OTTAWA — Prime Minister Justin Trudeau says he’s been pushing the global community to target Haiti’s political class before a gang crisis further destabilizes the Caribbean.
Leaders from the region, meanwhile, are pushing for more Canadian private investment.
“Right now, there’s not even a consensus amongst the Haitian political class on whether or not someone should step in to stop people from being killed, murdered and raped,” Trudeau told reporters Thursday.
He was speaking at the close of a two-day summit in Ottawa where leaders of the Caribbean Community gathered to touch base on Canadian co-operation with the region.
Trudeau invited the group, known as CARICOM, to Ottawa to touch base on everything from climate change to reforming global financial institutions.
Yet Haiti’s security crisis loomed large over the summit, after a year of Canada calling for an end to brazen violence, sexual assaults and a hunger crisis in the country, where all elected officials have expired terms.
Kenya is preparing to lead a military intervention, which the United Nations Security Council approved this month, to stop gang violence. Canadian officials say the RCMP will likely send police, while the country is focused on helping Haiti maintain stability after the intervention ends.
Trinidad and Tobago Prime Minister Keith Rowley said CARICOM leaders are sensitive to concerns their support for Haiti will be conflated as propping up a “minority government arrangement.”
He said it’s crucial CARICOM and Canada be seen as “coming from honest brokers, and not in fact, propping up what exists in perpetuity — that in itself poses a danger.”
The country has been governed by Haitian Prime Minister Ariel Henry since August 2021, when he assumed the role without having been elected, following the assassination of the country’s president.
On Wednesday, Trudeau’s office publicly pressured Henry to work with his political opponents, releasing a statement touching on “the urgent need for a power-sharing agreement between Haitian Prime Minister Ariel Henry and opposition groups.”
Trudeau would not say Thursday whether Henry has become a barrier to establishing security in Haiti, nor whether this week’s meetings convinced him to work more with his opponents.
“It’s been 30 years — 30 years, that Canada has been there to help the Haitian people,” he said in French, in an impassioned tone.
“Unfortunately, during these 30 years, we weren’t able to resolve the situation. And the reality is, it’s not on the international community to resolve the situation for Haiti,” Trudeau said.
He argued Haitians must be empowered to fix the problems themselves, which he said involves having more countries put “in the line of fire” corrupt elites who have allowed gangs to thrive. He added that Canada will always help Haiti.
Trudeau also announced Thursday that Canada is creating a new temporary worker program for the fisheries industry.
“Canada is committed to implementing a new foreign labour program for aquaculture and fish processing under our temporary foreign worker program,” Trudeau said.
It was part of a focus Thursday on opportunities for Canadian investments in Caribbean countries, as well as boosting trade.
Trudeau said Canadian industries can partner with countries in the region for green infrastructure, “smart agriculture” and renewable energy.
Guyanese President Irfaan Ali said countries like his want corporate Canada to be “more aggressive” in investing in more industries than just mining and oil extraction.
“We want the Canadian private sector to come and be part of the opportunity, outside of the traditional areas of investment,” he said Thursday.
Throughout the summit, Caribbean leaders frequently praised Canada’s traditional role in relaying the region’s concerns at other international forums.
Barbados Prime Minister Mia Mottley urged Trudeau on Wednesday to “help us speak truth to power” by convincing unnamed countries to stop preventing a reform of global financial institutions.
The leaders argued they are being economically devastated from large hurricanes, while not being able to afford infrastructure that could weather such storms because they are now too rich to qualify for loans meant for the world’s poorest.
Many leaders praised Canada’s leadership in development aid as Caribbean countries gained independence in the 1960s, and Ottawa’s continued role in governing the Caribbean Development Bank.
Canada will host that bank’s annual board meeting next year, and meetings are being planned between Canadian and Caribbean leaders in coming months.
This report by The Canadian Press was first published Oct. 19, 2023.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
