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OTTAWA - Parliament has passed controversial major projects legislation that Prime Minister Mark Carney says Canada needs to shore up its economy in the face of a trade war with the United States. Bill C-5 gives the federal government sweeping new powers to speed up permitting for what the Liberals call "nation-building projects." The legislation's opponents have attacked the legislation as a massive power grab. Here's what's C-5 does and what people are saying about it. What problem is [Read more]

Canada's Senate passed a bill to fast-track approval for natural resource and infrastructure projects on Thursday despite opposition from Indigenous and environmental groups who have threatened protests and legal action. The bill's passage and implementation are a test for Carney, who was elected in April promising to transform Canada's economy in the face of what he repeatedly called a national crisis due to U.S. tariffs. The Liberal government's proposal speeds up approval of "national [Read more]

Fermi America, a Texas company co-founded by former U.S. Energy Secretary Rick Perry, aims to build the largest energy and data complex of its kind powered by nuclear, natural gas and solar, it said on Thursday. Fermi plans to partner on the "Hypergrid" project with Texas Tech University and said it will be launched on July 4. Perry, who also served as Texas governor, said that China is building 22 nuclear reactors while the U.S. is building none. "We’re behind - and it's all hands on [Read more]

The Canadian Senate on Thursday formally approved a draft law that would fast track major resource and infrastructure projects such as crude oil pipelines and mines. Prime Minister Mark Carney says the legislation is needed to help Canada reduce its reliance on the United States. The law will come into effect when it is signed later in the day by Governor General Mary Simon, the personal representative of King Charles, Canada's head of state. (Reporting by David Ljunggren; Editing by [Read more]

A damaged unit of the South Pars refinery's Phase 14, which was hit by Israel in its first strike on Iran's oil and gas sector, has returned to operation, the Iranian state-run agency Nour News reported on Thursday. South Pars, the world's biggest gas field, is located offshore in Iran's southern Bushehr province and is responsible for the lion's share of the country's gas production. Iran is the world's third largest gas producer after the United States and Russia. Gas production was [Read more]

The Trump administration has no imminent plans for refilling the nation's Strategic Petroleum Reserve, White House spokeswoman Karoline Leavitt said on Thursday. The emergency oil reserve is currently at its lowest levels since the 1980s after President Joe Biden tapped the stockpile to help lower prices amid market uncertainty. (Reporting By Nandita Bose and Jarrett Renshaw; Editing by Chris Reese) [Read more]

Victory over Iran presents new opportunities for peace agreements which Israel must not waste, Prime Minister Benjamin Netanyahu said on Thursday. In a statement, he said: "This victory presents an opportunity for a dramatic widening of peace agreements. We are working on this with enthusiasm. "Alongside the freeing of hostages and defeat of Hamas, there is a window of opportunity that must not be missed. We cannot waste even a single day." (Reporting by Howard Goller; Writing by Ahmed [Read more]

Vessels near the Strait of Hormuz have been broadcasting unusual messages concerning nationality in a bid to avoid being attacked as doubts linger over the ceasefire between Israel and Iran, according to maritime risk analytics firm Windward and ship tracking data on Thursday. The signals have been used since conflict broke out between Israel and Iran early this month, which led the U.S. to strike Iranian nuclear sites. U.S. President Donald Trump brokered a ceasefire after 12 days of war [Read more]

As the first half of the year closes, financial markets are in limbo, waiting to see how the kaleidoscope of global trade deals will – or won't – come together after July 9, when Washington's pause on its "reciprocal tariffs" expires. But if investors are wrong-footed, which trades will be the most vulnerable? The state of suspended animation in today's markets is remarkably bullish. U.S. growth forecasts are rising, S&P 500 earnings growth estimates for next year are running at a punchy [Read more]