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Indigenous-related capital markets activity set to grow significantly, report says

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TORONTO – Canada is poised to see significant growth in Indigenous-related project financing, international credit rating agency Morningstar DBRS said Monday.

In a report released on the fourth annual national day for Truth and Reconciliation, the credit rating agency said Indigenous-related capital markets activity is on a steady upward trend with “considerable potential” for more.

“We have seen a gradual increase in capital markets activity by Indigenous-related organizations and we anticipate this segment of financing will grow significantly in the coming years, supported by increased federal and provincial government guarantees and other forms of support,” the Morningstar report states.

Indigenous communities across Canada are showing growing interest in acquiring equity positions in major projects and infrastructure as a way to generate revenue and economic opportunity for their people.

But historically, one of the biggest barriers preventing Indigenous partners from pursuing equity ownership has been a lack of access to capital. Canada’s Indian Act prohibits First Nations from using their land as collateral, meaning Indigenous communities have struggled to access competitive interest rates through mainstream capital markets.

But the federal and provincial governments are increasingly getting on board with the need to provide Indigenous communities and organizations access to capital to facilitate economic development, Morningstar said.

The report identifies more than $13 billion in available federal and provincial programs, such as loan guarantees, which are leading to increased financing activities by Indigenous communities and groups.

Morningstar pegs the value of Indigenous financing activity, including government loan guarantees, at almost $800 million annually over the past five years.

It also points out there are several high-profile transactions involving Indigenous communities on the horizon, including Ottawa’s planned sale of the Trans Mountain pipeline to Indigenous groups, TC Energy Corp.’s planned sale of its NGTL pipeline system to an Indigenous consortium, and the development of the Cedar LNG project by the Haisla Nation and Pembina Pipeline Corp.

“We believe that there is significant growth potential for Indigenous-related financings in the coming years,” Morningstar said, adding increased Indigenous participation on capital markets is a win-win for everyone.

This report by The Canadian Press was first published Sept. 30, 2024.

Companies in this story: (TSX:TRP, TSX:PPL)

The Canadian Press. All rights reserved.



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Joly targets polarization in UN speech, urges liberals to reclaim the word ‘freedom’

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OTTAWA – Foreign Affairs Minister Mélanie Joly is asking members of the United Nations to counter growing political polarization.

Joly is addressing the UN General Assembly on behalf of Canada after the annual gathering of leaders and ministers in New York.

Joly says countries need to work together to uphold rules on sovereignty and human rights, or the world will slip into more crises like those in Haiti and Afghanistan.

She also says liberal democracies need to reclaim the word “freedom,” which she says is being used to spread hate speech and justify Russia’s invasion of Ukraine.

Joly is reiterating Canada’s stance on issues in the Middle East, while calling out the Israeli government for opposing the eventual creation of a Palestinian state.

Joly also says it’s “unacceptable” that the UN hasn’t been led by a woman in the nearly eight decades of its existence.

This report by The Canadian Press was first published Sept. 30, 2024.

The Canadian Press. All rights reserved.



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Faculty strike: McGill University threatens to cancel semester for law students

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MONTREAL – McGill University is threatening to cancel law school classes for the rest of the semester if it can’t reach an agreement today with a faculty union that has been on strike since August.

The university says it will drop its legal challenge of the faculty’s right to unionize — a key demand of the Association of McGill Professors of Law — if the union agrees to negotiate working conditions collectively with other employee associations at the school.

McGill’s administration sent an email to law school students this morning saying the union must agree today to end its strike or the university will cancel courses taught by union members as of Oct. 1.

The university says it’s not plausible that classes could begin two months into the semester and still finish on time.

The McGill Law Students’ Association says the university’s offer is “nothing more than smoke and mirrors,” and says both McGill and the union need to be more flexible.

Quebec’s labour tribunal certified the law professors’ union in November 2022, but the union has yet to secure its first collective agreement.

This report by The Canadian Press was first published Sept. 30, 2024.

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Damian Lewis herds sheep over a London bridge in homage to a medieval tradition

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LONDON (AP) — Actor Damian Lewis drove a flock of sheep across the River Thames on Sunday in homage to a centuries-old tradition.

Lewis is among thousands of people granted the honorary title of Freeman of the City of London, which in medieval times came with the right to bring livestock across the river to market without paying tolls.

More than 1,000 freemen exercised that right on Sunday in the annual London Sheep Drive, many wearing black hats and red cloaks. Lewis wore his grandfather’s wool coat and carried a crook as he led the throng herding the animals over Southwark Bridge.

“It was fabulous,” said Lewis, star of “Band of Brothers,” “Homeland” and “Wolf Hall.”

Lewis was asked to represent the Worshipful Company of Woolmen, a trade guild dating to the 12th century. He said he was pleased to be part of “this eccentric, very British day, honoring an old tradition.”

Manny Cohen, Master Woolman at the Worshipful Company of Woolmen, said the ancient sheep-driving tradition was revived about 15 years ago and has become a major charity fundraising event.

There are no plans to bring back other ancient freemen’s privileges such as the right to carry an unsheathed sword in public and to be escorted home if found drunk.

The Canadian Press. All rights reserved.



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