Kevin O'Leary blasts Canada's 'weak leadership' amid economic uncertainty | Canada News Media
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Kevin O’Leary blasts Canada’s ‘weak leadership’ amid economic uncertainty

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Kevin O’Leary says Justin Trudeau’s Liberals have squandered Canada’s vast economic potential, and that it’s time for wholesale change within the federal government.

In an interview with BNN Bloomberg on Tuesday morning, the Canadian businessman said that Canada’s abundance of natural resources make it one of the richest nations on earth, but political leaders have done a poor job managing the country’s wealth.

“We’re such a wealthy country, and we are so poorly managed from a policy basis,” he said.

“When I think about the tremendous potential the country has in natural resources, which was the essence of its success over the last 200 years – we’ve ignored it.”

O’Leary said that the current federal government has instead focused on things that “have nothing to do with our core wealth,” adding that he “can’t help but blame Justin Trudeau for the last decade.”

“He’s a weak manager, in my opinion. A very successful politician, but a very, very weak manager,” he said.

O’Leary made a brief foray into politics himself during Trudeau’s first term, entering the race to become the leader of the federal Conservative Party in January of 2017.

However, he dropped out a few months later, saying he didn’t think he would garner enough support in Quebec to beat Trudeau in a 2019 election, and officially endorsed Maxime Bernier, who lost his leadership bid narrowly to Andrew Scheer.

Foreign investment, capital gains

O’Leary argued that Canada should be attempting to lure foreign investment from corporations and sovereign wealth funds in order to inject jobs and capital into the Canadian economy, but current policies make investing in the country unattractive.

“We’ve done a very poor job of that and we’ve made the policy so poor in terms of attracting capital for these massive projects that they just don’t come anymore,” he said.

“Our own pension plans go and invest in natural resources outside of Canada. It’s just shameful. It’s a real problem… I’m hoping there will be a change in policy in this country because I would love to invest more in it, I just find it impossible to do so.”

When it comes to taxation, O’Leary said the proposed change to Canada’s capital gains tax, which officially came into effect on Tuesday, is “an absolute mistake.”

“When you mess around with corporate tax rates, corporations are not people, they can move. Structures can move, and they will,” he said.

“They’ll contort themselves if all of a sudden they find a path of least resistance somewhere else.”

Jamie Golombek, managing director at CIBC Private Wealth, told BNN Bloomberg in a Tuesday interview that for most individuals, the increase to the capital gains inclusion rate won’t impact their finances.

“For the average Canadian, this will not make any impact, whatsoever,” he said.

“You have to have over $250,000 of annual capital gains for this to actually impact you… a capital gain is the difference between the selling price of something and the cost. So typically a stock price; the proceeds plus the cost base is your capital gain.”

But O’Leary said that from a business perspective, the changes will negatively impact Canada’s ability to compete with other G20 nations for investment dollars, adding that it’s a fundamental policy misstep by Finance Minister Chrystia Freeland.

“I want to respect Freeland because she is the finance minister, but I don’t know why she’s the finance minister. She has no experience at this. She’s never even run a bank… I don’t know why she’s there,” he said.

“The damage she’s doing now will be felt, if it doesn’t get repaired immediately, for decades. Bad managers do a lot of damage, and she is a very bad, underqualified manager.”

Leadership change 

O’Leary said that he’d like to see new elected leaders take control of Canada’s finances in order to help the country become more prosperous and competitive.

“Justin Trudeau and his cabinet have been very successful in terms of longevity, but I really believe this to be true: Canada, if you look at resources per capita, is one of the richest countries on earth, run by idiots,” he said.

O’Leary compared Canada’s approach to managing its abundance of natural resources to that of Norway’s – another major oil exporter.

He said the Scandinavian country used and contributed to its sovereign wealth fund wisely over the years, growing it to one of the largest in the world, and making Norway one of the richest nations per-capita in Europe.

“(Canada) desperately needs leadership that understands the potential of the country and what to do in terms of putting the right people in cabinet positions,” he said.

“We have unqualified, weak managers, and I mean no disrespect, but I wouldn’t let them run a bodega… I think a lot of people feel this way about this country: so much potential, so squandered (with) weak leadership. Let’s change it.”

 

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Construction wraps on indoor supervised site for people who inhale drugs in Vancouver

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VANCOUVER – Supervised injection sites are saving the lives of drug users everyday, but the same support is not being offered to people who inhale illicit drugs, the head of the BC Centre for Excellence in HIV/AIDS says.

Dr. Julio Montaner said the construction of Vancouver’s first indoor supervised site for people who inhale drugs comes as the percentage of people who die from smoking drugs continues to climb.

The location in the Downtown Eastside at the Hope to Health Research and Innovation Centre was unveiled Wednesday after construction was complete, and Montaner said people could start using the specialized rooms in a matter of weeks after final approvals from the city and federal government.

“If we don’t create mechanisms for these individuals to be able to use safely and engage with the medical system, and generate points of entry into the medical system, we will never be able to solve the problem,” he said.

“Now, I’m not here to tell you that we will fix it tomorrow, but denying it or ignoring it, or throw it under the bus, or under the carpet is no way to fix it, so we need to take proactive action.”

Nearly two-thirds of overdose deaths in British Columbia in 2023 came after smoking illicit drugs, yet only 40 per cent of supervised consumption sites in the province offer a safe place to smoke, often outdoors, in a tent.

The centre has been running a supervised injection site for years which sees more than a thousand people monthly and last month resuscitated five people who were overdosing.

