logo
Liberals to pass major projects bill this week with Conservative support

Liberals to pass major projects bill this week with Conservative support

National Post5 days ago

Article content
OTTAWA — Conservatives will be supporting the Liberal government's internal trade and major projects bill that is expected to be passed before Canada Day, revealed Leo Housakos, the leader of the Opposition in the Senate.
Article content
Housakos confirmed the news as he was questioning Minister of Transport and Internal Trade Chrystia Freeland during a pre-study of the bill on Monday afternoon.
Article content
Article content
'Obviously, the Conservative opposition in the House (of Commons) supports this bill, as the opposition does in this chamber,' he said, before criticizing current Liberals who were in his party's view a 'little bit overzealous' under Justin Trudeau's government in putting in place 'impediments and red tape' for projects in the energy sector.
Article content
Article content
Freeland thanked Housakos for 'recognizing and highlighting that Conservatives are supporting this legislation' and went on to say how proud she was as finance minister to have completed the expansion of the Trans Mountain pipeline which she said will add $1.25 billion to government coffers this year alone.
Article content
Bill C-5 would give the federal government sweeping powers for five years to quickly approve natural resource and infrastructure projects once cabinet deems them to be in the national interest, as well as break down internal trade barriers and make it easier for workers to work in other provinces.
Article content
Conservatives had so far hinted that they were in favour of the bill, which aligns with many of their election commitments, but had not confirmed that they would be voting for it.
Article content
'Of course, we Conservatives hope the government can show Canadians that big, audacious, nation-building projects can get approved and built in competitive timelines by the private sector, not by taxpayers,' said Conservative MP Shannon Stubbs, who is the party's energy and natural resources critic, in a speech in the House last week.
Article content
Stubbs said she expects Liberals to 'fix' C-5 and 'make it transparent, clear and certain.' Amendments include adding a clear definition of what is in the 'national interest,' a concrete two-year timeline between the final decision by cabinet on a project and its completion and ensuring project deliverables are achieved on time and on budget.
Article content
Liberal MP Judy Sgro defended her government's decision to fast-track the legislation, saying that 'it's an opportunity for Canada to really become the economic engine that we know it can be in consultation with all of the various groups that matter to us.'

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Here's Why Wall Street Is Bullish on AI Stock Vertiv Holdings (VRT)
Here's Why Wall Street Is Bullish on AI Stock Vertiv Holdings (VRT)

Globe and Mail

time12 minutes ago

  • Globe and Mail

Here's Why Wall Street Is Bullish on AI Stock Vertiv Holdings (VRT)

Vertiv Holdings (VRT) stock has recovered strongly from the lows seen in April and has risen more than 11% over the past month, as concerns about a slowdown in AI (artificial intelligence) spending have eased. VRT stock has rallied more than 30% in the past year. The data center infrastructure company is gaining from the strong demand for its energy-efficient cooling and power solutions that are required to support the ongoing AI boom. Confident Investing Starts Here: Vertiv: Riding the AI Wave Vertiv impressed investors with solid Q1 earnings beat. The company's Q1 2025 revenue grew 24%, while adjusted EPS (earnings per share) increased by about 49%. The AI infrastructure company also raised its full-year guidance, reflecting confidence in navigating macro challenges and mitigating the impact of tariffs announced by the Trump administration. 'Our partnership with Nvidia continues to place us at the heart of industrial-scale AI factory deployments,' said VRT CEO Giordano Albertazzi. Recently, Vertiv further strengthened its collaboration with chip giant Nvidia (NVDA) and announced an energy-efficient 142kW cooling and power reference architecture for the latter's GB300 NVL72 platform. Overall, VRT is confident about its growth ahead, with a 10% rise in Q1 2025 backlog to $7.9 billion compared to the end of 2024. Analysts Raise Price Target for VRT Stock on AI Demand Recently, Bank of America analyst Andrew Obin reiterated a Buy rating on Vertiv stock and increased the price target to $140 (17.8% upside potential) from $135. The 5-star analyst emphasized that the rapid advancement of AI is transforming the data center infrastructure landscape, driving robust demand for power, cooling, and advanced hardware. BofA expects data center spending to grow at a 13% CAGR (compound annual growth rate) from 2024 to 2028, reaching $532 billion. In fact, he expects infrastructure-related spending to climb at an even faster 16% CAGR. Notably, Obin believes that Vertiv, Eaton (ETN), and Johnson Controls (JCI) are well-positioned to leverage the shift toward high-density racks and advanced cooling solutions like direct-to-chip liquid cooling. He also named GE Vernova (GEV) as a top pick in the power generation space, citing its potential to meet rising demand. With only 5% of existing data centers equipped to handle AI workloads, Obin expects a massive upgrade cycle ahead. Also, with AI-driven demand showing no signs of slowing, Obin is upbeat about these stocks. Meanwhile, Citi analyst Andrew Kaplowitz increased the price target for VRT stock to $130 (9.4% upside potential) from $98 and reaffirmed a Buy rating. Following a meeting with the management, the 5-star analyst stated that he is confident that Vertiv remains well-positioned for huge industrial market outgrowth, thanks to durable AI/data center-related growth (Citi forecasts overall global data center IT load growth at 14% CAGR through 2030) and its focus on innovation. Kaplowitz also highlighted VRT's efforts to mitigate tariff headwinds over time. Citing the possibility for margin expansion, strong underlying fundamentals, and increased confidence in improving performance, Kaplowitz increased the EV/EBITDA target multiple for VRT stock to 21x from 16x. Is VRT a Good Stock to Buy? Overall, Vertiv Holdings stock scores a Strong Buy consensus rating based on 12 Buys and two Holds. The average VRT stock price target of $116.93 indicates a possible downside of 1.6% from current levels, following the strong rally over the past year.

Province pledges $2.2M to rebuild Legion branch, restore monument
Province pledges $2.2M to rebuild Legion branch, restore monument

CTV News

time18 minutes ago

  • CTV News

Province pledges $2.2M to rebuild Legion branch, restore monument

Northern Ontario Watch The provincial government announced Friday it's investing more than $2.2 million to help rebuild Branch 25 of the Royal Canadian Legion. The funding will support reconstruction on the ground floor of a new multi-level residential complex in Sault Ste. Marie. A portion will also go toward restoring the Wawanosh Monument, which commemorates the former Wawanosh Residential School where the Legion now stands.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store