Canada should not rush potential sale of TMX pipeline, Trans Mountain CEO says

CALGARY, June 11 (Reuters) - Canada should not rush to sell the newly expanded Trans Mountain Pipeline, its CEO Mark Maki said on Wednesday at a conference in Canada.
The Canadian government, which owns the C$34 billion pipeline, should be able to recover some of its investment if it plays its cards correctly.

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Auto Blog

an hour ago

• Auto Blog

Trump Tariffs to Add $1,760 to New Car Prices in 2025

Automakers Expected to Pass Tariff Costs to Consumers If you've been saving your pennies, hoping to scrimp together enough money to afford the new vehicle you've been wanting, you may need to dig deeper into the couch cushions. Its price is likely to go up by nearly $2,000 – and possibly a good bit more thanks to Pres. Donald Trump's new tariffs on imported autos and auto parts. All told, automakers will take a $30 billion hit this year due to the new trade sanctions and while manufacturers will swallow some of the tab, predicts a new study, they'll pass 80% of the cost onto consumers. Don't be surprised to see some products disappear from the market entirely, said suburban Detroit consultancy AlixPartners, especially some of the import models likely to be hit hardest by the new tariffs. Land Rover Defender 90 'A Big Wall of Cost' 'These tariffs bring a big wall of cost,' Mark Wakefield, the head of AlixPartners' auto practice said during an online briefing with reporters, with 'consumers taking the majority of the hit.' If there's any shred of a silver lining to the 2025 AlixPartners Global Automotive Outlook it's that we could see the White House continue to revise its tariffs on import autos and auto parts, even as it works up trade deals that. The consultancy anticipates this will eventually lower the sanctions from 25% to an average closer to 7.5%. Even Domestic Models Will be Impacted The White House has rolled out an assortment of new tariffs and has yet to fully lock down the rules, David Steinert, a partner in the AlixPartners auto practice, said during a follow-up interview with Autoblog. 'The tariffs have changed a lot over the last 60 days,' and will likely continue to be revised in the months ahead. As a result, it's difficult to come up with hard numbers – but the consultancy's 'best guess,' he added, is that the typical vehicle will cost at least $1,760 more than before the tariffs went into effect. And for foreign-made luxury models that could ran into the tens of thousands. Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. 'Vehicles that are produced in the US today are the most advantaged,' Steinert said, 'but even domestically-sourced vehicles bring in lots of (foreign-made) parts' that are now subject to tariffs. And the duties will be especially high if those parts come in from China. Entry-Level Cars May Vanish as Costs Rise Automakers are expected to pass on about 80% of their tariff costs – though they won't do it uniformly, the AlixPartners study anticipates. 'Entry-level and mainstream cars will have less of a pass-through' than luxury and exotic models, explained Steinert. Automakers want to avoid driving budget buyers out of the new vehicle market. On the other hand, with 'higher-end brands, with customers who are less price-sensitive, more of the tariffs (will be) passed through.' In some cases, manufacturers may not find it worthwhile to absorb tariff costs. Nissan has already decided to dump the Versa, what is today the most affordable product line in the U.S., at the end of this year, according to Automotive News. Even some higher-end models could be dropped, said Steinert, if manufacturers find higher prices dry up sales. Luxury and Imported EVs Face Steepest Increases Battery-electric vehicles are seen as especially vulnerable, warned AlixPartners. A number of today's models, such as the Audi Q5 e-tron and Mercedes EQE sedan, are imported and face hefty tariffs. Even domestically assembled models, like the Tesla Model Y, typically rely on batteries either shipped in from China or built domestically using Chinese raw materials. Complicating matters: the federal budget bill backed by the Trump administration and now working its way through Congress. It is expected to eliminate federal tax credits of up to $7,500. And, said Wakefield, buyers are likely to 'follow their pocketbook' and stick to more affordable vehicles with internal combustion engines. In its 2023 Global Automotive Outlook, AlixPartners forecast EVs would account for 31% of the U.S. market. It now anticipates a figure closer to 17%. Source: Mercedes-Benz New Car Sales Likely to Decline Through 2027 Conventional wisdom suggests the new tariffs will result in declining new vehicle sales. The real question is how much of a slump might they trigger. Last month, Cox Automotive forecast demand could drop to as low as 15 million, about 1 million below the 2024 total. And the study warned that could dip into the low 14 million range in the event of a recession. For his part, AlixPartner's Wakefield is more upbeat. He thinks the U.S. market will decline by about 1 million – but over a three-year period – and then begin to bounce back. But there's a caveat. This would require the Trump administration to deliver on its promise to negotiate new trade agreements with key partners. So far, however, it's struggling to follow through, with only one big deal in place with the United Kingdom. About the Author Paul Eisenstein View Profile

