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Via trains at standstill as talks to end blockades get rolling – CTV News

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TORONTO —
Trains aren’t moving but rhetoric is being rolled out as the anti-pipeline protests that have derailed vital freight movement in eastern Ontario and passenger rail travel across Canada continue.

Meetings are scheduled between Indigenous leaders and federal ministers who are looking to negotiate an end to the rail blockades in Ontario, Quebec and B.C., while premiers and opposition leaders are calling for immediate action to end the disruptions, which have already seen dozens of arrests.

The protests began last week after the RCMP enforced a court injunction against Indigenous leaders and their supporters who had been halting construction of the 670-kilometre Coastal GasLink pipeline project, a major piece of a $40-billion LNG Canada liquefied natural gas export project on the B.C. coast, that crosses the traditional territories of the Wet’suwet’en First Nation.

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Indigenous leaders in B.C.’s northwest have invited federal and B.C. politicians to meetings, while following through on a promise to ensure a blockade of CN Rail tracks near New Hazelton, B.C. would come down during talks.

The blockade had been in place since Saturday, preventing shipments to the Port of Prince Rupert. But Indigenous leaders have warned the blockade could go back up if the province doesn’t agree to cancel Coastal GasLink’s pipeline permit during the scheduled talks.

Demonstrators who are blocking tracks near Belleville, Ont., a critical corridor linking Montreal and Ottawa with Toronto, say they’re standing with those opposed to the pipeline.

A court injunction sought by Canadian National Railway has been granted in Ontario that gives the OPP authority to clear the protesters, but as yet no enforcement action has been taken.

CN said Thursday it was starting a progressive shutdown in its eastern freight network due to the blockade, while Via Rail cancelled all service on CN tracks in Canada.

Only two northern Via routes – Sudbury-White River and Churchill-The Pas – will remain open.

In addition to being a major inconvenience to passengers, the disruptions will cause a huge economic hit. The shutdown by CN is largely seen as a move to pressure Ottawa to take action.

While Prime Minister Justin Trudeau says the rule of law must be followed and federal Transport Minister Marc Garneau says the blockades are “illegal,” the federal government has largely taken a hands-off approach, saying enforcing injunctions against protesters is a provincial responsibility.

But Trudeau is increasingly coming under fire to take action as trains sit idle.

In Munich to lobby for a seat on the UN Security Council Friday, the prime minister told reporters that his government is “fully seized” and taking a “whole of government approach” to this issue and is doing all it can to ensure the rule of law is upheld.

“Canadians are worried and we will stay engaged on this issue,” he said.

Conservative Leader Andrew Scheer came out swinging Friday morning, saying Trudeau must order the RCMP to enforce the rule of law where they have jurisdiction and clear the protesters he says are threatening thousands of jobs.

“These protesters, these activists, may have the luxury of spending days at a time at a blockade but they need to check their privilege. They need to check their privilege and let people whose jobs depend on the railway business, small businesses and farmers do their jobs.”

He accused Trudeau of refusing to call the protests illegal and allowing a small number of activists to hold the economy hostage while being overseas “on a vanity project” to win a UN vote.

If the rule of law is not enforced, said Scheer, the Liberals will be “setting a dangerous precedent that a small few can have a devastating impact on the lives of countless Canadians.”

Manitoba Premier Brian Pallister is demanding that Ottawa provide clarity on future resource development applications, saying the rail blockades show there needs to be a better process.

Pallister made the remarks after an anti-pipeline blockade of a major rail line west of Winnipeg came down. Activists have promised that more protests are coming.

Quebec Premier Francois Legault has said it is up to Trudeau to solve the problem.

“One thing is clear: the path to resolution of this issue is through dialogue and seeking to build consensus,” said Garneau during a press conference in Toronto Friday morning.

Garneau says that approach has worked in New Hazelton and he’s optimistic it can lead to resolutions in Quebec and Ontario.

Garneau says the federal government has been in constant talks with rail operators, business leaders and Indigenous protesters and is “committed to working on these matters in a manner consistent with its broader commitments to reconciliation. We also are a country that is a proud democracy that believes in the rule of law.”

There are signs the protests are intensifying.

The B.C. Supreme Court granted an injunction Thursday that authorizes police to arrest and remove people participating in any further blockades at the legislature building in Victoria. Those protests have spread to other government buildings in the city.

Hundreds of people marched in an anti-pipeline protest late Thursday afternoon through downtown Saskatoon and as the New Hazelton blockade was coming down, another was going up near the Pitt River bridge in Coquitlam. As a result, B.C.’s TransLink announced Friday morning that the West Coast Express service will not run, and will be replaced by buses.

