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Winnipeg Free Press
7 hours ago
- Business
- Winnipeg Free Press
Getting business onside — Carney's next job
Opinion Canada Day marks just over 100 days of Mark, as in Carney. Since being sworn in as prime minister on St. Patrick's Day, our new prime minister has enjoyed no small 'luck of the Irish' after winning an election he wasn't supposed to. Napoleon once said he would rather have a general who was lucky than one who was good. So far, Carney has been both lucky and good: lucky to have Donald Trump in the White House, and pretty good at winning elections and being prime minister. He may have been green going into the job as PM and party leader, but Carney is proving no novice in the role. He single-handedly powered his party and government into an unprecedented fourth term in office. Since then, he has embarked upon a rapid-fire series of actions and changes to achieve his goal to 'build the strongest economy in the G7,' with internal trade barriers to come down; major energy and infrastructure projects to be built faster; defence spending to rise higher and sooner than anticipated. The Canadian Press files Prime Minister Mark Carney's next job is to convince Canadian businesses that they have to step up their game. Carney clearly does not lack for ambition. 'We will need to think big and act bigger. We will need to do things previously thought impossible at speeds we haven't seen in generations,' he said in his victory speech. But what if this big ambition isn't matched by business, big or small? What if the public doesn't share his vision that Canada is at a 'hinge moment of history,' as he put it? The prime minister is inheriting a country more risk-averse and complacent than it should be. A country more righteous than realistic about its place in the world — 'the world needs more Canada,' we intone. A country too comfortable in its entitlements and expectations, real or imagined. That risk aversion carries over to the business community. A 2023 survey by the Conference Board of Canada found that when it came to innovation, more than half of Canadian entrepreneurs stopped doing more because they feared failing. That was 10 points higher than for businesses in the U.S. and across 16 other developed countries. Part of this is a weaker industrial and research ecosystem that successfully carries innovation to market, but there's no denying a CEO mindset alongside. That mindset won't be easy to dislodge. It has been fed for more than a quarter-century by easy access to the largest market in the world, our next-door neighbour. It has been nourished of late by low-cost labour and high immigration. And it has been enticed into a rent-seeking, subsidy-demanding, high-consumption, low-value manufacturing economy by companies and governments hooked on handouts. The result: Canadian businesses have become less competitive and more risk-averse when it comes to investing in the innovation, technology and people needed to build more wealth. Consider the results: Canada's economy today is actually smaller than it was in 2019, adjusted for inflation and immigration. We've fallen from the sixth most productive advanced economy in the world in 1970 to the 18th most productive today. Average annual labour productivity growth was less than half of what it was in the U.S. in the 20-year period from 2001 to 2021. We've deindustrialized, with manufacturing contributing less than half of what it did to the economy in 2000. Capital investment spending levels are lower than they were a decade ago. The business innovation rate in 2022 was 36 per cent in Canada, far below the 50 per cent rate in America and the 45 per cent rate for other advanced industrial economies in the world. Unless these trends are changed, the OECD predicts Canada will enjoy the worst performance of advanced member countries over the next four decades, as measured by real GDP per capita. That means lower living standards for Canadians and less economic wealth generated to invest in health care and education. Weekday Mornings A quick glance at the news for the upcoming day. Blaming the government is easy and fashionable. But these are structural problems not easily fixed, owing to years of tepid investment and innovation decisions by business themselves. Government policies may have contributed, but it's the CEOs and the boards of directors, or the entrepreneurs and innovators, who made the calls. 'Sell the beach, not the flight' is the classic travel-industry business model. For too long, our politicians have practiced the political equivalent to voters. Big goals and grand pronouncements were set without telling people the journey might be long and hard. 'Inconvenient truths,' as in climate change, were traded for 'reassuring fibs' so everyone could have 'their nice things.' Applying this same mentality to this time of economic emergency would simply invite more failure. The PM may be moving at the speed of need now with his checklist of initiatives, but 'thinking and acting big' requires an overdue mind-shift by Canada's business leaders, investors and entrepreneurs. Carney needs to confront complacency with candour. He told voters what he planned to do; now he must tell businesses what they need to do. His 'hinge moment' hinges on it. David McLaughlin is a former clerk of the executive council and cabinet secretary in the Manitoba government.
