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New federal investments in Indigenous initiatives and communities across Manitoba announced by Minister Vandal – Canada NewsWire



Over $13 million to support Indigenous initiatives and communities in Manitoba

WINNIPEG, MB, Feb. 22, 2023 /CNW/ – Supporting Indigenous-led initiatives is vital to economic reconciliation and growing an inclusive economy that works for everyone. The Government of Canada remains a strong partner in working with Indigenous communities to create jobs and opportunities, share experiences, offer vital supports.

Today, the Honourable Dan Vandal, Minister for Prairies Economic Development Canada (PrairiesCan), announced over $13 million of federal funding in Indigenous business initiatives, organizations, and communities across Manitoba. This funding announcement includes 15 projects funded by PrairiesCan in Manitoba, and 1 project funded through Infrastructure Canada’s Green and Inclusive Community Buildings program.


The $7,259,692 of PrairiesCan funding announced today will support community revitalization and the development of programs to support Indigenous participation in business and trades.

Examples of project activities receiving support are:

  • Building a pavilion for public gatherings at Norway House Cree Nation
  • Constructing a modern-traditional Ojibway longhouse community centre on Gambler First Nation
  • Increasing Indigenous inclusion in the workforce through work integrated learning
  • Launching the Purpose Homes program that will combine skills training to Indigenous Peoples and affordable new home construction in Winnipeg’s North End
  • Opening new Indigenous art exhibits and creating virtual tours to enhance visitor experience

The Government of Canada is also announcing that it will invest $6,311,657 in the Ka Ni Kanichihk Community Campus expansion project. This funding will support the construction of a new building attached to the existing facility at 455 McDermot so that thousands more people can take advantage of services and programs in downtown Winnipeg.

The expansion will allow more people to access existing programming and will include a community resource hub, a commercial kitchen, cultural and ceremony gathering spaces, classrooms, and an expanded daycare. Importantly, the expansion will create space for more culture-based services and programs.

The total federal funding of $13,571,349 is expected to revitalize 10 community spaces and create over 270 jobs.


“Indigenous communities continue to make significant contributions to Manitoba’s economy and the impact of these projects will create opportunities to gather, train and grow, and share experiences. Our government will continue to remain a strong partner, working with Indigenous Peoples in growing an economy that works for everyone.
–  The Honourable Dan Vandal, Minister for PrairiesCan

“The Business Council of Manitoba is committed to Economic Reconciliation through increased representation in the workforce, entrepreneurial and supply chain ecosystems. The BCM Indigenous Education Awards have been helping to lessen financial barriers to post-secondary institutions for over 20 years.  Members have contributed over $6 million dollars to 1,200 plus recipients. The funding from PrairiesCan will allow us to increase Work Integrated Learning opportunities for award recipients, matching them to employers, and creating welcoming workplaces.”
–  Bram Strain, President & CEO, Business Council of Manitoba

“Chi-Miigwetch to the Government of Canada for working with and investing in Indigenous community. Together, we are creating important and long-overdue indoor and outdoor spaces – spaces to be welcoming, to be inclusive and to allow individuals to thrive, grow and heal.

“Indigenous-led projects and solutions are of the utmost importance across Turtle Island. This community-led green project will expand Ka Ni Kanichihk’s current location in the heart of Winnipeg and will include a much-needed central resource hub, a rare inner-city green space honouring traditional land based teachings and programming, a cultural centre, healing spaces, an expanded daycare, and mental, physical, and spiritual wellness supports.

