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Yahoo
12 hours ago
- Business
- Yahoo
Posthaste: Carney's 'build, baby, build' mega-bill no silver bullet to neutralize blow from tariffs, says economist
On Canada Day, Prime Minister Mark Carney called his 'One Canada' Bill C-5 a 'new national building permit that compels us to build, baby, build' just as uncertainty about its potential to help wean the country off its dependence on the United States continues to grow. The bill, which includes ending federal barriers to interprovincial trade and fast-tracking infrastructure projects of national interest, 'is not a silver bullet for remedying the blow to trade from U.S. tariffs,' Bradley Saunders, North America economist for Capital Economics Ltd., said in a new report. There are a couple of reasons Saunders doubts the transformative powers of the bill, which is now law. 'The size of the gains available from lowering interprovincial trade barriers is contentious,' Saunders said. Previous reports on ending interprovincial trade barriers have pegged their value at four to eight per cent per capita or as much as $200 billion annually in economic gains. 'We believe these figures are too high,' Saunders said, citing a survey by Statistics Canada that uncovered a sizable 'lack of interest or need' for interprovincial trade on the part of businesspeople, while the remainder said that distance and transportation costs posed the greatest barriers. Capital Economics' concerns about the value of interprovincial trade to the Canadian economy were fleshed out in a report earlier this spring by business school Hautes études commerciales de Montréal (HEC). HEC said the potential economic gains have been overstated because they overestimate the value of eliminating provincial exceptions in the Canada Free Trade Agreement (CFTA) and underestimate the effect of distance on provincial trade. Weak productivity also makes it harder for businesses to effectively compete across those distances. Robert Gagné, director of the Centre for Productivity and Prosperity at HEC and one of the authors of the report, said the portion of the One Canada bill on interprovincial trade mainly covers the duplication in areas related to standards and regulations. 'There's kind of a disconnect between what we hear from public officials saying, 'Okay, it will be the next best thing,'' and what the reality is. Gagné said. 'Does it mean that we should not look at this and try to clean that and make that more efficient? Of course not, but don't expect a boost on our economy.' Saunders at Capital Economics also said that interprovincial trade barriers had fallen by around 15 per cent over the two decades since the signing of two agreements in Canada but had failed to add to economic growth. On Monday, Minister of Transport and Internal Trade Chrystia Freeland announced in a press release that Ottawa had eliminated 'all' federal exceptions from the CFTA, which mostly covered procurement. Provincial exceptions continue to exist. So what about the big projects part of Bill C-5? Gagné is more optimistic about what that portion of the bill can do for Canada. Because business singled out transportation costs and distances as a barrier, he thinks Ottawa needs to get moving on building East-West corridors that include roads, railways and ships. 'Infrastructure is in bad shape. It's not very efficient. All the supply chain infrastructure East-West is not where it should be,' he said, adding that he likes such projects as the high-speed railway from Quebec City to Toronto announced by Justin Trudeau before he stepped down as prime minister. Gagné said a project like that could help 'shrink' the country in the same way data infrastructure has and also provide a critical link between two major regions of the country. Saunders agrees the real gains lie with the big projects, but his second reason to not expect too much from C-5 relates to the years it will take for gains to 'crystallize.' Even if the federal timeline approvals are reduced to two years from five, it will still take years to get projects built, Saunders argued, using the Trans Mountain pipeline expansion as an example. That project was first proposed in 2013 and came online in May 2025. He also argued that the number of projects needed to replace U.S. demand would be 'huge' and difficult to identify given that they must meet five criteria to be deemed of 'national interest.' In the short-term, he said there aren't any quick gains to be made from easing internal trade or Carney's One Canada call out. But that's no reason not to push ahead, Gagné said. 'The level of competition in this country is not high enough, so because we do have a lot of regional markets which are isolated one from each other, let's break this isolation and build strong, efficient infrastructure between markets, which will increase competition, force businesses to innovate, to invest, (and) be more productive for the benefit of everyone,' he said. to get Posthaste delivered straight to your U.S. dollar has suffered its worst first half of the year since 1973, as Donald Trump's trade and economic policies prompt global investors to rethink their exposure to the world's dominant currency. The dollar index, which measures the currency's strength against a basket of six others including the pound, euro, yen and Canadian dollar has slumped more than 10 per cent so far in 2025, the worst start to the year since the end of the gold-backed Bretton Woods system. — Financial Times Read more here. Today's Data: Canada S&P Global Manufacturing PMI, U.S. Challenger job cuts and ADP employment change Earnings: Constellation Brands Inc. Ottawa to curb steel imports with tariff rate quota on certain countries If Canada wants to be the world's energy partner, we need to act like it Is real estate