Canadian Government Launches $18 Billion Sovereign Wealth Fund Prime Minister Mark Carney announced Monday the creation of a government-owned investment fund aimed at supporting major Canadian industrial projects. The fund, set to begin operations with an initial allocation of 25 billion Canadian dollars ($18 billion), will focus on sectors such as energy, infrastructure, mining, agriculture, and technology. Carney emphasized that the federal government will collaborate with private investors to fund initiatives aligned with Canada’s strategy to reduce economic reliance on the United States. The announcement comes amid heightened tensions with U.S. President Donald Trump, who has repeatedly criticized Canada’s economic policies and sovereignty, including threats of tariffs and claims that Canada could be “the 51st state.” Carney, a former central banker in both the United Kingdom and Canada, highlighted the importance of sovereign wealth funds as tools for long-term economic stability. He referenced examples from other countries that established such funds decades ago, starting with domestic investments before expanding their scope. Sovereign wealth funds typically invest in assets like stocks, bonds, and real estate, often funded by a nation’s budgetary surplus. Canada, however, currently lacks such a surplus, making the new fund’s structure unique. The initiative coincides with the Carney government’s upcoming spring economic update, which is expected to outline further policy directions. Globally, over 90 sovereign wealth funds manage more than $8 trillion in assets, according to the International Forum of Sovereign Wealth Funds, a London-based organization representing approximately 50 entities.#mark_carney #sovereign_wealth_fund #canadian_government #international_forum_of_sovereign_wealth_funds #center_for_global_development
Canada Launches First Sovereign Wealth Fund to Fund Nation-Building Projects Prime Minister Mark Carney announced the creation of Canada’s first sovereign wealth fund, the Canada Strong Fund, during a Monday press conference in Ottawa. The initiative, described as a groundbreaking step for the country, aims to finance major development projects in energy, infrastructure, mining, agriculture, and technology. The fund will initially receive a contribution of C$25 billion ($18.4 billion; £13.5 billion), with plans to expand its scope over time. Carney emphasized that the fund will collaborate with the private sector to support “nation-building projects,” including upgrades to ports and advancements in natural resource development. The announcement comes amid growing concerns about U.S. tariff threats, which the Carney government claims will be mitigated through this economic stimulus. Carney highlighted that Canada, like Norway, possesses significant natural resources but has historically lacked a sovereign wealth fund. “Many countries that are blessed with natural resources like Norway have sovereign wealth funds. Canada hasn’t had one, until now,” he stated. The fund’s structure allows Canadians with “a bit of extra money” to invest directly, though experts have raised concerns about its potential for limited returns. The Montreal Economic Institute issued a warning, stating that the fund “risks costing taxpayers dearly while generating limited returns.” The institute’s critique underscores skepticism about the fund’s ability to deliver substantial financial gains, particularly given Canada’s current debt levels.#united_states #canada #mark_carney #montreal_economic_institute #sovereign_wealth_fund
U.S. Commerce Secretary Howard Lutnick takes a swipe at Canada's trade strategy ahead of review U.S. Commerce Secretary Howard Lutnick criticized Canada’s trade strategy and the current version of the U.S.-Mexico-Canada Agreement (CUSMA) during remarks at a conference hosted by Semafor, signaling growing U.S. frustration with the trade pact ahead of upcoming renegotiations. Lutnick, speaking on behalf of President Donald Trump, described CUSMA as a “bad deal” that could potentially lapse before the July 1 deadline for its review. He emphasized the need to “reimagine” and “readdress” the agreement, citing its shortcomings despite some positive aspects. Lutnick’s comments were part of broader remarks about Canada’s economic policies, where he mocked Prime Minister Mark Carney’s recent trade visit to China. “They suck,” he said, referring to Canada’s trade strategy, while highlighting the U.S.’s $30-trillion economy as a counterpoint to Canada’s perceived reliance on American markets. He questioned the logic of Carney’s efforts to secure Chinese investments, noting that China’s export-driven economy would not prioritize Canadian goods. “Does he think the Chinese economy is going to buy his stuff?” Lutnick asked, criticizing Canada’s focus on Chinese electric vehicles as “nuts.” A U.S. Commerce Department spokesperson later clarified that Lutnick’s remarks about Canada “sucking” referred to the trade imbalance between the two nations, not the negotiation strategy. The spokesperson stated that Lutnick was addressing the “unfair trade imbalance” and the impact of Canada’s economic dependence on the U.S. The criticism comes amid ongoing trade talks between the U.S. and Canada, with the review of CUSMA scheduled for July 1. U.S.#canada #mark_carney #us_commerce_secretary_howard_lutnick #semaphor #us_mexico_canada_agreement