Reuters

2 hours ago

• Reuters

Voice of America parent terminates over 600 more staff in likely death knell

WASHINGTON, June 20 (Reuters) - The parent agency of Voice of America said on Friday it had issued termination notices to over 639 more staff, completing an 85% decrease in personnel since March and effectively spelling the end of a broadcasting network founded to counter Nazi propaganda. Kari Lake, senior advisor to the U.S. Agency for Global Media, said the staff reduction meant 1,400 positions had been eliminated as part of U.S. President Donald Trump's agenda to cut staffing at the agency to a statutory minimum. "Reduction in Force Termination Notices were sent to 639 employees at USAGM and Voice of America, part of a long-overdue effort to dismantle a bloated, unaccountable bureaucracy," Lake said in a statement. She said the agency had been "riddled with dysfunction, bias, and waste." Lake said the move meant USAGM now operated near its statutory minimum of 81 employees. She said 250 employees would remain across USAGM, Voice of America, and the Office of Cuba Broadcasting, which transmits news into communist-run Cuba. She said none of OCB's 33 employees had been terminated. The move likely marks an end to VOA, which was founded in 1942 to counter Nazi propaganda, operated in nearly 50 languages and reached 360 million people a week, many living under authoritarian regimes. In May, nearly 600 VOA contractors were dismissed. Some Republicans have accused VOA and other publicly funded media outlets of being biased against conservatives, and called for them to be shuttered as part of wider efforts to shrink the government. Another USAGM station, Radio Free Asia, which has already been reduced to skeleton staffing, said in a staff email on Friday that it was implementing additional furloughs in its human resources, ordinance, journalist security, and research, training & evaluation teams. Various court cases are in train against the USAGM cuts.

South Wales Argus

3 hours ago

• South Wales Argus

Creative industries to get £380m boost ahead of industrial strategy launch

The investment, announced by Culture Secretary Lisa Nandy, will see £380 million spent on a range of projects intended to double private investment in the creative industries. Ms Nandy said the investment would 'boost regional growth, stimulate private investment, and create thousands more high-quality jobs'. The figure includes £25 million for research into cutting-edge technologies such as the virtual avatars used in Abba Voyage, and £75 million to support the film industry. It will also see £30 million put towards backing start-up video games companies – an industry worth billions of pounds to the UK – and another £30 million for the music industry, including an increase in funding for grassroots venues. Culture Secretary Lisa Nandy said the investment would create thousands of jobs in Britain's creative industries. (Andrew Matthews/PA) Another £150 million will be split between the mayors of Manchester, Liverpool, the West Midlands, West Yorkshire, the North East and the West of England to support creative businesses in their regions. The announcement comes as the Government prepares to publish its industrial strategy next week, billed as a 10-year, multibillion-pound plan to back certain sectors and secure growth for the UK economy. The creative industries are set to be one of the winners, with a plan for the sector expected to be published alongside the wider industrial strategy. Business Secretary Jonathan Reynolds said: 'The UK's creative industries are world-leading and have a huge cultural impact globally, which is why we're championing them at home and abroad as a key growth sector in our modern industrial strategy.' But earlier this month, the Government also rejected a planning application for a major new film studio near Holyport, in Berkshire, over its impact on the green belt. The £380 million has been welcomed by the industry, with the Broadcasting, Entertainment, Communications and Theatre Union (Bectu) saying it was a 'show of commitment to the sector'. But Bectu chief Philippa Childs said creative workers would also be looking for 'sustained support' from the Government as the sector 'recovers from a series of external shocks'. Recent years have seen the sector rocked by Covid, the cost-of-living crisis and concerns about the impact of AI and Donald Trump's threat to impose tariffs on films made outside the US. Conservative shadow culture secretary Stuart Andrew accused Labour of threatening the 'very survival' of the creative industries. He said: 'From their national insurance jobs tax to their business rates hike, Labour are pushing creative businesses to the brink, and we now know that Rachel Reeves has a secret plan to raise taxes – meaning things will only get worse. 'Labour must recognise that their economic mismanagement is dealing a devasting blow to the sector.'