The new facilities offer indoor, individual, negative-pressure rooms that allow fresh air to circulate and can clear out smoke in 30 to 60 seconds while users are monitored by trained nurses.

Advocates calling for more supervised inhalation sites have previously said the rules for setting up sites are overly complicated at a time when the province is facing an overdose crisis.

More than 15,000 people have died of overdoses since the public health emergency was declared in B.C. in April 2016.

Kate Salters, a senior researcher at the centre, said they worked with mechanical and chemical engineers to make sure the site is up to code and abidies by the highest standard of occupational health and safety.

“This is just another tool in our tool box to make sure that we’re offering life-saving services to those who are using drugs,” she said.

Montaner acknowledged the process to get the site up and running took “an inordinate amount of time,” but said the centre worked hard to follow all regulations.

“We feel that doing this right, with appropriate scientific background, in a medically supervised environment, etc, etc, allows us to derive the data that ultimately will be sufficiently convincing for not just our leaders, but also the leaders across the country and across the world, to embrace the strategies that we are trying to develop.” he said.

Montaner said building the facility was possible thanks to a single $4-million donation from a longtime supporter.

Construction finished with less than a week before the launch of the next provincial election campaign and within a year of the next federal election.

Montaner said he is concerned about “some of the things that have been said publicly by some of the political leaders in the province and in the country.”

“We want to bring awareness to the people that this is a serious undertaking. This is a very massive investment, and we need to protect it for the benefit of people who are unfortunately drug dependent.” he said.

This report by The Canadian Press was first published Sept. 18, 2024.

The Canadian Press. All rights reserved.

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N.B. election: Parties’ answers on treaty rights, taxes, Indigenous participation

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FREDERICTON – The six chiefs of the Wolastoqey Nation in New Brunswick distributed a survey on Indigenous issues to political parties ahead of the provincial election, which is scheduled to kick off Thursday. Here are some of the answers from the Progressive Conservative, Liberal and Green parties.

Q: How does your party plan to demonstrate a renewed commitment to recognizing our joint treaty responsibilities and acknowledging that the lands and waters of this territory remain unceded?

Progressive Conservative: The party respectfully disagrees with the assertion that land title has been unceded. This is a legal question that has not been determined by the courts.

Liberal: When we form government, the first conversations the premier-designate will have is with First Nations leaders. We will publicly and explicitly acknowledge your treaty rights, and our joint responsibility as treaty people.

Green: The Green Party acknowledges that New Brunswick is situated on the unceded and unsurrendered territories of the Wolastoqiyik, Mi’kmaq and Peskotomuhkati peoples, covered by the Treaties of Peace and Friendship. Our party is committed to establishing true nation-to-nation relationships with First Nations, grounded in mutual respect and co-operation as the treaties intended.

Q: How does your party propose to approach the issue of provincial tax agreements with First Nations?

Progressive Conservative: The government of New Brunswick operates in a balanced and fair manner with all organizations, institutions and local governments that represent the citizens of this province, including First Nations. Therefore, we cannot offer tax agreements that do not demonstrate a benefit to all citizens.

Liberal: Recent discussions with First Nations chiefs shed light on the gaps that existed in the previous provincial tax agreements with First Nations. Our party is committed to negotiating and establishing new tax agreements with First Nations that address the local needs and priorities and ensure all parties have a fair deal.

Green: The Green Party is committed to fostering a respectful relationship with First Nations in New Brunswick and strongly opposes Premier Blaine Higgs’s decision to end tax-sharing agreements. We believe reinstating these agreements is crucial for supporting the economic development and job creation in First Nation communities.

Q: How will your party ensure more meaningful participation of Indigenous communities in provincial land use and resource management decision-making?

Progressive Conservative: The government of New Brunswick has invested significant resources in developing a robust duty to consult and engagement process. We are interested in fully involving First Nations in the development of natural resources, including natural gas development. We believe that the development of natural gas is better for the environment — because it allows for the shutdown of coal-fired power plants all over the globe — and it allows for a meaningful step along the path to reconciliation.

Liberal: Our party is focused on building strong relations with First Nations and their representatives based on mutual respect and a nation-to-nation relationship, with a shared understanding of treaty obligations and a recognition of your rights. This includes having First Nations at the table and engaged on all files, including land-use and resource management.

Green: We will develop a new Crown lands management framework with First Nations, focusing on shared management that respects the Peace and Friendship Treaties. We will enhance consultation by developing parameters for meaningful consultation with First Nations that will include a dispute resolution mechanism, so the courts become the last resort, not the default in the face of disagreements.

This report by The Canadian Press was first published Sept. 18, 2024.

The Canadian Press. All rights reserved.

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Canadian Coast Guard crew member lost at sea off Newfoundland

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ST. JOHN’S, N.L. – A crew member of a Canadian Coast Guard ship has been lost at sea off southern Newfoundland.

The agency said in a release Wednesday that an extensive search and rescue effort for the man was ended Tuesday evening.

He was reported missing on Monday morning when the CCGS Vincent Massey arrived in St. John’s, N.L.

The coast guard says there was an “immediate” search on the vessel for the crew member and when he wasn’t located the sea and air search began.

Wednesday’s announcement said the agency was “devastated to confirm” the crew member had been lost at sea, adding that decisions to end searches are “never taken lightly.”

The coast guard says the employee was last seen on board Sunday evening as the vessel sailed along the northeast coast of Newfoundland.

Spokeswoman Kariane Charron says no other details are being provided at this time and that the RCMP will be investigating the matter as a missing person case.

This report by The Canadian Press was first published Sept. 18, 2024.

The Canadian Press. All rights reserved.

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