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Trudeau says now is not the time to talk about scrapping the monarchy – CBC.ca

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Prime Minister Justin Trudeau said today that his government won’t engage in constitutional talks about scrapping the monarchy while a pandemic is still raging and the country faces unprecedented economic disruption.

“Obviously, I wish all members of the Royal Family the very best. But my focus, as we’ve said, is getting through this pandemic,” Trudeau said when asked if Canada should rethink its ties to the House of Windsor after Prince Harry and his wife Meghan Markle, the Duke and Duchess of Sussex, made some bombshell allegations in an interview.

“If people want to later talk about constitutional change and shifting our system of government, that’s fine. They can have those conversations. But right now, I’m not having those conversations,” Trudeau said.

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In a sensational sit-down interview with talk show host Oprah Winfrey, Prince Harry and Meghan Markle described the Royal Family as a tabloid-obsessed group that failed to protect their young son, Archie, and made racially tinged remarks about his skin colour.

The couple also described the royals and their coterie of advisers as cold, distant and indifferent to Meghan Markle’s mental health as she grappled with bad press.

In the interview’s aftermath, some republican-minded members of the Commonwealth have called on countries like Canada to do away with the institution of the monarchy altogether.

“I think it’s clear. I’ve said it in the past. I don’t see the benefit of the monarchy in Canadians’ lives,” NDP Leader Jagmeet Singh told reporters.

WATCH: NDP Leader Jagmeet Singh says ‘I don’t see the benefit’ of the monarchy to Canadians

NDP Leader Jagmeet Singh reacts to Oprah Winfrey’s interview with Prince Harry and Meghan, Duchess of Sussex, and addresses the impact of systemic racism on Canadians during the pandemic. 1:41

“There’s no benefit to them and now even more so with concerns about racism in the institution that were raised, and pressures that were placed on Meghan Markle.”

Abolishing the monarchy in Canada would be difficult. Under the Constitution, all 10 provinces and both chambers of Parliament would have to agree to such a change. There has been little political appetite for constitutional amendments of any sort in recent years.

Trudeau said he wouldn’t comment on the specific allegations raised by Prince Harry and Meghan Markle. “I won’t comment on what’s going on over in the U.K., but I will continue to endeavour to fight against racism and intolerance every single day in Canada,” he said.

WATCH: Trudeau says, ‘I won’t comment on what’s going on over in the U.K.’ 

Prime Minister Justin Trudeau says he “won’t comment on what’s going on over in the U.K.” after being asked about allegations of racism made against the Royal Family in Oprah’s interview with Prince Harry and Meghan Markle. 2:23

Trudeau said that while many of Canada’s institutions, including Parliament itself, are built on a legacy of systemic racism, the solution is not to dump them altogether but to reform them from within.

“The answer is not to suddenly toss out all the institutions and start over,” he said. “The answer is to look very carefully at those systems and listen to Canadians who face discrimination … to understand the barriers, inequities and inequalities that exist within our institutions that need to be addressed, that many of us don’t see because we don’t live them.”

The prime minister himself has had to apologize for wearing blackface makeup in the past. A former Liberal MP, Celina Caesar-Chavannes, has said the government also hasn’t done enough to address anti-Black racism in Canada and the systemic barriers that racial minorities face, particularly in politics.

‘A guardian of our country’s traditions’

The prime minister is known to have a warm relationship with the reigning monarch, Queen Elizabeth, having met with her a number of times at Buckingham Palace and at Commonwealth summits abroad. He previously met her when his father, Pierre, was prime minister.

On her 94th birthday last year, Trudeau said Canada was “grateful for her leadership and steadfast commitment to our country and to the Commonwealth” and praised her “extraordinary service, strength and enduring grace.”

Trudeau also called the Queen “a guardian of many of our country’s traditions” and said “many Canadians feel a deep appreciation for the Queen” on her 93rd birthday in 2019.

Queen Elizabeth II receives Prime Minister Justin Trudeau during an audience at Buckingham Palace in London, Wednesday, April 18, 2018. (Sean Kilpatrick/Canadian Press)

During a 2018 town hall with young voters in Etobicoke, Ont., Trudeau said he takes a “pragmatic” approach to the monarchy.

“Right now, I think it’s fairly convenient and even nice to have a head of state that actually does not engage herself in the politics of the country,” Trudeau said.

“We now have 150 years of a tradition that has worked, that isn’t directly harming us or preventing our success and our self-determination as a nation. It would be very difficult and complicated to make this change,” he added. Ending the constitutional ties, however, “wouldn’t actually have a massive impact on our daily lives,” he said.