Calgary Herald
18-06-2025
- Business
- Calgary Herald
Canada and Japan strike partnerships on energy, defence
Canada and Japan have carved out partnerships involving energy, defence equipment and the sharing of intelligence during bilateral discussions at the G7 summit. Article content Most of these issues were agreed upon in principle earlier this year, said Japanese Prime Minister Shigeru Ishiba at a news conference in Calgary on Tuesday evening. However, he confirmed the two countries will sign formal agreements soon. Article content Article content Article content Japan's decision to strengthen its relationship with Canada on energy comes as the East Asian country looks to reduce its reliance on Russia. Article content Article content An example is a project involving LNG Canada, which will export millions of tonnes of natural gas per year from Alberta to Japan via B.C. Mitsubishi will be a shareholder in this initiative. Article content Japanese officials say the country is also looking to sell the natural gas it buys from Canada to other neighbouring countries. Ishiba said it's an important project for Japan's energy security. Article content His comments follow Premier Danielle Smith's visit to Japan in April, whose purpose was to emphasize Alberta as a 'partner of choice' to meet its rising demand for energy and food. Article content According to the province, Japan is Alberta's third-largest export market, which supplies products amounting to almost $2.7 billion, of which energy comprises $1 billion. Coal, petroleum, copper and iron combined account for 41.8 per cent of Canadian exports to Japan, according to the Conference Board of Canada. Article content Article content The partnership will also help Alberta diversify its supply, which exports over 80 per cent of its energy products to U.S. Article content Article content Canada's relationship with its southern neighbour has been strained by threats of tariffs and annexation from U.S. President Donald Trump, who has imposed duties on imports from several countries, including its most trusted allies. Article content Another important area for collaboration is defence. Canada and Japan will soon share classified information as the global order is moulded by the rise of China and the deepening of its ties with Russia, which is embroiled in a three-year long invasion of Ukraine. Article content The partnership will also include the sharing of technologies and defence equipment; however, the specifics have yet to be confirmed. The decision comes as Asian countries, including Japan and South Korea, ramp up the production of military equipment to reduce their reliance on the U.S. Article content Japan has fattened its defence budget in the past few years, launching its most ambitious effort to prop up the country's military since the Second World War. Orders related to defence within the country rose by two to three times in 2023 from the year before, according to a think tank called the Stockholm International Peace Research Institute. Article content
Japan Today
15-06-2025
- Business
- Japan Today
Canada, UK agree to establish trade working group, expand defense collaboration
Canada's Prime Minister Mark Carney attends a bilateral meeting with Britain's Prime Minister Keir Starmer, before the start of the G7 summit, at Parliament Hill in Ottawa, Ontario Canada, June 15, 2025. REUTERS/Suzanne Plunkett/Pool By Promit Mukherjee Canada and the United Kingdom agreed on Sunday to set up a trade working group which will submit its recommendations to the prime ministers of the respective countries within the next six months, a joint statement by the two governments said. British Prime Minister Keir Starmer arrived in Canada for bilateral meetings with Prime Minister Mark Carney before the G7 leaders' summit in Alberta from Sunday to Tuesday. Carney has been reaching out to allies to strengthen and diversify the country's trade as its industries, especially steel, aluminum and automobiles, face U.S. tariffs. "We will establish a new structured UK-Canada Economic and Trade Working Group to deepen our existing trading relationship further," the joint statement by the two prime ministers said. The working group would seek to address market access barriers, expand arrangements into areas such as digital trade, and explore cooperation to develop critical minerals and artificial intelligence infrastructure, the statement said. While the UK is an important trading partner for Canada, it represents only a small share of Canada's exports. In 2024, the UK represented 3.6% of exports and 1.2% of imports for the country, according to the Conference Board of Canada. Exports to the UK are mainly dominated by gold and energy products. The joint statement also said that Canada would introduce legislation in the second half of the year to ratify the UK's accession to the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), a free trade group of 11 countries. The group comprises Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and Canada. The UK gained access to nine countries under the Indo-Pacific trade treaty last year and is still awaiting its ratification by Canada and Mexico. The two countries will also expand defense collaboration including support for Ukraine, the statement said. © Thomson Reuters 2025.
