Canada spending $307M to buy new modular army rifles from Colt
BNN Bloomberg
The federal government is buying 30,000 new modular assault rifles for the Canadian Army from Colt Canada in a $307 million procurement deal.
That sum covers just the first three years of the contract, after which the federal government has the option of acquiring another 35,000 rifles.
The new rifles will replace the aging C7 and C8 rifles, which have been in use now for more than three decades.
Stephen Fuhr, secretary of state for defence procurement, says the order will give the army the equipment it needs at a brisk pace.
Fuhr says that by employing special procurement procedures and managing the contract through the new Defence Investment Agency, the government may have accelerated the purchase by up to two years.
This contract is just the latest development in the federal government’s defence spending spree and follows recent announcements of $200 million for a dedicated space launch pad and $1.4 billion for the domestic munitions industry.
Two Canadian cargo ships are stuck in the Persian Gulf and unable to pass through the blocked Strait of Hormuz as the war in Iran continues.
U.S. stocks are sinking Wednesday after another climb for oil prices raised worries about inflation, which may have been primed to worsen even before the war with Iran began.
U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.
Every year, billions of dollars in tax credits and benefits go unclaimed in Canada. Here are five commonly missed tax
A key question hangs over the Federal Reserve’s two-day meeting that ends Wednesday: Will central bank policymakers still reduce short-term interest rates this year, now that the Iran war has sent oil prices higher and gas prices spiking? Or will they have to stand pat for months to see how the conflict plays out?
Wall Street followed global markets higher Wednesday and the price of U.S. crude fell eased despite a new barrage of attacks by Iran on its Gulf neighbors.
Jay Allen is a fan of U.S. President Donald Trump, and voted for him on the belief that the Republican would cut taxes and trim regulations, helping his manufacturing business in northeast Arkansas.
Shares advanced Wednesday in Europe and Asia as oil prices fell back slightly despite a barrage of attacks by Iran on its Gulf neighbours.
Every year, billions of dollars in tax credits and benefits go unclaimed in Canada. Here are five commonly missed tax
Oil prices resumed their rise on Tuesday because of the war with Iran, but U.S. stocks held steadier this time around.
Oil prices above $100 add pressure on inflation and growth, complicating rate decisions for central banks.
Closing arguments are set to kick off Tuesday in a trial pitting Elon Musk against Twitter shareholders who say the world’s richest man engaged in a pattern of deceptive behavior that misled investors as he attempted to back out of his US$44-billion deal to buy the social media platform in 2022.
Markets in Canada and the U.S. were up in late-morning trading on Tuesday despite the ongoing war in Iran.