He said “cracking open the Constitution” and “rewriting it” would prompt many questions apart from whether Canada should have the Queen and her heirs as our heads of state.

‘They have a knack for getting past these things’

John Fraser is the author of The Secret of the Crown: Canada’s Affair with Royalty. He said Buckingham Palace must address allegations of racism or risk permanently damaging the brand in the eyes of Britons and Canadians alike.

Some of what Meghan Markle said is verifiably untrue, Fraser told CBC News, but talk of possible racial animus could be harmful to the family’s standing. Markle claimed the Royal Family withheld the title of “prince” for Archie — but according to royal protocol, he doesn’t have a right to that title until Prince Charles himself ascends to the throne.

Markle told Winfrey that Harry relayed to her that a member of the family had “concerns” about how the baby would look when he arrived, given that his father is white and his mother is biracial.

Fraser said that, with Harry himself ruling out the Queen and her husband, the Duke of Edinburgh, it leaves observers to wonder whether it was Prince Charles or Prince William who made the racial remark.

In this Monday, June 18, 2018 file photo, Prince Charles, left, and his son, Prince William, participate in the procession of the Order of the Garter Service at Windsor Castle in Windsor, England. (Matt Dunham/AP Photo)

While Charles has grappled with damage to his reputation in the past — “Some people don’t think very highly of him since the Diana business,” Fraser said — few people would tolerate someone who’s racially insensitive as the head of the Commonwealth, which is composed of many African and Caribbean countries.

“Harry and Meghan mean zilch constitutionally but because the racist question affects the nature of the head of state or the future head of state, it’s a serious issue that has to be dealt with,” Fraser said. “If it’s the heir to the throne, it’s a problem.”

The Sussex interview also has the potential to derail the search for Canada’s next governor general, Fraser said, as it may be hard to recruit quality candidates to be the Queen’s representative in the midst of this scandal.

“I don’t envy the prime minister trying to find our governor general in this stressful moment,” he said, adding Black, Indigenous or other people of colour might be reluctant to take the job in the current context.

Prince Harry, left, speaks with Prime Minister Justin Trudeau during a reception after a receiving line for the Queen’s Dinner for the Commonwealth Heads of Government Meeting (CHOGM) at Buckingham Palace in London, Thursday, April 19, 2018. (Matt Dunham/AP Photo)

The comments will rock the institution and draw considerable media attention, but, Fraser said, he doesn’t believe it’s enough to bring down the monarchy or fuel a republican movement in Canada. He said the Royal Family has proven to be a resilient institution.

“There’s trouble in Dodge City but they’ve certainly survived crises worse than this. I don’t think this is the tipping point,” Fraser said, adding the family has endured the abdication of King Edward VIII, the misadventures of Princess Margaret, the divorce of Prince Charles and Princess Diana — and her subsequent death — and Prince Andrew’s questionable relationship with Jeffrey Epstein, the late financier who was accused of various sex crimes.

“I think they have a knack for getting past these things. People didn’t think they’d survive the death of Diana, but they did,” he said. “When the dust and chicken feathers settle they’re always there, and I think that’s what will happen this time, too.”

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Tesla Promises Cheap EVs by 2025 | OilPrice.com – OilPrice.com

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Tesla Promises Cheap EVs by 2025 | OilPrice.com



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Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

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Tesla has promised to start selling cheaper models next year, days after a Reuters report revealed that the company had shelved its plans for an all-new Tesla that would cost only $25,000.

The news that Tesla was scrapping the Model 2 came amid a drop in sales and profits, and a decision to slash a tenth of the company’s global workforce. Reuters also noted increased competition from Chinese EV makers.

Tesla’s deliveries slumped in the first quarter for the first annual drop since the start of the pandemic in 2020, missing analyst forecasts by a mile in a sign that even price cuts haven’t been able to stave off an increasingly heated competition on the EV market.

Profits dropped by 50%, disappointing investors and leading to a slump in the company’s share prices, which made any good news urgently needed. Tesla delivered: it said it would bring forward the date for the release of new, lower-cost models. These would be produced on its existing platform and rolled out in the second half of 2025, per the BBC.

Reuters cited the company as warning that this change of plans could “result in achieving less cost reduction than previously expected,” however. This suggests the price tag of the new models is unlikely to be as small as the $25,000 promised for the Model 2.

The decision is based on a substantially reduced risk appetite in Tesla’s management, likely affected by the recent financial results and the intensifying competition with Chinese EV makers. Shelving the Model 2 and opting instead for cars to be produced on existing manufacturing lines is the safer move in these “uncertain times”, per the company.

Tesla is also cutting prices, as many other EV makers are doing amid a palpable decline in sales in key markets such as Europe, where the phaseout of subsidies has hit demand for EVs seriously. The cut is of about $2,000 on all models that Tesla currently sells.

