VANCOUVER —
Major rail blockades that shut down train service across the country and sent a chill through the Canadian economy will have lasting impacts even after they’ve been taken down, according to a group of British Columbia business leaders.
The Greater Vancouver Board of Trade and the Business Council of BC are among the organizations to pen a joint statement claiming Canada is no longer seen as a safe place for major infrastructure investment.
“We are seeing international investors scared off,” GVBT CEO Bridgette Anderson told CTV News. “There’s news of that just today.”
Thursday morning, news broke that U.S. billionaire Warren Buffett’s investment firm Berkshire Hathaway was pulling a $4 billion investment for a natural gas export project in Quebec.
The company behind the project, GNL Quebec, confirms the climate of protests and political hurdles facing energy projects in Canada played a role in the decision.
“When small pockets of society take it upon themselves in a democracy to thumb their nose at decision-making processes, it really calls into question the validity of what they’re doing,” said Business Council of BC president Greg D’Avignon.
Thursday in Quebec, one of the longest running rail blockades came down as members of the Mohawk Nation vacated commuter rail tracks after nearly a month.
But signees to the statement on sagging investment claim the damage has already been done.
“We’re lacking confidence. We’re lacking confidence in institutions and processes and in the rule of law,” said D’Avignon, who also added authorities should move more quickly to make arrests if the blockades intensify again.
“We expect that the police would enforce those injunctions,” he said. “Now it doesn’t mean violence, it doesn’t mean significant confrontation, but we need to make sure that when the rule of law is in place that it’s adhered to.”
As for Indigenous and environmental activists behind the protest actions, their goal of disrupting the Canadian economy seems to have been achieved.
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.
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.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