Carney’s alliance seeks to revive global trade amid U.S. disruptions A coalition of middle powers, led by Canada’s Mark Carney, is pushing to stabilize the World Trade Organization (WTO) amid growing tensions over U.S. trade policies. The group, comprising nearly 40 nations from the European Union and the Indo-Pacific CPTPP trade bloc, is set to convene in Cameroon to address the organization’s declining effectiveness. The meeting, part of the WTO’s 14th Ministerial Conference (MC14), comes as the U.S. continues to challenge the WTO’s rules and undermine its dispute resolution mechanisms. The WTO, which relies on consensus for decision-making, faces significant hurdles. A major point of contention is the future of e-commerce and digital trade, including software, cloud services, and streaming platforms. The 166-member organization has been divided over whether to permanently exempt these sectors from tariffs, a debate that was postponed from the 2024 Dubai ministerial meeting to this year’s Cameroon gathering. The EU and CPTPP nations, representing nearly a third of the global economy, are preparing a joint statement to address these issues, aiming to either reform the WTO or establish a new framework if consensus proves unattainable. U.S. President Donald Trump’s policies have exacerbated the WTO’s challenges. His administration’s tariffs on Chinese goods and refusal to support the Appellate Body—WTO’s dispute court—have weakened the organization’s ability to enforce trade rules. Meanwhile, the EU and CPTPP blocs are seeking to create parallel mechanisms to advance trade reforms. A voluntary trade arbitration group, the MPIA, has already been formed by most CPTPP members and the EU, excluding the U.S., to address disputes outside the WTO.#european_union #mark_carney #cameroon #world_trade_organization #cptpp
Mark Carney criticizes Air Canada for its English-only condolence message after LaGuardia crash Prime Minister Mark Carney condemned Air Canada’s decision to issue a condolence message in English only following the fatal collision at LaGuardia Airport, calling it a “lack of compassion.” The incident, which killed two of the airline’s pilots, including 30-year-old Antoine Forest, a French-speaking resident of Quebec, has sparked widespread criticism over the company’s failure to acknowledge Canada’s bilingual identity. Carney emphasized that as a bilingual country, Air Canada, as a major Canadian corporation, has a duty to communicate in both English and French. The CEO, Michael Rousseau, faced backlash for releasing the message in English only, despite the fact that one of the deceased pilots was from French-speaking Quebec. Rousseau, who has been criticized in the past for his limited French proficiency, was summoned to Ottawa to explain his decision. The parliamentary Committee on Official Languages also demanded he address the issue, stating the message violated the Official Languages Act and public expectations. The crash occurred on Sunday night when an Air Canada plane collided with a fire truck at LaGuardia Airport shortly after landing from Montreal. Dozens of passengers were injured, with six still hospitalized. Rousseau’s message, which was released in English, drew sharp criticism from political figures, including Quebec Premier François Legault, who called for Rousseau’s resignation if he could not meet French language requirements. Rousseau, an anglophone living in Montreal, has faced scrutiny since his 2021 appointment as CEO. His past comments about not learning French despite living in Quebec for over a decade drew criticism.#mark_carney #la_guardia_airport #air_canada #michael_rousseau #francois_legault
Senior Khamenei aide says Iran won’t negotiate with US Mohammad Mokhbar, a senior adviser to the late Iranian supreme leader Khamenei, stated that Iran does not trust the United States and has no intention of engaging in negotiations with Washington. He emphasized that Iran could sustain a prolonged conflict, drawing parallels to the eight-year war with Iraq. Iranian foreign minister Abbas Araghchi, who led the country’s nuclear talks with US officials before recent hostilities, accused Trump of “betraying diplomacy” by launching attacks during negotiations. In a post on X, he criticized the approach of treating complex nuclear discussions like a real estate transaction, warning that such tactics would lead to unrealistic expectations and the destruction of diplomatic efforts. The Israeli military claimed an F-35 fighter jet shot down a manned Iranian warplane in Tehran, identifying the target as a YAK-130 fighter jet. Iran did not immediately respond to the claim. Meanwhile, Spain’s prime minister, Pedro Sánchez, reiterated the country’s stance against war, stating that Madrid would not support actions harmful to global interests. Canadian Prime Minister Mark Carney expressed concerns that US-Israeli strikes on Iran “appear inconsistent with international law,” despite initial support for the actions. He criticized the lack of consultation and warned of the broader implications for the international order. The conflict has intensified, with Israel launching strikes on Iranian targets in Tehran and Lebanon, while Iran retaliated with missile attacks. A funeral ceremony for Ayatollah Ali Khamenei, killed in the US-Israeli strikes, is set to begin in Tehran.#abbas_araghchi #israel_katz #mohammad_mokhbar #pedro_sanchez #mark_carney