“Here, we all will be seen for our strengths, and will be able to access the community and supports needed to transform our own lives. Thank you for investing in better equity, inclusion and opportunity.”
–   Dodie Jordaan, Executive Director of Ka Ni Kanichihk

Quick facts

  • The Canada Community Revitalization Fund (CCRF) aims to help communities across Canada build and improve community infrastructure projects so they can rebound from the effects of the COVID-19 pandemic. With a national investment of $500 million over two years, the Fund’s purpose is to support not-for-profit organizations, municipalities and other community groups, as well as Indigenous communities.
  • The Canadian Seafood Stabilization Fund (CSSF) provided support for fish and seafood processors during the COVID-19 pandemic. More than $9 million went to eligible fish and seafood processors in western Canada.
  • The Community Economic Development and Diversification (CEDD) Program makes targeted investments that aim to generate sustainable, inclusive economic growth and help communities in Alberta, Saskatchewan and Manitoba fully participate in and benefit from economic opportunities.
  • The Government of Canada is investing more than $6.3 million in the Ka Ni Kanichihk Community Campus expansion project through Infrastructure Canada’s Green and Inclusive Community Buildings program. In addition to this funding, Ka Ni Kanichihk Inc. has secured $6,311,343 for the project.
  • The Green and Inclusive Community Buildings (GICB) program was created in support of Canada’s Strengthened Climate Plan, supporting the Plan’s first pillar through the reduction of greenhouse gas emissions, the increase of energy efficiency, and higher resilience to climate change. It is providing $1.5 billion over five years towards green and accessible retrofits, repairs or upgrades.
  • The GICB program aims to improve the places Canadians work, learn, play, live and gather by cutting pollution, making life more affordable, and supporting thousands of good jobs. Through green and other upgrades to existing public community buildings and new builds in underserved communities, GICB helps ensure community facilities are inclusive, accessible, and have a long service life, while also helping Canada move towards its net-zero objectives by 2050.


The Government of Canada is allocating over $13.5 million to support 16 projects in Manitoba.

These investments will revitalize important cultural and community spaces and further Indigenous inclusion and business economic growth in Manitoba. The announcement includes ten Canada Community Revitalization Fund (CCRF) projects, four Community Economic Development and Diversification (CEDD) Program projects, one Canadian Seafood Stabilization Fund (CSSF) project delivered by PrairiesCan in Manitoba, and one Green and Inclusive Community Buildings (GICB) Program delivered by Infrastructure Canada.

Canada Community Revitalization Fund (CCRF) – Investment of

The CCRF helps communities across Canada build and improve community infrastructure projects so they can continue to rebound from the lasting effects of the pandemic. With a national investment of $500 million over 2 years, the Fund’s purpose is to help not-for-profit organizations, municipalities, and other community groups, as well as Indigenous partners build new community infrastructure and revitalize existing assets, bring people back to public spaces safely, create jobs, and stimulate local economies. Today, ten (10) Manitoba CCRF recipients receiving funding through PrairiesCan were announced:

  • Norway House Cree Nation ($750,000)
    Build a pavilion for public gatherings in Norway House
  • Loon Straits Community Settlement ($20,371)
    Renovate a historical building to become a museum and create a common outdoor space at Manigotagan
  • Poplar River First Nation ($750,000)
    Re-build a community wharf/dock in Negginan
  • Gambler First Nation ($750,000)
    Construct a modern-traditional Ojibway longhouse community centre in Binscarth
  • Cormorant Community Council ($75,000)
    Revitalize the Cormorant Community Drop-in Centre in Cormorant
  • Waterhen Community Council ($15,000)
    Upgrade the East Park in Waterhen
  • Barren Lands First Nation ($750,000)
    Renovate the community centre and Band hall in Barren Lands First Nation in Brochet
  • Ka Ni Kanichihk Inc. ($456,727)
    Build an outdoor community gathering space in downtown Winnipeg
  • Assiniboia Residential School Legacy Group Inc. ($539,364)
    Build a site for commemoration at the former Assiniboia Residential School location in Winnipeg
  • 1JustCity ($6,780)
    Create a community garden and gathering space that focuses on healing and reconciliation in Winnipeg

Community Economic Development and Diversification (CEDD) Program – Investment of

Through the CEDD program, PrairiesCan makes targeted investments that aim to generate sustainable, inclusive economic growth and help communities in Alberta, Saskatchewan, and Manitoba to fully participate in, and benefit from economic opportunities. Four Manitoba CEDD recipients receiving funding through PrairiesCan were announced:

