Juno News - March 19, 2025


Conservatives demand Carney reveals his multi-million dollar stock options to the public


Episode Stats

Length

12 minutes

Words per Minute

147.55844

Word Count

1,801

Sentence Count

28


Summary


Transcript

00:00:00.000 conservatives are asking mark carney to publicly release information on all of his multi-million
00:00:10.160 dollar stock options prime minister mark carney has claimed that he canceled the carbon tax but
00:00:15.760 in reality the federal carbon pricing law remains in effect canada the united states and mexico are
00:00:22.160 all facing negative economic consequences due to u.s president donald trump's tariffs
00:00:27.520 while china is benefiting hello candidates wednesday march 19th and this is the true north
00:00:33.120 daily brief i'm cosmon georgia and i'm clayton domain we've got you covered with all the news
00:00:38.320 you need to know let's discuss the top stories of the day and the true north exclusives you won't hear
00:00:43.760 anywhere else conservatives are demanding transparency from prime minister mark carney
00:00:51.760 as questions swirl over his potential multi-million dollar stock options from his time at brookfield
00:00:58.240 asset management opposition ethics critic michael barrett renewed calls on tuesday for carney to
00:01:03.840 disclose his assets claiming that the newly sworn in pm is likely raking in millions from his former
00:01:10.560 asset firm barrett said these assets could place carney in a conflict of interest as he implements
00:01:16.800 federal policy as first reported by bloomberg carney held 6.8 million dollars in brookfield stock options
00:01:24.560 before quitting the company to run in the liberal leadership race however the company's annual
00:01:30.000 filings do not indicate how much of that money has been paid out to him barrett noted that he is likely
00:01:35.920 still owed money for these stock options and that his dealings as prime minister could influence the value
00:01:41.600 of those assets potentially remaining hidden before the end of the next general election additionally
00:01:47.680 brookfield has invested billions into green energy projects and infrastructure something carney's
00:01:53.440 policies including carbon taxes and negotiations with foreign countries are likely to influence during
00:02:00.080 a press conference in the uk on monday carney lashed out after reporters grilled him on his potential
00:02:05.840 conflicts of interest he interrupted one reporter saying quote what possible conflict would i have
00:02:13.280 and outright denied that he had any conflicts of interest carney also rejected requests for him to
00:02:19.440 disclose what assets went into his blind trust accusing reporters of quote trying to invent new rules
00:02:26.320 that would have him disclose those assets before the 120 day requirement he has to do so so clayton what laws
00:02:33.760 are on the books in canada when it comes to financial disclosure for elected officials and are they different
00:02:41.440 from the united states where i know politicians are required to disclose the exact value of all their
00:02:47.840 assets yeah they are different so the u.s uh you have to disclose a range of assets while canadian
00:02:55.600 politicians are required to disclose their assets liabilities income sources and certain financial
00:03:02.240 activities but they don't have to disclose the exact dollar value as their american counterparts as
00:03:08.320 you said they do have to include those numbers however to the conflict of interest and ethics commissioner
00:03:14.960 who then advises the elected official on what needs to be divested from and disclosed to the public
00:03:21.040 the commissioner publishes a summary of the confidential disclosure statement detailing those assets and
00:03:26.400 liabilities but they won't include the amount the official has invested they also have to disclose the
00:03:33.840 financial interests of their spouses and dependent children but again the value of those in interests
00:03:40.400 aren't revealed to the public and only the ethics commissioner sees that in the u.s they have to disclose
00:03:47.280 any transactions that are greater than a thousand dollars and a blind trust is recommended but not always
00:03:53.680 that is required for those key positions like in canada but even knowing what carney is invested in
00:04:00.720 let alone the value of those investments could shed a light onto any potential conflicts of interest
00:04:07.520 he has while dealing with other nations or setting public policy if he remains invested in esg or
00:04:14.880 environmental social governance evaluation companies for example as he's worked in before and then changes or
00:04:21.840 enhances policies requiring companies to use those assessment organization services that would be a
00:04:30.080 glaringly obvious conflict of interest
00:04:35.280 by minister mark carney's claim to cancel the consumer portion of the carbon tax is misleading
00:04:41.600 as a federal carbon pricing scheme law requires on the books carney's announcement on friday was based on
00:04:48.720 an order in council to lower the cost of the consumer portion of the tax to zero in reality the federal
00:04:55.680 carbon tax legally known as the greenhouse gas pollution pricing act remains in effect across canada
00:05:02.960 and can only be axed by a majority vote in parliament since this isn't a repeal of the law currently in
00:05:09.280 place there is nothing that could stop the tax from being imposed again at will or even further increase
00:05:16.160 carney announced an end to the consumer carbon price during a signing ceremony at his inaugural
00:05:21.440 cabinet meeting friday which was attended by members of the press it was an unusual display for
00:05:28.240 canadian politics and more akin to u.s president donald trump's regular public signings of executive orders
00:05:35.840 from the oval office canadian prime ministers do not wield the same unilateral executive powers