really the best place to park your money? A hard look at the numbers For many Canadians, retirement is a date circled on a calendar rather than a concept. It is a moment in time when rush-hour commutes are replaced by long walks on the beach. The problem is not every senior wants to retire. An alternative approach could be envisioning a time when you work because you want to, not because you have to, but also have financial freedom to choose. Jason Heath walks us through financial planning for the reluctant retiree. Financial Post published a feature on the death of the summer job as student unemployment reaches crisis levels. We want to hear directly from Canadians aged 15-24 about their summer job search. Send us your story, in 50-100 words, and we'll publish the best submissions in an upcoming edition of FP. You can submit your story by email to fp_economy@ under the subject heading 'Summer job stories.' Please include your name, your age, the city and province where you reside, and a phone number to reach you. Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@ with your contact info and the gist of your problem and we'll find some experts to help you out while writing a Family Finance story about it (we'll keep your name out of it, of course). Want to learn more about mortgages? Mortgage strategist Robert McLister's Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won't want to miss. Plus check his mortgage rate page for Canada's lowest national mortgage rates, updated daily. Visit the Financial Post's YouTube channel for interviews with Canada's leading experts in business, economics, housing, the energy sector and more. Today's Posthaste was written by Gigi Suhanic with additional reporting from Financial Post staff, The Canadian Press and Bloomberg. Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@ Posthaste: Four things about being Canadian you probably didn't know Posthaste: Why more economists think the Bank of Canada is done cutting interest rates
Business Recorder
21 hours ago
- Business
- Business Recorder
‘Digital Nation Pakistan': AI curriculum across federal schools launched
ISLAMABAD: The Government of Pakistan has launched an AI curriculum across federal schools, begun training 10,000 AI instructors, and initiated fibre optic internet connectivity for 532 schools in Islamabad — all as part of Prime Minister Shehbaz Sharif's 'Digital Nation Pakistan' vision. Federal Minister for IT and Telecom Shaza Fatima Khawaja announced that AI and emerging technology education will now be made accessible to every child, starting this academic year. Over 1,000 teachers have already been trained, with summer sessions planned to expand and deepen their capacity. 'From computer literacy to artificial intelligence, educating our youth in cutting-edge technologies is no longer optional — it's essential,' said the minister. 'Our focus has shifted from just training numbers to actual employability and impact.' She highlighted that a high-level committee, formed under the prime minister's directive, is reviewing national IT curricula with an emphasis on employability of school and college graduates. The revised curriculum, being jointly developed by the Ministry of Education, HEC, and National Curriculum Council, targets students from Grade 6 to 12. Further key developments include: Smart labs, classrooms, and digital screens have already been installed in over 100 federal schools and colleges. A hybrid/EdTech model is being rolled out to ensure modern education reaches remote areas. The National AI Policy is actively working to prepare 10,000 AI trainers for nationwide deployment. Google and Microsoft certifications will be offered to students to improve their international job prospects. In a major international collaboration, Pakistan signed a deal with Huawei during the PM's recent visit to China, aiming to train 300,000 students in AI and digital skills. Over 200 students have already completed their training under this agreement, with the rest expected by year-end. Minister Khawaja concluded that the real goal now is to create a digitally skilled, employable workforce, not just run training programmes. 'We are investing in people, in skills, and in future livelihoods. Every child deserves this opportunity,' she said. Copyright Business Recorder, 2025
Time of India
a day ago
- Business
- Time of India
Parl panel discusses HEC revival with workers groups
1 2 Ranchi: Even as representatives of employees and officers on Tuesday discussed ways to revive Heavy Engineering Corporation (HEC) in a meeting in Delhi, a large number of casual workers staged a demonstration in front of the corporation in Ranchi to protest the withdrawal of their service facilities. Source said that the department related standing committee on industries had called the meeting with HEC representatives to know their views on whether the corporation should be revived or not and also about their demands. The committee also wanted an assurance from officers and the employees that in case of revival they should make dedicated effort to manufacture quality products. The representatives expressed views in favour of revival saying that they are ready to give 100 per cent in the process, adding that they would postpone their minor service related demands. While protesting in front of HEC dozens of casual workers alleged that the new contractor is not ready to provide the facilities available to them in the company earlier. Lal Vikas Nath Shadeo who led the protest said, "The new contractor would give only daily wages with no Sundays, gazette holidays and others facilities like dearness allowance and provident fund." The casual workers plan to stage a protest on Wednesday as well. Get the latest lifestyle updates on Times of India, along with Doctor's Day 2025 , messages and quotes!
