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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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Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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