops after any ceasefire takes place. Witkoff said the U.S. is 'resolute' in seeking an end to the conflict in Gaza and said it was 'a shame that Hamas has acted in this selfish way.' Earlier Thursday, Israeli Prime Minster Benjamin Netanyahu's office recalled his country's negotiating team back to Israel in light of Hamas' response. In a brief statement, the prime minister's office expressed its appreciation for the efforts of Witkoff and mediators Qatar and Egypt, but it gave no further details. The deal under discussion is expected to include a 60-day ceasefire in which Hamas would release 10 living hostages and the remains of 18 others in phases in exchange for Palestinians imprisoned by Israel. Aid supplies would be ramped up and the two sides would hold negotiations on a lasting truce. The talks have been bogged down over competing demands for ending the war. Hamas says it will only release all hostages in exchange for a full Israeli withdrawal and end to the war. Israel says it will not agree to end the war until Hamas gives up power and disarms, a condition the militant group rejects. The State Department said earlier in the week that Witkoff would be traveling to the Middle East for talks, but U.S. officials later said that Witkoff would instead travel to Europe. It was unclear if he was holding meetings there Thursday. ___ Associated Press writers Josef Federaman and Julia Frankel in Jerusalem contributed to this report.
The Hill
17 minutes ago
- The Hill
DeSantis: ‘Appropriate' to pursue redistricting in Florida
Gov. Ron DeSantis (R) said on Thursday it would be 'appropriate' to pursue redistricting in Florida in the mid-decade due to population shifts and what he called 'defects' in the way congressional lines have been drawn. The governor's comment came after he scored a win last week when the Florida Supreme Court ruled upheld a congressional map that blocked a challenge to the elimination of the majority-Black congressional district in the north of the state that previously was represented by former Rep. Al Lawson (D). The area that comprised the former congressional district is now divided among three Republican lawmakers. 'Just last week the Florida Supreme Court upheld the map that all of the naysayers were saying was somehow defective,' DeSantis told reporters at a press conference in Manatee County. 'I think if you look at that Florida Supreme Court analysis, there may be more defects that need to be remedied apart from what we've already done. I also think the way the population has shifted around Florida just since the Census was done in 2020, I think the state was malapportioned. So I do think it would be appropriate to do a redistricting here in the mid decade,' he said. DeSantis went on to say he believed that his state got a 'raw deal' in the Census when Florida only gained one congressional district, arguing that the state should have garnered at least two seats due to population growth. The governor said he relayed his concerns to Commerce Secretary Howard Lutnick after he was sworn in earlier this year. 'They said they were going to redo the count in time for 2026,' the governor said. 'They would have to do that relatively soon because you need time to draw maps and you need time to get that done.' Florida has seen an uptick in population growth following the coronavirus pandemic in 2020. A number of Democratic-held congressional seats could be impacted if redistricting were to take place, including those held in South Florida by Reps. Debbie Wasserman-Schultz (D-Fla.), Jared Moskowitz (D-Fla.) and Lois Frankel (D-Fla.). Rep. Kathy Castor (D-Fla.) in the Tampa area and Rep. Darren Soto (D-Fla.) outside of Orlando have also been floated as possible targets. Republicans and Democrats in the states have been engaged in a tit-for-tat of sorts over redistricting in recent weeks. Texas Republicans are moving ahead with redrawing district lines, while speculation has mounted that Republicans in other states like Florida could follow suit. Democrats from California to New Jersey in turn have ramped up calls to redraw their maps in an effort to blunt the GOP's efforts.
