Federal government designates Alberta-to-West Coast pipeline a project of national interest
The Pacific Link pipeline is the first project to receive the tag, which triggers consultations on ownership and Indigenous rights.
FORT MCMURRAY — The federal government has designated a proposed pipeline from Alberta to the West Coast as a project of national interest, a move that is expected to trigger intense consultations.
Prime Minister Mark Carney made the announcement on Thursday in Fort McMurray, Alta., alongside Premier Danielle Smith and Indigenous leaders from the region.
The pipeline, now called Pacific Link, is the first project to receive the national-interest tag under the Building Canada Act.
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The designation starts a federal review process that will involve consultations with stakeholders about the project’s ownership, Indigenous rights and environmental protections.
Some First Nations leaders have already voiced concerns about the plan.
In other business news, Stelco Holdings said on Monday it plans to lay off up to 500 workers at its Hamilton plant and its Lake Erie Works operation in Nanticoke, Ont.
The company said the move is necessary due to U.S. tariffs, after President Donald Trump imposed 50-per-cent levies on Canadian steel.
Prime Minister Mark Carney said the government is considering legal action against the company's owner, American steelmaker Cleveland-Cliffs.
“The company made representations, and has legal obligations for employment,” Mr. Carney said in a news conference on Wednesday. “We intend to use all powers that we have, and pursue them to the fullest extent of the law.”
Yadude Books reported in September that the government threatened legal action against Cleveland-Cliffs over the layoffs.
There is legal precedent for such a case, as the federal government previously sued U.S. Steel after it acquired Stelco in 2007 for allegedly reneging on job and production commitments made under the Investment Canada Act.
Meanwhile, new data shows Canadian postsecondary enrolment is growing at its fastest pace in over 15 years, but barely enough to offset a drop in international students.
For the 2024-25 academic year, 2.3 million students enrolled in public colleges or universities, a 0.1-per-cent increase from the previous year, according to Statistics Canada numbers released on Thursday.
One factor may be a weak job market for younger Canadians, prompting more people to pursue further education.
In financial markets, a group of veteran Canadian finance executives is seeking regulatory approval to build the country’s first investment dealer for prediction trading.
The proposed platform, called Verdx, would focus solely on event contracts, functioning as an order-execution-only dealer that facilitates trades but does not give advice.
The company, led by former Vanguard Investments Canada Inc. chief executive Atul Tiwari, filed an application this week seeking registration with the Canadian Securities Administrators and membership with the Canadian Investment Regulatory Organization.
The application is subject to review, with no set timeline for approval or launch.
With files from The Globe and Mail