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Prime Minister Mark Carney and Alberta Premier Danielle Smith were in Fort McMurray, Alta., on Thursday to announce that a proposed oil pipeline to the West Coast had been designated a project of national interest.Todd Korol/The Canadian Press
Getting caught up on a week that got away? Here’s your weekly digest of The Globe’s most essential business and investing stories, with insights and analysis on the biggest headlines, stock tips, personal finance strategies and more.
Ottawa designates West Coast pipeline a project of national interest
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Prime Minister Mark Carney and Alberta Premier Danielle Smith meet with Indigenous chiefs and energy workers before announcing the next steps to accelerate a major infrastructure project on Thursday.Todd Korol/Reuters
The federal government has officially identified a proposed pipeline to the West Coast from Alberta as a project of national interest, spurring both acclaim and discontent. Prime Minster Mark Carney made the announcement on Thursday in Fort McMurray, Alta., alongside Premier Danielle Smith and Indigenous leaders from various communities in the region.
The designation is the starting point for what will likely be intense consultations and negotiations with Indigenous communities along the route, with some First Nations leaders already voicing concerns about the plan.
The pipeline, now called Pacific Link, is the first project to receive the national-interest tag under the Building Canada Act. Next, stakeholders will be consulted during the federal review process about the project’s ownership, Indigenous rights and environmental protections.
Cleveland-Cliffs could face legal action for layoffs at Stelco
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The Stelco Hamilton Works steel mill, owned by American steelmaker Cleveland-Cliffs, in Hamilton on Tuesday.Carlos Osorio/Reuters
On Monday, Stelco Holdings said it plans to lay off a total of up to 500 workers at the company’s Hamilton plant and its Lake Erie Works operation in Nanticoke, Ont. The company said this is a necessary move in the face of U.S. tariffs. U.S. President Donald Trump has imposed 50-per-cent levies on Canadian steel.
Prime Minister Mark Carney said that the government is considering legal action. “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.”
The company is owned by American steelmaker Cleveland-Cliffs, and there is legal precedent that the government can look to as it weighs legal action. After U.S. Steel acquired Stelco in 2007, it made promises under the Investment Canada Act around jobs and production levels. The federal government later sued the company for allegedly reneging on its legally binding commitments.
As international student numbers tumble, domestic postsecondary enrolment rebounds
The number of Canadian students enrolling in colleges and universities is growing at the fastest pace in more than 15 years. But that’s barely enough to fill the gap left by Ottawa’s clampdown on international student admissions that has forced schools to suspend programs and close some campuses.
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 force behind the domestic-enrolment increase may be the broadly weak job market for younger Canadians, prompting more people to pursue postsecondary education. Jason Kirby takes a look at the numbers in the latest instalment of the Decoder series.
Canadian finance executives bet on prediction markets with bid for regulatory approval
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Atul Tiwari, centre, Michael Williams, right, and Jim Andriopoulos, the team behind Verdx, in Toronto, on Sept. 24.EDUARDO LIMA/The Globe and Mail
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, will be solely focused around event contracts, rather than offering it as one product within a broader business. Verdx plans to function as an order-execution-only investment dealer, meaning it would facilitate trades, but would not provide investment 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 as an investment dealer and membership with the Canadian Investment Regulatory Organization. The application is subject to review for acceptance, and there is no set timeline for regulatory approval or a launch.
Trying to understand the markets? We asked analysts for the best indicators
Oil tanker traffic through the Strait of Hormuz used to be a niche data point. But the launch of the U.S.-Israeli attack on Iran in February changed that, transforming it from an obscure focus of commodities trading desks to a rapidly rising Google search term.
To understand how analysts and investors are making sense of a changing world and market landscape, Andrew Galbraith asked them to share the indicators they’re watching. From crude prices to inflation rates, here are some of their responses.
Prepare for the week ahead with The Globe’s investing calendar.