  • Vision Quest Conferences Inc. ($75,000)
    Support the Vision Quest Conferences and Trade Show in 2022, 2023, and 2024 in Winnipeg
  • Business Council of Manitoba Inc. ($1,325,000)
    Increase Indigenous inclusion in the labour force in Manitoba through work integrated learning
  • Purpose Construction ($1,399,450)
    Launch the ‘Purpose Homes’ program that combines training urban Indigenous Peoples in residential new home construction
  • Indigenous Services Canada ($314,000)
    PrairiesCan, through a Strategic Partnership Initiative project, will provide an Indigenous Youth Training and Mentorship program, as well as support fishing license transfer strategies in the Cedar Lake Fishery

Canadian Seafood Stabilization Fund (CSSF) – Investment of

Fish and seafood processors are key to our economy and national food security. During the COVID-19 pandemic, the CSSF provided $62.5 million to support fish and seafood processors. PrairiesCan and PacifiCan provided more than $9 million in funding through the CSSF to support fish and seafood processors across Western Canada. One Manitoba CSSF recipient receiving funding through PrairiesCan was announced today:

  • Hollow Water Fishers Co-op Ltd. ($33,000) 
    Upgrade health and safety equipment at a fish station in Wanipigow

Green and Inclusive Community Buildings (GICB) Program – Investment of $6,311,657

Launched in April 2021, this five-year $1.5 billion program will support green and accessible retrofits, repairs or upgrades of existing public community buildings and the construction of new publicly-accessible community buildings that serve high-needs, underserved communities across Canada. This program will help Canada reach its emissions reduction targets by 2030 and its net-zero objectives by 2050. Today, PrairiesCan announced one Manitoba GICB project on behalf of Infrastructure Canada.

  • Ka Ni Kanichihk Inc. ($6,311,657)
    A building expansion project to include a new multi-purpose community facility in Winnipeg. This project will help expand services to Indigenous people in downtown Winnipeg to help them heal from multi-generational trauma and transform their lives through programs that heal, provide education and skills training and tackle the root causes of houselessness and substance abuse.

Associated links

Stay connected

Follow PrairiesCan on Twitter and LinkedIn
Toll-Free Number: 1-888-338-9378
TTY (telecommunications device for the hearing impaired): 1-877-303-3388

SOURCE Prairies Economic Development Canada

For further information: Kyle Allen, Press Secretary and Communications Advisor, Office of the Minister of Northern Affairs, Minister responsible for Prairies Economic Development Canada, and Minister responsible for the Canadian Northern Economic Development Agency, [email protected]; Chris Minaker, Director, Policy, Planning and External Relations, Prairies Economic Development Canada, [email protected]; Jean-Sébastien Comeau, Press Secretary and Senior Communications Advisor, Office of the Honourable Dominic LeBlanc, Minister of Intergovernmental Affairs, Infrastructure and Communities, [email protected]

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Canadian defence investments have ‘changed the tone’ of U.S. relations: ambassador – Global News



Canada’s ambassador to the United States says she’s seen a change of tone in how Washington views its northern ally’s commitment to defence thanks to a slew of new investments — reducing a potential thorny point of discussion ahead of this week’s presidential visit to Ottawa.

U.S. President Joe Biden on Thursday will make his first trip to Canada since being sworn into office over two years ago, sitting down with Prime Minister Justin Trudeau to discuss a range of issues before addressing Parliament.


North American defence is sure to be a top priority for the summit after the recent flight of a Chinese spy balloon over the continent last month and incursions by China and Russia in the Arctic, along with Russia’s ongoing war in Ukraine.

Read more:

The dates are out for Joe Biden’s 1st presidential visit to Canada

But after years of calls from Washington for Canada to meet its defence spending obligations and modernize its military, Ambassador Kirsten Hillman says she’s beginning to see a shift.

“There is no doubt that the U.S. will always be looking to Canada and other allies to do as much as they can,” she told Mercedes Stephenson on The West Block Sunday.