Hamilton Spectator
10-06-2025
- Business
- Hamilton Spectator
Elbows-up tourism surge could see sector ‘eke out' a gain even as Americans stay away
From the front desk of Hotel Bedford in Goderich, Ont., Lynda Cross welcomes guests from regions ranging from southern Ontario to the South Pacific. 'A lot of them come from Toronto,' said the manager, standing just inside the Romanesque arches of the 129-year-old establishment. 'Just lately, we've had a few groups come from Australia' — a first, she said. But one crop of tourists has been conspicuously absent this year: Americans. 'May and June have been slow.' A groundswell of economic patriotism has stoked curiosity in Canadian destinations, fuelling a domestic bookings surge as travellers turn away from cross-border trips. But a drop in American visitors north of the border and fears that many Canadians will simply stay home to save money has many wondering whether homegrown and overseas tourism can make up for the stateside decline. Canadian vacationers' boycotting the U.S. could net this country's tourism sector up to $8.8 billion in extra business this year as travellers explore spots closer to home, according to a report from the Conference Board of Canada. An April survey on travel intentions prompted the group to predict a windfall despite fewer border crossings this year by American tourists — Canada's largest source of inbound travellers by far. The number of Americans who visited Canada by car fell nearly 11 per cent in April compared with the same month last year, the third straight month of year-over-year decreases, according to Statistics Canada. While trip numbers for Canadians heading to the U.S. have fallen off far more steeply as part of a backlash against U.S. President Donald Trump's tariffs and '51st state' threats, Americans' more moderate pullback owes to factors ranging from pinched pocketbooks to fears of feeling unwelcome to angst over the border crossing on the drive home. The American retreat could hit communities that hug the border especially hard. 'Border towns that have tended to experience the shorter, more frequent back-and-forth visits — those are going to be communities that are going to be more heavily affected,' said Andrew Siegwart, who heads the Tourism Industry Association of Ontario. Duty-free stores have seen their revenue drop by 60 to 80 per cent in the last few months, according to an association representing 32 of the mostly mom-and-pop shops. Whether overseas travellers can make up for much of the lower American traffic across the country is questionable. Visitor volume from China, previously a key source of tourists, sat at 40 per cent of 2019 levels last year amid ongoing restrictions on group travel to Canada, according to Destination Canada. The federal government imposed new visa requirements on Mexican visitors last year, making it harder for tourists from that country to come. 'Travel from India has also been down for a number of reasons. So it's going to take some time,' said Siegwart. However, many America-averse Canadians are spending their travel budget in their own backyards. More than half of respondents to a survey released Monday by Ontario's travel regulator said they were more likely to make excursions closer to home, with the trend holding across all age groups. 'It could be a year where we manage to stay on par with last year, or maybe even eke out a little bit of a gain,' said Siegwart. But he acknowledged the hurdle of consumer anxiety over the economy. 'I'm cautiously optimistic,' he said, 'but it's too early to tell.' Summer bookings were either the same or higher than last year at two out of three businesses surveyed by the association in a poll released last month. John Steele, who owns seven hotels in Newfoundland and Labrador and one in Fredericton, said visitor levels look 'pretty good' at most of his properties but softer in Gander. New direct flights to St. John's from London and Paris have made it easier for international travellers to come from away. 'Air access seems to be improving for us. That's a big thing for us,' Steele said. At Okanagan Wine Country Tours in British Columbia, bookings from Europe and the United Kingdom have risen about 20 per cent year-over-year, said partner and manager Marsha Morrish. 'The traffic from Quebec is up substantially,' she added. Americans are more tepid — even those who do head north. 'They did email me to do a bit of a temperature check on how Canadians were feeling about Americans visiting,' Morrish said, referring to a Colorado couple coming up to sample Pinot Gris. While there's a chance American tourist numbers could surge, it's unlikely to happen this year, Siegwart suggested — including for corporate gatherings. 'Some convention centres, both in Ontario and across the country, have seen some drops in American conference bookings.' Much of it has to do with personal safety and security, as some workers worry about how they'll be treated at the border. 'Depending on your immigration status, depending on if you're a member of an LGBTQIA community, if your gender markers or identities on your passports are different than your gender expression — all sorts of things like that are really coming into play,' Siegwart said. 'My colleagues south of the border are a little more cautious in how they plan things because of the unpredictable way in which their administration is conducting business.' On the flip side, there's more interest from corporate event planners in Europe 'who still want to come to North America but see Canada as a safer bet.' Some Americans remain undeterred though. 'I've seen way more people from the States this year,' said Wendy Mooney, owner of Country Hideaway RV Campground, which sits barely a kilometre from the border in the B.C.'s West Kootenay region. 'Some people just fly by the seat of their pants.' This report by The Canadian Press was first published June 9, 2025.