00:05:41.680 as u.s president carney posted the order in council to x on saturday which said it set all quote applicable
00:05:50.160 fuel charge rates for all types of fuel and combustible waste to zero after march 31st 2025.
00:05:58.240 conservatives responded by cautioning canadians that this does not amount to repealing its legislation
00:06:04.400 as parliament would have to first reconvene before it could be voted on the conservatives claim that this
00:06:10.320 was done by design to allow the liberals to later reignite the contentious carbon tax once it becomes
00:06:16.560 more politically convenient to do so this order also provides the carney government with the ability
00:06:22.560 to further raise it with the liberals latest increase previously being scheduled for april 1st before the
00:06:29.680 document was signed though cosmet he's lowered the carbon price to zero for consumers are there any other
00:06:38.160 federal climate policies that remain in place which are negatively contributing to the cost of living
00:06:44.320 prices yeah but just to uh touch more on the carbon pricing law itself what he did was lower the flat rate
00:06:53.200 that canadian consumers were facing and i think it's 80 dollars per ton and they intended it to go up to
00:07:00.720 like 170 dollars eventually but he lowered that portion to zero but the output based pricing system
00:07:08.880 in that law which is what uh industry emitters have to pay that remains in effect and of course these things
00:07:17.680 have ripple effects on the cost of gas home heating and even groceries anything that's transported with a
00:07:25.680 truck or something that requires fossil fuels but there are other regulations too that still remain
00:07:31.760 so there's the clean fuel regulations trudeau has introduced the electric vehicle mandates uh there's
00:07:38.160 also the oil and gas emission cap which is currently in the works and he's also introduced the net zero
00:07:45.440 electricity regulations and all of these things contribute to raising costs for average people they make it
00:07:55.040 harder to power your home and more expensive and canadians need to realize that all of these laws are
00:08:01.200 still on the books or they're on their way
00:08:06.160 the escalating tariff war between the united states and its trading partners is hitting north america
00:08:11.600 the hardest with canada mexico and the u.s seeing slowed economic growth meanwhile china stands to benefit
00:08:18.240 from a boost to gdp and lower inflation according to recent data the organization for economic
00:08:24.800 cooperation and development's latest interim economic outlook released on monday revised its
00:08:31.040 projections for north america u.s economic growth is expected to slow from 2.2 percent in 2025 to 1.6
00:08:39.440 in 2026 canada's economy is forecast to grow just 0.7 percent in both years mexico is expected to
00:08:48.160 contract by 1.3 percent in 2025 and 0.6 percent in 2026 canada's inflation rate is projected to be 3.1
00:09:00.160 in 2025 placing it between mexico and the united states and in the middle of the pack of oecd
00:09:07.040 countries china will see the lowest inflation rate at 0.6 percent and 1.4 percent in 2025 and 2026
00:09:16.400 respectively meanwhile china's real gdp is projected to grow 4.8 percent in 2025 before slowing to 4.4
00:09:24.960 percent in 2026 the oecd report highlighted that the proliferation of tariffs would hurt global
00:09:31.920 business investment and drive inflation higher forcing central banks to maintain elevated interest
00:09:37.840 rates longer than previously anticipated the organization warned that an additional 10 percentage
00:09:43.760 point rise in bilateral tariffs could cut global gdp by 0.3 percent within three years and drive
00:09:50.720 inflation up by 0.4 percentage points annually the oecd warned that this could worsen amid an escalated
00:09:57.680 trade war retaliation to new u.s tariffs on canadian steel and aluminum the liberal government imposed
00:10:03.760 25 percent tariffs on an additional 29.8 billion dollars worth of u.s imports bringing the total amount of
00:10:10.880 counter tariffs to nearly 60 billion dollars so clayton what has the bank of canada said about
00:10:16.240 the tariffs and their impact on the canadian economy well unsurprisingly much like the oecd
00:10:22.480 the bank of canada is warning that this tariff spat is already negatively affecting canada and is
00:10:27.920 expected to do so if the tariff spat continues the bank of canada also warned that the tariff war is
00:10:34.560 expected to increase inflation in canada for months canada's inflation rate has been floating around
00:10:40.080 the two percent target that the bank has set out but it warned that inflation is expected to climb to
00:10:46.160 2.5 percent in march it said a protracted tariff war will lead to poor gdp growth and inflation and warned
00:10:54.800 that the conflict will likely slow first quarter gdp growth and disrupt the recovery of canada's job
00:11:01.120 markets the uncertainty that comes with on and off tariffs have already pushed up short-term inflation
00:11:08.080 expectations and the canadian dollar still sits at a value of under 70 cents u.s which is how low it was
00:11:16.400 when the lockdowns were first announced in 2020 making it a dollar 44 per american dollar the bank
00:11:23.600 also cut policy rates to 2.75 percent in the face of tariffs last week the bank of canada governor said
00:11:31.040 that the bank's rate changes are part of a continuous focus on attempting to maintain price stability in
00:11:37.280 canada and he said that at the end of 2024 canada was on a solid economic footing but that the
00:11:44.400 tariffs pose a crisis for the canadian economy and have already harmed business investment and consumer
00:11:51.200 confidence that's it for today folks thanks for tuning in you can stay on top of new episodes every
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