Secretary of state says Canada not looking to split submarine contract
BNN Bloomberg
Canada’s secretary of state for defence procurement says the government is planning to choose just one company to build the country’s next fleet of submarines.
Germany’s ThyssenKrupp Marine Systems is the event’s main sponsor. South Korea’s Hanwha Oceans is also a key sponsor, and each firm has set up miniature models of their subs in the Chateau Laurier hotel for passing Armed Forces members, bureaucrats and cabinet ministers to take a look at.
Canada’s secretary of state for defence procurement is touting the submarine contract as a success story as the government tries to reverse a trend of slow procurements that deliver behind schedule and over budget.
“Open, fair and transparent has always been the mantra of defence procurement — and no one ever thought to put timely in there," Stephen Fuhr said during a keynote at the event on Thursday.
He also rejected recent media reports suggesting the government might split the contract, with Hanwha providing vessels for the Pacific Coast and TKMS supplying the Atlantic side.
“Right now, as we speak today, we’re looking for a partner. One,” he said.
The impact of the Iran war on fuel prices in Canada may encourage more drivers to go electric, some experts say, but others warn the conflict will drive up prices of "pretty much everything."
The U.S. is temporarily easing some sanctions on Russian oil shipments, reflecting global concerns over sharply higher crude prices due to supply shortages stemming from the Iran war.
The Trump administration this week stepped up its ambitious effort to replace about US$1.6 trillion in lost tariff revenue that was eliminated by the U.S. Supreme Court’s decision to strike down a range of the president’s import taxes.
The Bank of Canada will be balancing a last-minute flood of economic data with uncertainty around trade and war in the Middle East as it prepares to make its second interest rate decision of 2026 this week.
The Trump administration has expanded its trade investigations to 60 countries, including Canada, in an effort to shore up the president’s tariff policies.
Canada has committed to supplying 23.6 million barrels of oil as part of a larger International Energy Agency plan to help stabilize energy markets as the war in the Middle East continues.
Canada’s energy-heavy index may cushion stocks from oil shocks, but rising crude prices could boost inflation and pressure consumers.
Venture Global will proceed with phase 2 of its CP2 liquefied natural gas project in Louisiana, the company said on Friday.
The U.S. is temporarily easing some sanctions on Russian oil shipments, reflecting global concerns over sharply higher crude prices due to supply shortages stemming from the Iran war.
Telus Corp.’s global IT and customer services arm says it’s investigating a breach of its systems.
When Jensen Huang strides onto the stage of a packed hockey arena to kick off Nvidia’s annual developer conference on Monday, he is likely to reveal products and partnerships geared toward keeping the AI chipmaker atop a growing array of competitors.
The current Canada Revenue Agency (CRA) crackdown on Canada’s growing army of gig workers has gone beyond Uber drivers, contractors, consultants, handy-people and freelancers.