Latest news with #budget2025
CTV News
07-07-2025
- Business
- CTV News
Carney cabinet called to find day-to-day operational savings by end of summer
Prime Minister Mark Carney speaks during Canada Day celebrations at LeBreton Flats in Ottawa, on Tuesday, July 1, 2025. THE CANADIAN PRESS/Spencer Colby Finance Minister François-Philippe Champagne, along with Treasury Board President Shafqat Ali, issued letters to Prime Minister Mark Carney's cabinet on Monday, asking them to present plans by the end of summer to find day-to-day operational savings, according to a spokesperson from Champagne's office. The move comes as the federal government prepares a 2025 budget set to be tabled this fall. CTV News has learned ministers must find 7.5 per cent savings for the 2026-27 fiscal year that begins on April 1, 2026, followed by 10 per cent in 2027-28 and 15 per cent in 2028-29. A spokesperson for Champagne tells CTV News the goal is to find 'long-term savings.' In recent weeks, the Carney government has faced criticism over how it will reach its fiscal targets despite new spending promises, including a middle-class tax cut and a $9.3 billion boost to meet NATO's defence spending target of two per cent of GDP by this fiscal year. Carney also pledged last month to hit NATO's new five per cent of GDP target by 2035, which the prime minister told CNN International could cost $150 billion annually. A new report from the C.D. Howe Institute released last week said it projects Canada's deficit could top $92 billion this fiscal year alone, in part due to new defence spending commitments. 'The new 5 per cent defence commitment, even if its fiscal impact will be felt mostly in the later years, further highlights the need for difficult tax and spending trade-offs,' the report writes. 'Given the scale of the new defence commitment, on top of the fiscal challenges created by the old one, it is all the more important for the government to ensure proper accountability.' During the federal election, Carney promised to divide the federal budget into two new categories – operating costs and capital investments. He also committed to balancing the operating budget by 2028. According to its platform, the Liberal Party promised to 'bring revenues in line with total operating spending and eliminate this gap – currently estimated at about $15B a year – by Budget 2028.' Meanwhile, in a post to X on Monday, Carney reiterated his pledge to 'spend less so we can invest more.' 'Canada's new government will spend less on government operations so we can invest more in Canada — to create high-paying careers, build up our country, and grow our economy,' Carney wrote. Speaking to reporters in Trenton, Ont. on Monday, Defence Minister David McGuinty acknowledged he had received a letter on the directive to find operational savings. 'I haven't had a chance to talk to my colleague, but I have been part of no discussions with respect to, for example, significant social services cuts at the federal level in order to achieve our defence priorities,' McGuinty said. Champagne is expected to table a federal budget later this fall after the House of Commons returns in September. The federal government faced criticism in May after Champagne initially said the Liberals were not planning on tabling a budget this year – a decision that was quickly reversed by Carney just days later. Last December's Fall Economic Statement was the last update Canadians received on the state of the federal government's finances – which showed the federal government under former prime minister Justin Trudeau hit a $61.9 billion deficit in 2023-24, blowing through its own fiscal guardrail. The statement also projected a $48.3 billion deficit in 2024-25 and a $42.2 billion deficit in 2025-26.
Zawya
04-07-2025
- Politics
- Zawya
Nigeria: No Reps member embezzled FG's $653,774 constituency project — Rep Ogene
The member representing Ogbaru Federal Constituency of Anambra State, Hon. Victor Afam Ogene, has debunked a rumour making the rounds amongst his constituents and on some social media platforms that he and his colleagues in the Green Chamber of the National Assembly embezzled a whopping N1 billion allegedly given to each of them by the Federal Government to execute projects in their respective constituencies. The federal lawmaker, who made the denial during his 2nd-anniversary town hall meeting and scorecard presentation held in Atani yesterday, described the allegation as a falsehood deliberately being spread by wicked blackmailers in order to destroy the reputation of others before the people. Ogene said the truth is that the N1 billion was appropriated in the current 2025 federal budget as constituency projects for every House of Representatives member, but that the Federal Government has not even started the implementation of the budget. He told his people that, besides the N1 billion, he personally, through lobbying, got an additional N1.3 billion appropriated in the same 2025 federal budget for the implementation of sundry projects in the constituency. In attendance at the town hall meeting were traditional rulers and presidents-general of all the communities in the federal constituency, women and youth leaders, market leaders, landlords' associations, clergymen, and leaders of various political parties, including the All Progressives Grand Alliance (APGA), Peoples Democratic Party (PDP), and All Progressives Congress (APC), among others. The Chairman, House of Representatives Committee on Renewable Energy and Labour Party (LP) caucus leader in the lower chamber, stated that the Federal Government has not even finished paying contractors for 2024 constituency projects up till now. He told his people that if the Federal Government implements the N1 billion appropriated in the 2025 budget, along with the N1.3 billion he personally attracted into the budget through lobbying for sundry projects, between this year and next year, he would have surpassed his campaign promises. Hon. Ogene advised his constituents to always cross-check any allegations made against him and his co-legislators concerning every money appropriated for constituency projects from the Federal Government's official social media portals before believing such claims. He vowed that his service to the people would continuously be guided by objectivity, sensibility, and utmost responsibility. 