The Hindu
4 days ago
- General
- The Hindu
Transboundary elephant raids: Farmers in Bhutan leave croplands fallow
GUWAHATI: Farmers in Bhutan and India tend to leave their croplands fallow, fearing raids by elephants driven out of their natural habitats owing to anthropogenic or human-caused activities. Data on farmers on the Indian side of the boundary between the two countries abandoning their fields is not available. A report in Trumpet, a quarterly journal of the Wildlife Institute of India, said 30% of their counterparts in Bhutan leave their land fallow, fearing crop damage. The report cites a 2024 study revealing the scale of the challenge in Bhutan's Sarpang Forest Division, where more than 40% of the households reported experiencing human-elephant conflicts (HEC). 'Alarmingly, 30% of farmers leave their land fallow, fearing crop damage. Elephants primarily raid maize and paddy, which are the most widely cultivated crops, but cash crops like areca nut, oranges, ginger, and cardamom have also been targeted. The cultivated area for maize and paddy was large as compared to other crops, resulting in the maximum incidence of crop raiding by elephants,' the report said. The authors of the report are Ugyen Tshering, an officer at Bhutan's Jomotsangkha Wildlife Sanctuary; Sonali Ghosh, the Director of Kaziranga National Park and Tiger Reserve; and Rupali Thakur and Anukul Nath of the Assam Forest Department. According to its national elephant survey in 2016, Bhutan has an estimated 678 elephants primarily inhabiting the southern foothills bordering Assam and West Bengal. While these animals are integral to the region's biodiversity, their presence increasingly comes at a cost to local communities, with HEC causing economic strain and social stress, particularly for farmers in southern Bhutan. Joint Assam-Meghalaya hydropower project opposed 'Farmers in Sarpang have observed a steady rise in elephant incursions, a trend likely driven by forest degradation and fragmentation, which push elephants into human-dominated areas. Yet, a significant number of conflict incidents remain unreported,' the report says. One of the factors behind under-reporting is said to be religious beliefs rooted in Bhutanese culture, which encourage compassion toward wildlife. 'Local communities in Sarpang have predominantly relied on traditional mitigation measures, including keeping night vigils, making fire, and beating drums. However, many farmers view electric fencing as the most effective solution,' the report says, pointing out that only 0.65% of the affected farmers in Sarpang could afford electric fences. Compared to their counterparts in Bhutan, more farmers in India – specifically Assam's Bodoland Territorial Region (BTR) – are opting for electric or solar-powered fences and bio-fences, which involve growing 'elephant-repellent' cash crops such as lemon and chilli around rice and vegetable fields. The study attributes this to support from local governments and NGOs. Regional soft diplomacy HEC results in about 300 human and 200 elephant deaths in India every year, apart from damage to about 15,000 houses and 8-10 million hectares of crops. One of the major critical stretches is along the BTR-Bhutan border, more than 250 km long. During the late 1980s, present-day BTR experienced a severe socio-political crisis arising out of the Bodoland statehood movement, devastating the infrastructure of the region and causing large-scale destruction of the wildlife and its habitat, specifically the Chirang-Ripu Elephant Reserve and the adjoining Manas Tiger Reserve. Asiatic wild dog returns to Assam's Kaziranga landscape The extent of the damage was evident from the eastern part of this landscape in 2009, when 14 people and 10 elephants died in conflicts. The study calls for promoting 'regional soft diplomacy by promoting multi-stakeholder groups such as the Trans-boundary Manas Conservation Area, a Bhutan-India collaborative initiative established in 2011 to address protected areas and biological corridors along the border between the two countries. The study advocates exploring and implementing a variety of community and household-based protection measures, including cooperative crop guarding and fencing. 'Creating awareness and educating communities on the importance of elephant conservation should be initiated by officials from protected areas and other environmental and educational agencies,' it says. It also underlines capacity building and law enforcement. 'The officials and local teams on both sides of the border can be jointly trained to enforce the law and also maintain relevant databases. Illegal activities that result in elephant mortality can be prevented by such joint enforcement,' the study says.
