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Budget 2023 Includes Some Investment but Must Fully Address Urban Indigenous Realities in the Near Future

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OTTAWA, March 28, 2023 (GLOBE NEWSWIRE) — The National Association of Friendship Centres (NAFC) receives this 2023 federal budget with measured acknowledgement and urges future engagement. While the NAFC believes that Friendship Centres and urban Indigenous people will benefit from the investments in urban, rural, and northern Indigenous housing, including $4 billion over 7 years, starting in 2024-2025, to implement a co-developed Urban, Rural, and Northern Indigenous Housing Strategy, there are still gaps to be filled when addressing the realities of urban Indigenous communities.

“We welcome the investments in urban Indigenous housing, but none of the other NAFC’s pre-budget submissions were announced,” said Kelly Benning, NAFC President. “The renewal of the UPIP program and the ongoing investments for Friendship Centres are crucial in order to help us support our communities and help the federal government meet its stated Reconciliation objectives. We fear that urban Indigenous peoples are being asked to wait once again.”

Friendship Centres have a long and demonstrated history of effectively supporting the communities they serve. With comprehensive and supportive funding, NAFC member Friendship Centres will be able to continue to offer essential Indigenous-led programs and services. Investing in a well-resourced Friendship Centre Program contributes to meaningful economic growth and development for Friendship Centres and PTAs that directly builds up urban Indigenous people.

“We have appreciated the opportunity to work collaboratively with this Government on a wide range of issues, and we have demonstrated our ability to be effective,” said Jocelyn Formsma, NAFC CEO. “It will be crucial for the federal government to engage with us to fully bridge the gap that urban Indigenous communities face when trying to access critical supports. We are confident that this is the ultimate goal for all.”

In their pre-budget submission, the NAFC requested that the Government of Canada ahead of the budget to (1) re-establish ongoing Friendship Centre funding at a minimum of $60 million per year, (2) invest in urban Indigenous children and youth by re-establishing a national Indigenous youth program and Indigenous children’s strategy at a minimum of $23 million per year, (3) invest in urban Indigenous infrastructure, including for-Indigenous-by-Indigenous housing and homelessness response offered by Friendship Centres through a minimum of $180 million per year, and (4) support urban Indigenous employment and training, including upskilling and reskilling, through $16 million per year to employment and training initiatives provided through FCs, develop, and implement new initiatives, and reduce barriers to employment for urban Indigenous people.

The National Association of Friendship Centres is a network of over 100 Friendship Centres and Provincial/Territorial Associations, which make up part of the Friendship Centre Movement–Canada’s most significant national network of self-determined Indigenous owned and operated civil society community hubs offering programs, services and supports to urban Indigenous people.

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Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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