A proposed pipeline to the West Coast, mass layoffs at a steelmaker tied to U.S. tariffs, and a new push to launch prediction-market trading in Canada were among the top business stories of the week.
The federal government designated a proposed pipeline from Alberta to the West Coast, now called Pacific Link, as a project of national interest. Prime Minister Mark Carney made the announcement on Thursday in Fort McMurray, Alta., alongside Alberta Premier Danielle Smith and Indigenous leaders from communities in the region. The designation is the first to be issued under the Building Canada Act and marks the start of a federal review process that will include consultations with Indigenous communities along the route on ownership, rights and environmental protections. Some First Nations leaders have already raised concerns about the project.
Stelco Layoffs Prompt Legal Threat
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., citing U.S. tariffs as the reason for the cuts. U.S. President Donald Trump has imposed 50-per-cent levies on Canadian steel.
Prime Minister Carney said Wednesday that the federal government is considering legal action against Stelco’s owner, U.S. steelmaker Cleveland-Cliffs. “The company made representations, and has legal obligations for employment,” Carney said at a news conference. “We intend to use all powers that we have, and pursue them to the fullest extent of the law.”
The government has legal precedent to draw on: after U.S. Steel acquired Stelco in 2007, it made commitments under the Investment Canada Act around jobs and production levels, and the federal government later sued the company over allegations it had reneged on those binding commitments.
Enrolment and Prediction Markets
Separately, Statistics Canada data released Thursday showed domestic postsecondary enrolment is growing at its fastest pace in more than 15 years, though the increase is only barely offsetting a decline in international student numbers following Ottawa’s restrictions on international admissions, which have forced some schools to suspend programs and close 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 prior year.
In financial markets, a group of veteran Canadian finance executives led by former Vanguard Investments Canada chief executive Atul Tiwari has filed an application seeking regulatory approval to launch Verdx, which would be the country’s first investment dealer focused on prediction trading. The platform would centre on event contracts and operate as an order-execution-only dealer, meaning it would facilitate trades without providing investment advice. The firm has applied for registration with the Canadian Securities Administrators and membership with the Canadian Investment Regulatory Organization, though there is no set timeline for approval or launch.
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