As the turmoil continues, TC Energy, which is building the $6.2-billion pipeline that will take liquefied natural gas from northeastern B.C. to an export terminal now under construction in Kitimat, is proceeding with work at more than 30 sites.

The economic impact of the rail disruption has yet to be fully felt.

CN says the halt may lead to temporary layoffs for eastern Canadian staff and the Teamsters Union, which represents 16,000 works in the rail industry, warns that 6,000 works could be affected.

CN moves more than $300 billion a year in goods, much of that to the U.S., says Garneau, making it a significant trade issue. It won’t take long for the shutdown to affect a variety of key products, he said, including propane, jet fuel and de-icing chemicals, chlorine for drinking water, agricultural exports, and aluminum and lumber needed in the construction industry.

As the turmoil continues, TC Energy, which is building the $6.2-billion pipeline that will take liquefied natural gas from northeastern B.C. to an export terminal now under construction in Kitimat, is proceeding with work at more than 30 sites.

The economic impact of the rail disruption has yet to be fully felt.

CN says the halt may lead to temporary layoffs for eastern Canadian staff and the Teamsters Union, which represents 16,000 works in the rail industry, warns that 6,000 works could be affected.

CN moves more than $300 billion a year in goods, much of that to the U.S., says Garneau, making it a significant trade issue. It won’t take long for the shutdown to affect a variety of key products, he said, including propane, jet fuel and de-icing chemicals, chlorine for drinking water, agricultural exports, and aluminum and lumber needed in the construction industry.

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Economy grows more than expected, keeping the Bank of Canada 'on its toes' – Financial Post

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January GDP strongest monthly growth in a year

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The Canadian economy surprised to the upside in January, posting its strongest monthly growth in a year, which could keep the Bank of Canada “on its toes,” say economists.

Real gross domestic product (GDP), which measures the value of goods and services produced during a specific time frame, edged up by 0.6 per cent in January, according to Statistics Canada, beating analysts’ expectations of 0.4 per cent. The agency also expects a 0.4 per cent rise in GDP during February.

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“To put that two-month flurry of growth into perspective, the combined one per cent gain is as much as the economy grew in the entire 12 months of 2023,” Bank of Montreal chief economist Douglas Porter said in a note. “After a prolonged lull through much of last year … the economy looks to have caught some strong tailwinds early this year.”

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The rise in GDP was due to broad-based growth in 18 of the 20 sectors measured by Statistics Canada.

The public sector, which includes education, health care and social assistance and public administration, increased 1.9 per cent in January, following two consecutive monthly declines. Education, which grew by six per cent, was the largest contributor to the country’s growth as activity rebounded from strikes by public sector workers in Quebec late last year.

Manufacturing fully recouped December’s decline in growth with a 0.9 per cent rise in January. A sudden drop in temperature in mid-January in parts of Canada contributed to increased activity in the utilities sector, which rose by 3.2 per cent, its highest growth rate since January 2022.

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The real estate and rental sector grew for a third consecutive month — by 0.4 per cent — on higher resale activity. The Greater Toronto Area, Hamilton-Burlington and most markets in Ontario’s Greater Golden Horseshoe contributed to the growth.

The information and cultural services sector, which includes the motion picture and sound recording industry, also grew for the third consecutive month, as activity continued to ramp up following the end of a strike by the Screen Actors Guild – American Federation of Television and Radio Artists in November.

These “robust” figures could pose a difficult challenge for the Bank of Canada, Toronto-Dominion Bank economist Marc Ercolao said in a note.

While the central bank has received “solid evidence” in the past two months that inflation is cooperating, “strong GDP data prints” such as today’s will “keep them on their toes,” said Ercolao, who expects the first interest rate cut to take place in July.

On the labour front, Statistics Canada said there were 632,100 job vacancies in January, down 34,800, or 5.2 per cent, from November. Vacancies in the manufacturing sector declined by 10.2 per cent to 37,500, the lowest level since September 2017.

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Monthly payroll increases were recorded in 13 of 20 sectors, led by retail trade, manufacturing and finance. But these gains were offset by a 0.3 per cent decline in construction.

The number of employees receiving pay and benefits from their employers, as measured by payroll employment, rose for the first time in the retail trade after four consecutive monthly declines.

Despite the strong start to the year, some economists expressed caution, especially regarding February’s GDP estimate.

Claire Fan, an economist at the Royal Bank of Canada, said the “substantially stronger-than-expected” numbers are partially driven by one-off factors such as the ending of the Quebec teachers’ strike, so growth isn’t likely to be sustained in the coming months.

“We’ve learned to take the advance estimates (February) with a grain of salt as they have been highly revision prone,” she said, while retaining RBC’s assessment of a weak economic backdrop.

