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Trudeau's 'weakness and fear' over blockades, Teck mine driving away investment, says Scheer – CBC.ca

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Outgoing Conservative Leader Andrew Scheer today accused Prime Minister Justin Trudeau of driving away energy sector investment, saying his “weakness and fear” in dealing with opponents of oilsands development killed the Teck Frontier project “through delay and by constantly moving the goalposts.”

Scheer’s office issued a statement today after speaking with Trudeau earlier Monday. In it, Scheer claims Trudeau showed “weak leadership” in his response to rail blockades and argues the resulting “political unrest” led Vancouver-based Teck Resources to withdraw its application to build a massive oilsands mine in northern Alberta.

“Highlighting how Mr. Trudeau’s weakness and fear in dealing with his left-wing caucus and radical activists forced him to kill this project through delay and by constantly moving the goalposts, Mr. Scheer asked the prime minister why the Teck Frontier Project approval sat on his desk since July,” said the statement from Scheer’s office.

The statement goes on to say that “the prime minister’s weakness over the last few weeks has sent a signal to businesses across Canada that the rule of law will not be upheld, court injunctions will not be enforced and major projects cannot get built.”

The statement says Trudeau has to take stronger action before protests “shut down the economy completely.”

Wet’suwet’en hereditary chiefs, opposed to a natural gas pipeline being constructed through their territory, have prevented workers from Coastal GasLink from entering their territory in northern B.C. That defiance has inspired other activists and Indigenous groups to launch railway and port blockades that have restricted the transport of goods across the country. 

After two weeks of protests, Trudeau said last week that efforts to engage in dialogue with the Wet’suwet’en hereditary chiefs had failed and it was time for the barricades to come down.

“We cannot have dialogue when only one party is coming to the table. For this reason, we have no choice but to stop making the same overtures,” Trudeau said.

It is what happens when governments lack the courage to defend the interests of Canadians in the face of a militant minority.– Alberta Premier Jason Kenney

This morning, the Ontario Provincial Police began moving against the rail blockade near Belleville, Ont., where protests by the Mohawks of Tyendinaga have crippled passenger and freight train traffic.

The Mohawks have since moved their protest onto Route 132, blocking the Mercier Bridge outside Montreal. Police actions are ongoing.

Scheer has criticized Trudeau’s decision to not order police action sooner, saying the climate of lawlessness is driving energy investment away from Canada and into other countries, including the United States.

Teck calls it quits

Teck Resources Ltd. announced it had withdrawn its application to build a massive oilsands project in northern Alberta on Sunday, citing the ongoing debate over climate policy in Canada.

The federal government was to issue a decision this week on whether to approve the $20.6-billion, 260,000-barrel-per-day Teck Frontier mine.

Two First Nations women hug on the south side of the blockade train tracks in Tyendinaga Mohawk Territory, near Belleville, Ont., today, as they protest in solidarity with Wet’suwet’en Nation hereditary chiefs attempting to halt construction of a natural gas pipeline on their traditional territories. (Lars Hagberg/Canadian Press)

The company said it will take a $1.13-billion writedown on the project, which it said would have created 7,000 construction jobs and 2,500 operating jobs while bringing in more than $70 billion in government revenue.

Cabinet was expected to discuss the project at its meeting on Tuesday. It had until the end of the week to make a decision, though it could have decided to push that deadline back.

The project was expected to produce about four million tonnes of greenhouse gas emissions per year over its 40 year lifespan, and disturb 292 square kilometres of pristine wetlands and boreal forest.

In July 2019, a joint federal-provincial review panel recommended the mine be approved, saying the economic benefits outweighed what it described as significant adverse environmental impacts.

Alberta Premier Jason Kenney described Teck’s announcement as a grave disappointment for Albertans.

“It is what happens when governments lack the courage to defend the interests of Canadians in the face of a militant minority,” Kenney said in an emailed statement, highlighting Trudeau’s approach to the blockades.

Federal NDP Leader Jagmeet Singh, meanwhile, accused Trudeau of going too far by demanding the barricades come down.

“Everyone involved, from hereditary chiefs to the CEOs, are looking to find a peaceful de-escalation. Everyone except the prime minister, who’s taking notes from Andrew Scheer,” Singh said on Twitter. “Violent and reckless actions repeat a history that divides people even more.”

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Canadian pension giant writes off $150mn Celsius investment – Financial Times

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Canada’s second-largest pension fund manager has written off its $150mn investment in crypto lending platform Celsius Network and conceded it went into crypto “too soon”.

Charles Emond, chief executive of Caisse de dépôt et placement du Québec (CDPQ), said its investment in Celsius last October marked the end of its foray into the digital asset industry.

Celsius became one of the biggest names to be caught by the sharp collapse in the price of digital assets in the spring. In June it froze customer withdrawals and weeks later filed for Chapter 11 bankruptcy protection in New York, a move that revealed a $1.2bn hole in the company’s balance sheet.

CDPQ, the $304bn investment firm that manages pension plans and insurance programmes in Quebec, said on Wednesday the stake in Celsius was written off “out of prudence”.

“For us it’s clear when we look at all of this, even if the last chapter has not been written, that we went in too soon into a sector that was in transition, with a business that had to manage extremely quick growth,” Emond said.

The group’s comments on Wednesday mark a sharp contrast to October, when it said its Celsius investment was a sign of its “conviction” in blockchain technology.

The write-off of the group’s Celsius holdings — a small slice of its overall portfolio — came as the fund manager reported a C$28bn ($22bn) fall in assets in the six months to the end of June this year. CDPQ said its portfolio was hit by a “rare and simultaneous” fall in both equity and bond markets, which led to a 7.9 per cent hit on its portfolio.

