The federal government is investing in satellite in the north.
Chrystia Freeland, deputy prime minister, and François-Philippe Champagne, minister of innovation, science and industry, made the announcement on Aug. 12.
The government is entering a $1.44 billion agreement-in-principle with Telesat and investing in the company’s low Earth orbit, Telesat Lightspeed.
The implementation of the agreement-in-principle would provide financing to Telesat through a $790-million repayable loan and a $650-million preferred shared equity investment in which the government would get a dividend.
Telesat Lightspeed will position Telestat and Canada as “global leaders in the highly competitive market for satellite services and the fast-growing new space economy,” said a press release.
Telesat Lightspeed will enable broadband internet and LTE and 5G connectivity in Canada starting in 2024, connecting approximately 40,000 households in rural and remote communities.
This technology will help the government reach its goal of connecting all Canadian households to high-speed internet by 2030, including many Indigenous communities throughout the North and near north that lack the connectivity required for social, economic and cultural prosperity.
“Creating remote access to high-speed internet is an essential means for Yukoners and all rural Canadians to connect people, to access information, offer services, and create opportunities,” said Yukon MP Larry Bagnell.
“Today’s announcement is about building a strong future for Canada,” said Freeland. “It strengthens our position as a global leader in the technologies of tomorrow and helps ensure that all Canadian communities have access to the critical infrastructure that is high-speed Internet.”
Telesat is a privately held Canadian-controlled corporation and one of the world’s largest and innovative satellite providers. It has employees in five provinces and in Nunavut.
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.