“But I have noticed that, as we have made our announcements with respect to the investments in NORAD modernization, the purchase of the F-35s, the fact that we are now in the middle of another defence policy review … I think it’s changed the tone from where I sit in Washington to a pretty important degree.”

Click to play video: 'U.S. President Joe Biden to visit Canada in late March'

U.S. President Joe Biden to visit Canada in late March

The federal government has committed nearly $40 billion in investments over the next 20 years to modernize NORAD, something Canada’s military brass and Defence Minister Anita Anand pointed to as crucial in the wake of the Chinese spy balloon and the subsequent detection and shootdown of three other unidentified objects over North American airspace in February.

However, it remains unclear how much of that spending is actually new money.

Among the first priorities that are being fast-tracked is over-the-horizon radar systems, which will broaden NORAD’s surveillance capabilities further north and detect modern foreign threats in the Arctic.

Hillman suggested a continued focus on the Arctic will further strengthen Canada-U.S. relations when it comes to defence.

More on Politics

“The Arctic is a really important contribution that we can make to the continental defence that other partners are less able to make,” she said. “So I think focusing in on that, as we’re doing, makes a lot of sense and is deeply appreciated by the Americans.”

Read more:

Chinese surveillance efforts in Arctic have been tracked, stopped: Canadian Armed Forces

Yet the Canadian Armed Forces is also facing a personnel crisis and recruitment challenge that has stretched the military thin between its commitments to Ukraine and NATO.

Chief of the Defence Staff Gen. Wayne Eyre has said the lack of capacity would make it “challenging” to deploy a new mission to somewhere like Haiti, which has become engulfed in gang violence — another top priority for Trudeau and Biden to discuss as pressure grows for Canada to lead a security mission there.

Trudeau has repeatedly said “outside intervention” won’t lead to long-term stability in the country and that Canada is focused on supporting local police and sanctioning those who enable the gangs, which Hillman reiterated.

“We talk with the Americans about the situation in Haiti, if not every day, several times a week,” she said.

“At this point, what we’re focusing on — and this is because of what the Haitians are telling us — is that what they really need is for their police services to be properly trained to deal with the security situation. That’s where we’re focusing. That’s what we’re talking to the U.S. about and other partners in the region who would help us in that.”

Read more:

Haiti doesn’t need ‘outside intervention,’ Trudeau suggests ahead of Biden visit

Asked if sending an RCMP mission to Haiti was a possibility, Hillman said it “might be,” but quickly added she could not speak on behalf of the police force or the military.

Safe Third Country Agreement up for discussion

Insecurity in countries like Haiti and many others has also sparked a global refugee crisis that has impacted both the U.S. and Canada and is being felt at their shared border.

Quebec and federal Conservatives are calling for Ottawa to close the Roxham Road border crossing where more than 39,000 migrants were intercepted by RCMP last year, according to federal statistics — compared with 4,095 in 2021.

Republicans in the U.S., meanwhile, are highlighting a surge in encounters with people trying to cross the opposite way. U.S. statistics suggest the number of attempted illegal crossings into the U.S. from Canada has more than doubled.

Read more:

Canada’s immigration minister heads to Washington amid high scrutiny of border crossings

The Safe Third Country Agreement allows both Canada and the U.S. to turn away asylum claimants from a third country who try to make a claim for asylum at an official entry point. Trudeau has said the 2004 agreement should be renegotiated so migrants aren’t incentivized to cross irregularly into Canada, which Hillman says will be up for discussion with Biden this week.

“I think that we are in a place where we can talk to the U.S. administration, the Biden administration, about all the tools that we have” to address migration, she said.

“I think that the administration will be open and is open to talking about all those tools, including the Safe Third Country Agreement.”

Meanwhile, over two million migrants crossed into the U.S. from Mexico in the most recent fiscal year — something Hillman says further underscores the issue of hemispheric migration that should also be addressed.

