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Bank of Canada governor Tiff Macklem said he would not comment directly on measures in the federal budget during a scheduled appearance before the House of Commons finance committee on Wednesday. But he told members of Parliament he believes the budget got the diagnosis right on what ails the Canadian economy: flagging productivity and low investment levels.Macklem said that to boost growth and make up for the hit from U.S. tariffs, Canada needs to create conditions that encourage private investment.That’s a job best suited to targeted fiscal policy, he said, rather than the sweeping effects of monetary policy and changes in the Bank of Canada’s benchmark interest rate.“I think what’s going to be important in moving forward is the quality of those investments, the quality of that spending,...

The federal budget has signalled a shift in tone on the oil and gas sector, but experts say there’s still a lot of unknowns in how that will actually play out. “The nexus between energy security, economic security, and national security is clearer than ever before,” Finance Minister François-Philippe Champagne said in the opening paragraph of a budget that commits to furthering the country’s standing as an energy superpower.The budget included talk of potentially setting aside an emissions cap on oil and gas. It also includes measures like allowing the Canada Infrastructure Bank to support projects in the sector rather than limiting it to sustainability-linked projects.The various moves show a government that’s more willing to acknowledge the strategic role of the oil and gas industry that...

The federal budget unveiled by the government this week includes measures to strengthen border security and modernize screening of cross-border travellers, but details on the latter so far are slim. The new spending proposals will complement the $1.3-billion border security plan announced last December, of which $81 million has been allocated for spending by the end of the current fiscal year, the government says.The budget proposes $14.8 million over the next four years to Transport Canada “to develop and implement a new preclearance access regime, ensuring a more secure transportation system for all Canadians.”The document says the funding will also go toward “digital solutions to maximize efficiency in security screening activities,” particularly for transportation facility employees.Th...

Zohran Mamdani was elected mayor of New York City on Tuesday night, solidifying an ascent from relative political obscurity to one of the U.S.’s most notable left-wing leaders, buoyed by a promise to make the city affordable for those who call it home. In a record-breaking push to victory, the 34-year-old New York State Assembly member defeated former New York Gov. Andrew Cuomo, whose campaign was bankrolled in the millions by corporations including DoorDash and The Durst Organization as well as tech companies, real estate developers and former mayor Michael Bloomberg — who donated $3.5 million on Oct. 29, campaign finance records show — and Republican candidate Curtis Sliaw. 1:50 ...

Prime Minister Mark Carney said it was “exceptionally valuable” for former Conservative MP Chris d’Entremont to cross the aisle and join the Liberal Party as the federal government tabled its budget. Nova Scotia MP Chris d’Entremont resigned from the Conservative caucus to join the Liberals Tuesday, and became the first member of Parliament to cross the floor since the April election.“I would especially like to thank Chris d’Entremont, the member of Parliament for Acadie-Annapolis — I’m honored to welcome him as the newest member of our government caucus,” said Carney speaking in Ottawa Wednesday.“Chris’s decision to join the government caucus at this crucial moment for our country is exceptionally valuable and important. “The comments came at the start of Carney’s press conference to prom...

U.S. President Donald Trump’s power to unilaterally impose far-reaching tariffs is coming before the Supreme Court on Wednesday in a pivotal test of executive power with trillion-dollar implications for the global economy. The Republican administration is trying to defend the tariffs central to Trump’s economic agenda after lower courts ruled the emergency law he invoked doesn’t give him near-limitless power to set and change duties on imports.The Constitution says Congress has the power to levy tariffs. But the Trump administration argues that in emergency situations the president can regulate importation taxes like tariffs. Trump has called the case one of the most important in the country’s history and said a ruling against him would be catastrophic for the economy. ...