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BMO’s Porter said Canada experienced something similar last year when GDP stalled after a strong start to the year.

“There could be a serious issue with seasonality here, especially in light of much milder winters recently,” he said.

Despite the increase in GDP, most economists have stuck to their previous predictions that June will be when the Bank of Canada issues its initial interest rate cut.

• Email: nkarim@postmedia.com

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Former crypto mogul Sam Bankman-Fried sentenced to 25 years in prison

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Bankman-Fried, 32, sentenced for fraud on customers of the FTX cryptocurrency exchange he founded.

Former crypto tycoon Sam Bankman-Fried has been sentenced to 25 years in United States federal prison for stealing $8bn from customers of the now-bankrupt FTX cryptocurrency exchange he founded.

US District Judge Lewis Kaplan handed down the sentence at a Manhattan court hearing on Thursday after rejecting Bankman-Fried’s claim that FTX customers did not actually lose money and accusing him of lying during his trial testimony.

A jury found Bankman-Fried, 32, guilty on November 2 on seven fraud and conspiracy counts stemming from FTX’s 2022 collapse in what prosecutors have called one of the biggest financial frauds in US history.

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“He knew it was wrong,” Kaplan said of Bankman-Fried before handing down the sentence. “He knew it was criminal. He regrets that he made a very bad bet about the likelihood of getting caught. But he is not going to admit a thing, as is his right.”

Bankman-Fried stood with his hands clasped before him as Kaplan read the sentence.

Kaplan said the sentence reflected “that there is a risk that this man will be in position to do something very bad in the future. And it’s not a trivial risk at all.”

Prior to sentencing, Bankman-Fried stood and apologised. “A lot of people feel really let down. And they were very let down. And I’m sorry about that. I’m sorry about what happened at every stage,” he said.

“My useful life is probably over. It’s been over for a while now, from before my arrest.”

Sam Bankman Fried
Sam Bankman-Fried, centre left, is escorted out of Magistrate Court following a hearing in Nassau, Bahamas, Dec. 19, 2022 [File: Rebecca Blackwell/AP Photo]

Al Jazeera’s Kristen Saloomey, reporting from New York, said that Bankman-Fried could have received up to 110 years behind bars for his crimes and that the 25-year sentence was less than the 40-50 years that prosecutors were seeking.

“Given the scale of this crime, one of the largest frauds in history, the judge took a very strong stance but also showed some flexibility… perhaps based on the arguments made by Bankman-Fried’s lawyers and his family that he had always intended to do good”, she said.

Bankman-Fried had billed himself as a proponent of effective altruism – finding the best way to help other people, in particular by donating all or part of one’s wealth to charity rather than, say, volunteering at a soup kitchen.

When the cryptocurrency world lurched into crisis in the spring of 2022, he bought shares in the troubled platform BlockFi and another troubled company, Voyager.

However, prosecutors have said the responsible image he cultivated concealed his years-long embezzlement of customer funds.

“The defendant victimised tens of thousands of people and companies, across several continents, over a period of multiple years. He stole money from customers who entrusted it to him” prosecutors said in a court filing.

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Gas prices in the Thompson Okanagan jumped by 7 cents a litre, days before the next carbon tax increase – Vernon News – Castanet.net

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Some area gas stations are not waiting until April 1 to crank up the price of gas.

On April Fools Day, the federal Liberals will be increasing the controversial carbon tax, which will directly impact the price at the pump.

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However, overnight, several Thompson Okanagan gas stations have already increased the price, selling the liquid gold for 174.9.

In January, gas was selling for a ‘mere’ 143.9 cents a litre. The latest hike is a whopping 31-cent-a-litre increase in just three months.

And the price of petrol is guaranteed to go up again when the carbon tax increase is implemented on Monday.

Kelowna drivers are also paying more at the pump today, with the majority of stations raising the price to 174.9.

As of 9:30 Thursday morning, the Co-op stations on Rutland and Sexsmith roads were at 168.9 as was the Costco gas station.

Several Vernon stations are holding at 167.9.

In Penticton, motorists are also paying more, with the price at the majority of stations hitting the 174.9 mark.

Kamloops drivers are also taking a hit to the wallet with gas in the Thompson community also selling for 174.9.

The Kamloops Costco was the cheapest in the city at 161.9 cents a litre.

Enderby continues to have some of the cheapest gas in the region at 165.9, however the Esso in Tappen has them all beat at 157.9.

Gas in Vancouver has crested the $2 a litre mark, sitting at 202.9 cents a litre.

And as usual, Calgary motorists are paying significantly less than their BC counterparts, filling up for 154.9 cents a litre.

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