“They will talk about the root causes of that migration, they will talk about these people that are in danger and whose lives are at risk,” she said. “Then they will talk about the implications of that for our borders, for the U.S. southern border and of course for the Canada-U.S. border and the Roxham Road situation, as well as other crossings where people come.”

Click to play video: 'Trudeau says Safe 3rd Country Agreement needs renegotiation amid Roxham Road illegal crossings'

Trudeau says Safe 3rd Country Agreement needs renegotiation amid Roxham Road illegal crossings

Finally, Hillman says continued cooperation on trade and economic opportunities for both countries will also be discussed, building on talks and agreements signed at the so-called “Three Amigos” summit earlier this year with Mexican President Andrés Manuel López Obrador.

Despite a continued push by the Biden administration for so-called “Buy American” initiatives that prioritize U.S.-based manufacturing, Hillman says Canada is still being included on things like electric vehicle production and critical minerals.

Those Canadian-made materials will be eligible for tax incentives under the U.S. Inflation Reduction Act, she said, but has prompted concerns that the incentives will make it difficult for Canada to attract investors in its own electrification and minerals strategies.

“I think one of our big messages to the Americans next week is going to be, this is good, but let’s make sure we’re doing it in a way that moves us both forward as much as possible, as fast as possible, and isn’t a sort of zero-sum game where we try and outcompete each other,” she said.

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Saudi National Bank loses over $1 billion on Credit Suisse investment – CNBC



In this article

Signage for Credit Suisse Group AG outside a building, which houses the company’s branch, in Tokyo, Japan, on Monday, March 20, 2023. UBS Group AG agreed to buy Credit Suisse Group in a historic, government-brokered deal aimed at containing a crisis of confidence that had started to spread across global financial markets.
Kosuke Okahara | Bloomberg | Getty Images

Saudi National Bank is nursing major losses in the wake of Credit Suisse’s failure after a deal was reached for UBS to buy the embattled Swiss lender for $3.2 billion.

Saudi National Bank — Credit Suisse’s largest shareholder — confirmed to CNBC on Monday that it had been hit with a loss of around 80% on its investment.


The Riyadh-based bank holds a 9.9% stake in Credit Suisse, having invested 1.4 billion Swiss francs ($1.5 billion) in the 167-year-old Swiss lender in November of last year, at 3.82 Swiss francs per share.

Under the terms of the rescue deal, UBS is paying Credit Suisse shareholders 0.76 Swiss francs per share.

The significant discount comes as regulators try to shore up the global banking system. The scramble for a rescue follows a tumultuous few weeks which saw the collapses of U.S.-based Silicon Valley Bank and First Republic bank as well as major stock price downturns across the banking sector internationally.

Shares of UBS, Switzerland’s largest bank, traded down 10.5% at 9:28 a.m. London time, while Europe’s banking sector was around 4% lower. Credit Suisse was down a whopping 62%.

The Saudi National Bank (SNB) headquarters beyond the King Abdullah Financial District Conference Center in the King Abdullah Financial District (KAFD) in Riyadh, Saudi Arabia, on Tuesday, Dec. 6, 2022.
Bloomberg | Bloomberg | Getty Images

Despite the loss, Saudi National Bank says its broader strategy remains unchanged. Shares of the lender were up 0.58% on Monday at 9:30 a.m. London time.

“As at December 2022, SNB’s investment in Credit Suisse constituted less than 0.5% of SNB’s total Assets, and c. 1.7% of SNB’s investments portfolio,” the Saudi National Bank said in a statement.

It said there was “nil impact on profitability” from a “regulatory capital perspective.”

“Changes in the valuation of SNB’s investment in Credit Suisse have no impact on SNB’s growth plans and forward looking 2023 guidance,” it added.

The Qatar Investment Authority, Credit Suisse’s second-largest investor, holds a 6.8% stake in the bank and also suffered a steep loss. QIA did not reply to a request for further details.

