Albertans vote today on secession referendum amid national unity stress

Albertans are voting today on a referendum that asks whether the province should pursue independence from Canada.

The ballot includes nine other questions on topics including migrants’ access to social programs, judicial appointments and the future of the Senate.

It is the first time the province has put a secession question to voters.

READ MORE: Alberta mail-in referendum voting process faces scrutiny amid misinformation claims

READ MORE: Emotion, Fear, and Division Mark Final Month of Alberta's Separation Referendum Campaign

The referendum is taking place at a time of tremendous stress on national unity, according to Calgary-based reporter Matthew Scace.

The leader of the newly elected separatist Quebec government has vowed to hold a referendum on independence, and U.S. President Donald Trump’s oft-shared overtures toward the provinces haven’t exactly calmed the waters.

Prime Minister Mark Carney has attempted to blunt Albertans’ frustration with Ottawa since taking office, recently designating a new bitumen pipeline a project of national interest.

Look to Britain to see the price it paid for leaving the European Union, John Rapley argues.

Alberta would pay a price to leave Canada, and a bigger price to get back in.

The vote comes as Canada's economic outlook faces scrutiny.

Higher fuel bills have kept Canadian inflation above the Bank of Canada’s 2-per-cent target.

A September inflation report released today might show whether those price increases are spreading to more of the things we buy.

A consensus of market watchers see annual inflation rising to 3.2 per cent from 3 per cent in August.

In a note to clients on Friday, RBC economists said they expect it to hold steady as food inflation eases.

The Bank of Canada’s two other key reports today, one on corporate Canada’s outlook and another on consumer expectations, will help paint a fuller picture.

Production-cost increases have become more widespread, according to an RBC analysis of industrial prices, but those can take time to reach store shelves.

The reports land nine days before the Bank of Canada’s Oct. 28 decision on its trend-setting interest rate.

Governor Tiff Macklem warned last week that the longer energy prices stay high, the harder it becomes to look past their effect on inflation.

Yet employment has fallen for two consecutive months, leaving the bank to weigh the risk of rising prices against the damage higher borrowing costs could do to an already weak economy.

In Ontario, a major construction lender says it won’t relax its loan criteria for developers despite a sharp drop in projects and industry calls for more support.

Meanwhile, the stare-down between Canada and Cleveland-Cliffs continues.

The U.S. steelmaking giant is locked in a clash with the federal government over its decision to lay off hundreds of workers at its Stelco plants in southern Ontario.

Ottawa is continuing to insist the U.S.-based owner of Stelco Inc. must uphold job commitments it made when it purchased the Ontario-based steelmaker, or risk being forced to sell its Canadian assets.

The company has said U.S. tariffs made the layoffs unavoidable, and that it’s ready for a court battle.

“Everything is on the table and so therefore, I’m always open to sit down with the company and find a solution, but we’re looking at everything that is possible to keep jobs in Canada,” Industry Minister Mélanie Joly said at The Globe defence summit last week.

Neither the government nor the company appear willing to budge.

But in goading the federal government, Rita Trichur writes, Cleveland-Cliffs is confusing classic Canadian collaboration with capitulation.

In other economic news, Canada is on track to become a top-three holder of U.S. government debt before 2028, surpassing China.

Earnings season ramps up this week with reports from Meta, Tesla, Texas Instruments and Netflix.

Meta, due on Wednesday, is one of several hyperscalers whose massive spending on AI data centres and infrastructure has accounted for north of $1-trillion.

Investors are eager to see that spending turn into profit at some point.

Shares in AI-focused companies stumbled last week, bringing added scrutiny to Meta’s earnings.

Rogers Communications reports third-quarter earnings Friday as shares of Canada’s three telecom giants are under pressure.

Rogers shares have fallen about 13 per cent this year, alongside declines of 11 per cent for BCE and 33 per cent for Telus.

Higher bond yields are making telecom dividends less attractive to investors seeking safe income, Irene Galea reports.

Higher interest rates could also make refinancing more expensive for the three companies, which carry nearly $100-billion in combined long-term debt.

Fierce competition over cellphone prices and stagnant immigration are also making it harder to earn more from subscribers or find new ones.

Rogers has cut back its capital spending plans and intends to sell a portion of its sports holdings as it works to pay down debt.

With files from The Globe and Mail