“The first six months of the year were very challenging,” said Emond, adding that its portfolio had still performed better than its benchmark, which was down 10.5 per cent.

Responding publicly for the first time since Celsius’s slide into bankruptcy, Emond said: “Whether it is Celsius or any other investment, needless to say that when we write it off, we are disappointed with the outcome and not happy.”

Emond said he was aware there were challenges regarding crypto investments, but that “perhaps we underestimated the challenges”.

He felt “a lot of empathy” for Celsius investors, and said the fund manager was “reserving our comments and exploring our legal options” related to the situation.

Asked if he regretted the Celsius investment, Emond, said: “As an investor it is a constant and never-ending learning process. You learn and make sure you don’t repeat the mistake.” He added the company never takes “any dollar loss lightly”.

Emond declined to go into detail on the internal repercussions of the investment. However, he added that “the teams will be accountable, as they always are”.

He also confirmed that CDPQ is not interested in further investments into crypto but said the pension fund manager was still optimistic on the future of blockchain technology. “The straight answer would be yes . . . you know, in these disruptive technologies, there’s ups and downs.”

What does the future hold for digital currencies? Our digital finance news editor Philip Stafford and digital assets correspondent Scott Chipolina had a broad discussion on an Instagram live about this topic, including the impact of regulation and inflation on crypto. Watch it here.

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Local startups benefit from $35000 investment – The Kingston Whig-Standard

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Kingston Economic Development Corporation is investing $35,000 in 12 entrepreneurs in Kingston through their Starter Company Plus program.

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These micro grants will aid in the growing of the local startups in getting their feet off of the ground alongside business training and personal coaching for business owners.

According to Rob Tamblyn, Business Development Manager of Small & Medium Enterprises – the pandemic as resulted in many Kingstonians pursuing their own businesses.

“We are proud to be able to offer support and guidance to them through the Kingston Economic Development,” said Tamblyn.

The wide array of businesses that will benefit from this grant span from tattoo and spa services to contracting and driving schools, he said.

“Since the pandemic, we have certainly seen an uptick in the number of inquiries from people who are wanting to go into business for themselves.” Tamblyn said, explaining the need for funding.

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Kingston Economic Development Corporation was created with the mission of supporting the Kingston economy through providing mentorship and funds to a variety of business enterprises.

Little Friday is one of the twelve businesses in the spring cohort, Soren Gregersen and Ciara Roberts, co-founders of the new video production company, spoke to the Whig about the program.

Officially opening it’s doors in February of this year, Gregersen and Roberts heard of the Starter Company Plus Program from a business that participated last year.

“We’re going to spend the money on (Search Engine Optimization) to get some online presence and a bit of money on gear so that we can up our production value and capacity,” Gregersen said, referring to the vitality of a virtual presence in early stages.

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“We’re fortunate in Kingston to be able to offer two separate cohorts, one in the spring and one in the fall.” Tamblyn said. “So we’re able to inject $70,000 into startups or existing businesses seeking to expand.”

Each year, the corporation provides $35,000 in micro grants for each cohort to local businesses with funding from the Government of Ontario. Business owners are able to receive up to $5,000 based on the strength of their business pitches, decided on by a panel of community judges.

Accepted participants not only receive funding, but also attend a week-long virtual boot camp covering market research, digital marketing, small business financing, and hiring practice to ensure that each entrepreneur is set up with the resources and information for success.

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Roberts told the Whig that the boot camp and additional resources offered by the program has been invaluable. “It gave us a week to really sit down and put pen to paper on what we wanted little Friday to be about.”

“We focused on figuring out long term goals, marketing strategies, and marketing sales forecasts (in the boot camp)”

The pair has been receiving one on one coaching from business experts where time is allotted to get specific on obstacles that arise in the early days of business.

Interested start-up owners can apply to the Fall 2022 cohort from now until September 11 through the Invest Kingston website.

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Federal government touts London, Ont. region as possible site for investment by Boeing – CTV News London

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A pair of initiatives aimed at attracting high-skilled jobs to the region have captured the attention of the federal government.

On Tuesday, Minister of Innovation, Science, and Industry François-Philippe Champagne sat down for an interview with CTV News London to discuss the growing electric vehicle (EV) sector and other high-tech industries in southwestern Ontario.

“I don’t know if you’ve been following me!” joked a surprised Champagne when asked about rumours that aerospace company Boeing is considering a significant investment in London and the surrounding region.

He says talks are ongoing with Boeing about further investment in Canada — and confirms this region is in the running.

“London has the key ingredients that you [need] to attract this type of investment in the industry,” the minister explains.

Boeing is one of the largest aerospace design and manufacturing companies in the world.

Champagne suggested he is targeting investments that reduce the environmental impact of the aerospace industry, in particular, greener propulsion.

“What we’ve done in the automotive sector I dream of doing in the aerospace sector, which is greening the industry,” he adds.

Earlier in the day Champagne was joined by London North Centre MP Peter Fragiskatos on a tour of Toyota in Woodstock, Ont. focussed on EV investments and technology.

Fragiskatos says the federal government’s ongoing push for electric vehicle and component production in Ontario brings high paying jobs to the region.

“We’re talking about close to $40/hr plus benefits, particularly in this economy its jobs like that that are going to get people through,” says Fragiskatos.

In June, the City of St. Thomas announced the purchase of a 325 hectare (800 acre) parcel of serviced land in the community’s northeast corner aimed at attracting an EV battery plant.

Champagne was aware of the shovel-ready property and enthusiastic about the opportunity.

He believes the EV industry wants to reduce the carbon footprint of battery production, making Ontario’s mostly renewable energy hydro grid very attractive.

“I would applaud what is being done in St. Thomas, and certainly that is the type of creativity that we need,” he says. 

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