News

OTTAWA - The American ambassador to Canada is closely watching as Ottawa shapes its defence budget, but says the U.S. will not dictate what the Canadian government must spend. "We're not expecting anything; that's not our job to make those expectations," Ambassador Pete Hoekstra said in an interview with The Canadian Press this past Friday, a day after NATO defence ministers endorsed new spending targets. Hoekstra also said the point of the NATO military alliance is to defend each other [Read more]

The spread between U.S. West Texas Intermediate and Brent crude futures narrowed to its tightest level since September 2023 on Friday as U.S. prices rose on a sliding rig count and Canadian wildfires that cut supplies, analysts and traders said. U.S. futures ended the week 4.9% higher, while Brent futures rose 2.75%, as OPEC+ output increases put a cap on gains. WHY IT'S IMPORTANT A narrower spread indicates a closed arbitrage window for traders and weaker shipping economics to Europe and [Read more]

OTTAWA - Prime Minister Mark Carney's government introduced legislation Friday that would grant it new powers to quickly push forward major projects the federal cabinet deems to be in the national interest. Intergovernmental Affairs Minister Dominic LeBlanc tabled a bill in the House of Commons that would give Ottawa the authority to draw up a list of large projects it wants to prioritize and to expedite their federal approval. Carney said it has become too hard to build new projects in Canada [Read more]

WINNIPEG - Manitoba Premier Wab Kinew promoted his province Friday as the route for a future trade corridor, which could include a pipeline, in order to get goods from Western Canada to overseas markets. "The politics are (that) something needs to get built in Western Canada. I think everybody understands that," Kinew told a breakfast meeting of the Manitoba Chambers of Commerce. "And if you've been following the news, B. C.? Ontario? Maybe. We'll see. But Manitoba's open for business, and [Read more]

U.S. energy firms this week cut the number of oil and natural gas rigs operating for a sixth week in a row for the first time since September 2023, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by four to 559 in the week to June 6, the lowest since November 2021. Oil rigs fell by nine to 442 this week, while gas rigs rose by five to 114, Baker Hughes said. It said it has corrected oil [Read more]

The U.S. in recent days suspended licenses for nuclear equipment suppliers to sell to China's power plants, according to four people familiar with the matter, as the two countries engage in a damaging trade war. The suspensions were issued by the U.S. Department of Commerce, the people said, and affect export licenses for parts and equipment used with nuclear power plants. Nuclear equipment suppliers are among a wide range of companies whose sales have been restricted over the past two [Read more]

CALGARY - A major shareholder in fuel refiner and retailer Parkland Corp. says it plans to vote against its planned takeover by U.S. heavyweight Sunoco LP. Engine Capital owns 2.5 per cent of Parkland's shares, making it one of the Calgary-based company's biggest investors. In a letter to Parkland's board of directors, Engine's leadership argues the Sunoco deal was rushed, the price is too low and that there are likely better options available. A month ago, Parkland and Sunoco announced [Read more]