Winnipeg Free Press
09-06-2025
- Business
- Winnipeg Free Press
Elbows-up tourism surge could see sector ‘eke out' a gain even as Americans stay away
From the front desk of Hotel Bedford in Goderich, Ont., Lynda Cross welcomes guests from regions ranging from southern Ontario to the South Pacific. 'A lot of them come from Toronto,' said the manager, standing just inside the Romanesque arches of the 129-year-old establishment. 'Just lately, we've had a few groups come from Australia' — a first, she said. But one crop of tourists has been conspicuously absent this year: Americans. 'May and June have been slow.' A groundswell of economic patriotism has stoked curiosity in Canadian destinations, fuelling a domestic bookings surge as travellers turn away from cross-border trips. But a drop in American visitors north of the border and fears that many Canadians will simply stay home to save money has many wondering whether homegrown and overseas tourism can make up for the stateside decline. Canadian vacationers' boycotting the U.S. could net this country's tourism sector up to $8.8 billion in extra business this year as travellers explore spots closer to home, according to a report from the Conference Board of Canada. An April survey on travel intentions prompted the group to predict a windfall despite fewer border crossings this year by American tourists — Canada's largest source of inbound travellers by far. The number of Americans who visited Canada by car fell nearly 11 per cent in April compared with the same month last year, the third straight month of year-over-year decreases, according to Statistics Canada. While trip numbers for Canadians heading to the U.S. have fallen off far more steeply as part of a backlash against U.S. President Donald Trump's tariffs and '51st state' threats, Americans' more moderate pullback owes to factors ranging from pinched pocketbooks to fears of feeling unwelcome to angst over the border crossing on the drive home. The American retreat could hit communities that hug the border especially hard. 'Border towns that have tended to experience the shorter, more frequent back-and-forth visits — those are going to be communities that are going to be more heavily affected,' said Andrew Siegwart, who heads the Tourism Industry Association of Ontario. Duty-free stores have seen their revenue drop by 60 to 80 per cent in the last few months, according to an association representing 32 of the mostly mom-and-pop shops. Whether overseas travellers can make up for much of the lower American traffic across the country is questionable. Visitor volume from China, previously a key source of tourists, sat at 40 per cent of 2019 levels last year amid ongoing restrictions on group travel to Canada, according to Destination Canada. The federal government imposed new visa requirements on Mexican visitors last year, making it harder for tourists from that country to come. 'Travel from India has also been down for a number of reasons. So it's going to take some time,' said Siegwart. However, many America-averse Canadians are spending their travel budget in their own backyards. More than half of respondents to a survey released Monday by Ontario's travel regulator said they were more likely to make excursions closer to home, with the trend holding across all age groups. 'It could be a year where we manage to stay on par with last year, or maybe even eke out a little bit of a gain,' said Siegwart. But he acknowledged the hurdle of consumer anxiety over the economy. 'I'm cautiously optimistic,' he said, 'but it's too early to tell.' Summer bookings were either the same or higher than last year at two out of three businesses surveyed by the association in a poll released last month. John Steele, who owns seven hotels in Newfoundland and Labrador and one in Fredericton, said visitor levels look 'pretty good' at most of his properties but softer in Gander. New direct flights to St. John's from London and Paris have made it easier for international travellers to come from away. 'Air access seems to be improving for us. That's a big thing for us,' Steele said. At Okanagan Wine Country Tours in British Columbia, bookings from Europe and the United Kingdom have risen about 20 per cent year-over-year, said partner and manager Marsha Morrish. 'The traffic from Quebec is up substantially,' she added. Americans are more tepid — even those who do head north. 'They did email me to do a bit of a temperature check on how Canadians were feeling about Americans visiting,' Morrish said, referring to a Colorado couple coming up to sample Pinot Gris. While there's a chance American tourist numbers could surge, it's unlikely to happen this year, Siegwart suggested — including for corporate gatherings. 'Some convention centres, both in Ontario and across the country, have seen some drops in American conference bookings.' Much of it has to do with personal safety and security, as some workers worry about how they'll be treated at the border. 'Depending on your immigration status, depending on if you're a member of an LGBTQIA community, if your gender markers or identities on your passports are different than your gender expression — all sorts of things like that are really coming into play,' Siegwart said. 'My colleagues south of the border are a little more cautious in how they plan things because of the unpredictable way in which their administration is conducting business.' Monday Mornings The latest local business news and a lookahead to the coming week. On the flip side, there's more interest from corporate event planners in Europe 'who still want to come to North America but see Canada as a safer bet.' Some Americans remain undeterred though. 'I've seen way more people from the States this year,' said Wendy Mooney, owner of Country Hideaway RV Campground, which sits barely a kilometre from the border in the B.C.'s West Kootenay region. 'Some people just fly by the seat of their pants.' This report by The Canadian Press was first published June 9, 2025.