By Charles Kennedy for Oilprice.com

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Why the Bank of Canada decided to hold interest rates in April – Financial Post

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Divisions within the Bank of Canada over the timing of a much-anticipated cut to its key overnight interest rate stem from concerns of some members of the central bank’s governing council that progress on taming inflation could stall in the face of stronger domestic demand — or even pick up again in the event of “new surprises.”

“Some members emphasized that, with the economy performing well, the risk had diminished that restrictive monetary policy would slow the economy more than necessary to return inflation to target,” according to a summary of deliberations for the April 10 rate decision that were published Wednesday. “They felt more reassurance was needed to reduce the risk that the downward progress on core inflation would stall, and to avoid jeopardizing the progress made thus far.”

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Others argued that there were additional risks from keeping monetary policy too tight in light of progress already made to tame inflation, which had come down “significantly” across most goods and services.

Some pointed out that the distribution of inflation rates across components of the consumer price index had approached normal, despite outsized price increases and decreases in certain components.

“Coupled with indicators that the economy was in excess supply and with a base case projection showing the output gap starting to close only next year, they felt there was a risk of keeping monetary policy more restrictive than needed.”

In the end, though, the central bankers agreed to hold the rate at five per cent because inflation remained too high and there were still upside risks to the outlook, albeit “less acute” than in the past couple of years.

Despite the “diversity of views” about when conditions will warrant cutting the interest rate, central bank officials agreed that monetary policy easing would probably be gradual, given risks to the outlook and the slow path for returning inflation to target, according to the summary of deliberations.

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They considered a number of potential risks to the outlook for economic growth and inflation, including housing and immigration, according to summary of deliberations.

The central bankers discussed the risk that housing market activity could accelerate and further boost shelter prices and acknowledged that easing monetary policy could increase the likelihood of this risk materializing. They concluded that their focus on measures such as CPI-trim, which strips out extreme movements in price changes, allowed them to effectively look through mortgage interest costs while capturing other shelter prices such as rent that are more reflective of supply and demand in housing.

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They also agreed to keep a close eye on immigration in the coming quarters due to uncertainty around recent announcements by the federal government.

“The projection incorporated continued strong population growth in the first half of 2024 followed by much softer growth, in line with the federal government’s target for reducing the share of non-permanent residents,” the summary said. “But details of how these plans will be implemented had not been announced. Governing council recognized that there was some uncertainty about future population growth and agreed it would be important to update the population forecast each quarter.”

• Email: bshecter@nationalpost.com

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Meta shares sink after it reveals spending plans – BBC.com

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Woman looks at phone in front of Facebook image - stock shot.

Shares in US tech giant Meta have sunk in US after-hours trading despite better-than-expected earnings.

The Facebook and Instagram owner said expenses would be higher this year as it spends heavily on artificial intelligence (AI).

Its shares fell more than 15% after it said it expected to spend billions of dollars more than it had previously predicted in 2024.

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Meta has been updating its ad-buying products with AI tools to boost earnings growth.

It has also been introducing more AI features on its social media platforms such as chat assistants.

The firm said it now expected to spend between $35bn and $40bn, (£28bn-32bn) in 2024, up from an earlier prediction of $30-$37bn.

Its shares fell despite it beating expectations on its earnings.

First quarter revenue rose 27% to $36.46bn, while analysts had expected earnings of $36.16bn.

Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said its spending plans were “aggressive”.

She said Meta’s “substantial investment” in AI has helped it get people to spend time on its platforms, so advertisers are willing to spend more money “in a time when digital advertising uncertainty remains rife”.

More than 50 countries are due to have elections this year, she said, “which hugely increases uncertainty” and can spook advertisers.

She added that Meta’s “fortunes are probably also being bolstered by TikTok’s uncertain future in the US”.

Meta’s rival has said it will fight an “unconstitutional” law that could result in TikTok being sold or banned in the US.

President Biden has signed into law a bill which gives the social media platform’s Chinese owner, ByteDance, nine months to sell off the app or it will be blocked in the US.

Ms Lund-Yates said that “looking further ahead, the biggest risk [for Meta] remains regulatory”.

Last year, Meta was fined €1.2bn (£1bn) by Ireland’s data authorities for mishandling people’s data when transferring it between Europe and the US.

And in February of this year, Meta chief executive Mark Zuckerberg faced blistering criticism from US lawmakers and was pushed to apologise to families of victims of child sexual exploitation.

Ms Lund-Yates added that the firm has “more than enough resources to throw at legal challenges, but that doesn’t rule out the risks of ups and downs in market sentiment”.

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