Saudi shareholder ‘shot themselves in the foot’

Credit Suisse’s demise was a long time coming, with a culmination of years of scandals, multi-billion dollar losses, leadership changes and a strategy that failed to inspire investor confidence. In February, the bank — Switzerland’s second-largest — reported its biggest annual loss since the 2008 financial crisis after clients withdrew more than 110 billion Swiss francs ($120 billion).

In December 2022, Credit Suisse raised some $4 billion in funding from investors, including major Gulf banks and sovereign wealth funds like Saudi National Bank, the Qatari Investment Authority and the Saudi Olayan Group. Norway’s sovereign wealth fund, Norges Bank Investment Management, is also a major shareholder.

SNB’s feeling right now is probably like all shareholders in CS — utter anger that management have let the situation get to this point.
Simon Fentham-Fletcher
Chief investment officer, Freedom Asset Management

The sharp and sudden downturn that began last week and led to the bank’s emergency sale is partially the fault of Saudi National Bank itself, some argue.

Saudi National Bank chairman Ammar Al Khudiary on Wednesday was asked by Bloomberg if it would increase its stake in the troubled Swiss lender. His reply was “absolutely not, for many reasons outside the simplest reason, which is regulatory and statutory.”

The comment triggered investor panic and sent Credit Suisse shares down 24% during that session, even though the statement wasn’t in fact new; the Saudi bank said in October that it had no plans to expand its holdings beyond the current 9.9%.

“Even though the situation at Credit Suisse was not perfect and investors had a lot of question marks about the future of the bank, SNB didn’t help calm down investors and shot themselves in the foot” with the chairman’s comments, one UAE-based investment banker, who requested not to be named due to professional restrictions, told CNBC.

“As the largest shareholders in the bank, they had the most to lose if the bank goes under, and this is exactly what happened,” the banker said.

The Saudi National Bank chairman did attempt to calm the situation the following day, telling CNBC’s Hadley Gamble in Riyadh that “if you look at how the entire banking sector has dropped, unfortunately, a lot of people were just looking for excuses.”

“It’s panic, a little bit of panic. I believe completely unwarranted, whether it be for Credit Suisse or for the entire market,” Al Khudairy said. His comments ultimately failed to stem the bank’s continued rout.

The messy fallout, which spilled over across the entire banking sector, has ruptured market confidence and stoked fears of another global banking crisis. Swiss Finance Minister Karin Keller-Sutter set out to reassure angry taxpayers during a press conference Sunday, stressing that “this is a commercial solution and not a bailout.”

“SNB’s feeling right now is probably like all shareholders in CS — utter anger that management have let the situation get to this point,” Simon Fentham-Fletcher, chief investment officer at Abu Dhabi-based Freedom Asset Management, told CNBC.

“For years CS lurched from crisis to regulatory fine and changed management as it emerged in a new path. Finally the bank ran out of time,” he said.

He said that shareholders, specifically large ones like Saudi National Bank, will likely now want to reappraise the way they make investments and “where the stake is as large as it was here, will probably want to start embedding people so they properly understand what is happening inside their investments.”

“This might see a rise in activist shareholders not just wanting a board seat but real eyes and ears,” he added, noting that the last few weeks of market turmoil will undoubtedly put a significant dent in investor desire for risk.

From a risk perspective, Fentham-Fletcher said, “generally I think that we will see a pull back in all risk appetite as confidence has just taken a severe beating, and this combined with the apparent upending of the capital structure rules will undoubtedly make people pause.”

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Enbridge: Investment Grade Company Offering 7.6% Bond (NYSE:ENB)



Mongkol Onnuan

Author’s note: All financial data in this article is presented in Canadian dollars.

Enbridge Inc. (NYSE:ENB), a North American energy transportation and distribution giant is currently finding itself near a 52-week low. Income investors may see the rising

Enbridge 2083 Bond Data


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Enbridge Cash Flow Statement

SEC 10-K

An Enbridge Preferred Share Price Quote

Seeking Alpha

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SEC 10-K

Enbridge Notes Automatic Conversion Covenant

2083 Notes 424B Filing


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