'As I earlier pledged, I will continue to lead from the front, prioritising the interest, peace, development, and progress of Ogbaru in every decision and step I make as your representative,' Ogene assured. Hon. Ogene enumerated the various constituency projects earmarked in the 2025 appropriation for implementation in the constituency to include massive electricity projects, solar streetlights, water schemes in Ogbaru communities, provision of security vehicles for vigilante groups, provision of science equipment in schools, construction and equipping of exam halls, training and empowerment of women and youths, and construction of a cottage hospital, among others. He, however, stated in his scorecard within the period under review that he has sponsored 19 bills and 12 motions. Hon. Ogene added that, within the past six months, he had also facilitated the installation of streetlights in 27 different communities and locations in the constituency. Over 250 constituents, including women and youths, have also benefited from training and empowerment programmes in different fields including solar technology, ICT, fishery, and clean cooking. Each of the beneficiaries also received financial grants and relevant empowerment materials from the lawmaker, he further stated. Several speakers eulogised his efforts and urged him to do more for the constituency. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
30-06-2025
- Business
- Zawya
Egypt: AMOC approves FY2025/26 planning budget with $20mln in net profits
Arab Finance: Alexandria Mineral Oils Company's (AMOC) board of directors has approved the estimated planning budget for the fiscal year (FY) 2025/2026, as per a disclosure. Under the new budget, the company targets to achieve net profits after tax of EGP 1.094 billion in FY 2025/2026. It also set its net sales at EGP 37.332 billion for the July 2025-June 2026 period. AMOC is an Egypt-based company that operates in the petroleum industry. The company specializes in the production of essential mineral oils, paraffin wax and its derivatives, naphtha, and butane, as well as distributes and markets them in Egypt and abroad. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Yahoo
25-06-2025
- Business
- Yahoo
US Customs and Border Protection Industry Research Report 2025: AI Advances, Automation, and Fleet Modernization to Tackle Drug Epidemic, Enhance Border Security, and Manage Rising Trade Volumes
A study examines the US Customs and Border Protection's FY 2025 budget, strategic goals, and FY 2024 contract awards. Key findings include industry drivers, budget trends, competitive landscape, and insights for SMEs. Increased eCommerce and geopolitical unrest drive demand for advanced AI and ML technologies. Dublin, June 25, 2025 (GLOBE NEWSWIRE) -- The "US Customs and Border Protection Industry Growth Opportunities" report has been added to offering. The study examines the U.S. Customs and Border Protection's annual funding and strategic objectives, focusing on budgetary trends from FY 2023 to FY 2025. It identifies the leading programs planned for FY 2025 and explores broader industry trends, technological advancements, and the key barriers and opportunities influencing future industry study outlines the industry outlook for the US Customs and Border Protection. It examines the federal agency's FY 2025 annual budget, its strategic objectives, and new prime contracts awarded in FY 2024 to: Identify industry drivers, restraints, and emerging growth opportunities Detail the budgetary funding trends between FY 2023 and FY 2025 and highlight the major programs for FY 2025 Examine the FY 2024 contracting activities, including multi-year obligations, and identify leading contracting departments within the Customs and Border Protection agency Explore the industry outlook for small and medium-sized enterprises Analyze the industry's competitive landscape and highlight leading contractors and contracting activities The growing digitalization, globalization, eCommerce, and global socio-political unrest will contribute to the mass flow of people and cargo in the United States, positioning the Customs and Border Protection agency for funding growth to address operational demands. Migration and security policy shifts and changes in federal administration may further accelerate the procurement of advanced systems during the study period. The Customs and Border Protection agency aims to rapidly integrate cutting-edge technologies, such as data analytics, artificial intelligence (AI), and machine learning (ML), to improve operational efficiency. Interoperability will take center stage as information-sharing among federal agencies takes precedence. Cost-effective, scalable, and flexible intelligence, surveillance, and secure communication solutions will be sought to address evolving security challenges. It analyzes relevant spending activities of FY 2024 to: Discuss the US Customs and Border Protection's spending trends