Business Recorder
20-06-2025
- Business
- Business Recorder
Ministry aims to boost IT exports to $15bn by 2029: Shaza
ISLAMABAD: Minister for Information Technology and Telecommunication Shaza Fatima Khawaja said her ministry was determined to achieve the target of elevating the country's IT exports to $15 billion by 2029. She underlined that a future-ready human resource is the key component for achievement of this target. Khawaja reiterated the government's commitment to facilitating the academia, industry and all relevant stakeholders in removing the hurdles blocking the employability of computing graduates. The minister was addressing a national conference titled, 'Zero-Day Employability of Computing Graduates' organised by Higher Education Commission (HEC), Pakistan in collaboration with MoIT&T and Pakistan Software Export Board (PSEB) on Thursday. Chairman HEC Dr Mukhtar Ahmed, Secretary MoIT&T Zarraz Hasham Khan, vice chancellors of a large number of universities, faculty members, and IT industry representatives attended the conference. Khawaja emphasised the need for economic impact in the country through digital transformation by unlocking the country's IT potential. She highlighted that Pakistan is blessed with talented youth and there is a need to hone this asset. She noted it is the high time for introspection, identification of challenges, and exploitation of strengths to set a right direction. She said the government is cognisant of the challenges; however, it is pivotal to be on the path of addressing the challenges. She asserted that, 'conferences are literally determining the future of Pakistan.' She urged the universities to prepare the youth for the future technological advancements and produce graduates who make the IT sector viable. She underlined the significance of rewarding and penalizing the universities for the performance in order to materialise the vision of IT sector's growth. There is, she noted, a tsunami of change wherein everything has been automated. She made a collective call to action to come out of the existing structures and propose innovative interventions. Chairman HEC Dr Ahmed highlighted HEC's measures to bridge the gap of liabilities in the IT sector. He said that academia-industry linkages are a vital means to cope up with the industry's hampered growth, as it is high time to upgrade the systems. He informed the audience that HEC has developed a new Computing Education curriculum and has shared it with the universities for adoption. He said that the curriculum is based 80 percent on hands-on skills. He hoped that it will open up a window for employability of graduates. The chairman highlighted that Pakistani youth have been achieving huge success in the Huawei Imagine Cup competitions. He said the country's youth has a great potential in all the areas including technology. He added that the Pakistani university graduates and the HEC scholarship recipients are playing their appreciable role in taking up Pakistan in the technological sphere. Secretary MoIT&T Zarrar Hashim Khan shared a detailed presentation on the National IT Roadmap drafted in consultation and deliberations with stakeholders. He pointed out the key challenges in the IT industry triggering low exports such as systemic and structural issues, educational and skill development issues, and workplace and industry dynamics. 'If we do not address them structurally, we will lag behind,' he emphasised. He also presented recommendations to put in action for sectoral growth, including having a standardized testing mechanism, skill-based certification courses integrated with curricula, and work with industry by final year students. He stressed the need for academic and workforce readiness and strong collaboration between the IT industry and academics to address employability gap. He underlined that the industry's productivity and a remarkable increase in consistent exports are among the top objectives to be followed. Copyright Business Recorder, 2025