and highlight the leading contracting departments. Explore the industry outlook for small businesses, as designated by the agency, and detail their contract share within contracting departments. Examine the competitive landscape and discuss the contracting activities of top industry participants. The Impact of the Top 3 Strategic Imperatives on the US Customs and Border Protection Industry Geopolitical Chaos WhyThe United States receives a high volume of migrants annually, a trend expected to increase amidst escalating regional and global political and economic instabilities. The anticipated surge will place significant pressure on existing infrastructures and facilities, challenging operational Publisher's PerspectiveOngoing and planned investments in intelligence and surveillance technologies will focus on maximizing interoperability to streamline information activities will encompass secure communication networks and biometric identification tools to enhance real-time situational Technologies WhyThe US Customs and Border Protection is investing in cutting-edge technologies, such as artificial intelligence (AI) and machine learning (ML), to improve data collection, processing and analysis, threat identification and reduction, and domain Publisher's PerspectiveThe adoption of AI and ML-based tools will optimize resource allocation, enhance border security, and support faster, more secure processing of travelers and forward, data analytics and predictive risk assessment models will take center stage in the agency's Convergence WhyTo address the operational challenges created by the rising volume of passengers and cargo, the agency is prioritizing strategic public-private partnerships through the Reimbursable Services Program and the Donations Acceptance Publisher's PerspectiveCollaborative public-private programs will focus on infrastructure improvements, developing and integrating non-intrusive inspection technologies, mobile biometric and inspection solutions, and adopting best practices in supply chain resilience and DriversThe Customs and Border Protection agency oversees the screening of passengers and cargo at more than 300 ports of entry across the United States. With the rise of eCommerce, globalization, and digitalization, the volume of passengers and cargo is expected to grow substantially, making it imperative for the agency to improve data management and analytical tools to reduce passenger waiting time and cargo rise of fentanyl and other synthetic drugs, such as methamphetamine and heroin, is exacerbating the drug epidemic across the United States. In response, the Customs and Border Protection Agency plans to increasingly automate intelligence collection and reporting, develop AI- and ML-based deep learning algorithms, and procure large-scale imaging systems and handheld/portable mass activities to enhance border security and threat assessment will encompass deploying unmanned aerial vehicles (UAVs), incorporating multi-role aircraft featuring multi-sensor systems, and modernizing existing air and maritime fleets with advanced sensors, operating systems, and communication RestraintsStrict regulatory standards, encompassing federal guidelines and rigorous cybersecurity requirements, impose significant barriers for new entrants in the industry. The demand for advanced technologies, such as AI, ML, facial and biometric identification, and non-intrusive inspection solutions, necessitates considerable investment in RDT&E. While high capital commitment is essential to remaining competitive, it also poses a deterrent for potential planned integration of advanced technologies and frequent upgrades to new tools require specific technical expertise and regular and intensive workforce training to optimize system performance. These requirements can be cost-intensive and create potential skill gaps among agents, impacting operational leadership and administration changes could prompt policy shifts on immigration, border security, and trade, affecting the agency's objectives and priorities. Furthermore, budgetary constraints could hinder technology integration and infrastructure maintenance, impacting operational efficiency and Topics Covered: Strategic Imperatives Why is it Increasingly Difficult to Grow? The Strategic Imperative The Impact of the Top 3 Strategic Imperatives on the US Customs and Border Protection Industry Growth Opportunity Analysis Scope of Analysis Growth Metrics Growth Drivers Growth Restraints US Customs and Border Protection Budget Analysis US Customs and Border Protection Budget Breakdown FY 2025 Major Programs FY 2024 Spending Analysis: Overview FY 2024 Spending Analysis: Contracting Offices Competitive Landscape Representative Contracts Growth Opportunity Universe Growth Opportunity 1: Cloud Computing and Services Growth Opportunity 2: Supply Chain Resilience Growth Opportunity 3: Training and Simulation Appendix and Next Steps Benefits and Impacts of Growth Opportunities Next Steps For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Sign in to access your portfolio
Bloomberg
24-06-2025
- Business
- Bloomberg
German Cabinet Backs Draft 2025 Budget, Mid-Term Finance Plan
German Chancellor Friedrich Merz's cabinet approved the government's 2025 budget and medium-term finance plan, including a big increase in net new borrowing to help finance the country's military buildup. This year's budget includes net new debt of €82 billion ($95 billion), which will rise progressively to just over €126 billion in 2029, according to a document distributed Monday by the government in Berlin. Over the five years through 2029, net new borrowing will total about €500 billion.
