Vancouver: Multiple deaths and injuries after a vehicle crashes into a street festival

Related News

• Ontario budget deficit expected to double due to US tariffs

  Ontario, Canada's largest province and manufacturing powerhouse forecast on Thursday its biggest budget deficit since the peak of the pandemic. It also predicted a slower transition into surplus, as the province increased spending to support the economic in a trade conflict with the United States. The Progressive Conservative Party, which rules the province, retained its power after a February vote. Premier Doug Ford called the election more than a calendar year in advance, claiming that he wanted a stronger mandate for his fight against President Donald Trump's Tariffs. Ontario exports over three quarters of its goods to the United States. This includes autos, aluminum, and steel, all of which face heavy U.S. tariffs. The province announced that its deficit will increase to C$14.6 Billion ($10.4 Billion), or 1.2%, of the gross domestic product in the current fiscal, which is its largest by far since 2020-21. It was estimated at C$6 Billion in 2024-25. The fiscal year started on April 1. In 2026-27 a deficit of C$7.8billion is expected, followed by a surplus in 2027-2028. This year's forecast was one year behind the October update. Each fiscal year, a reserve of C$2 billion is set aside. The economic growth is expected to drop to 0.8% in this year, from 1.5% by 2024. Quebec, British Columbia, and Alberta are also major provinces that have projected a decline in their finances. Peter Bethlenfalvy, Ontario's Finance Minister, said that the government was delivering on its mandate to protect Ontario, help workers and business weather the storm and create the long-term basis for a competitive, resilient, and strong economy. Bethlenfalvy stated, "We are making investments in workers and infrastructure that will protect Ontario no matter what." The measures include C$5 billion in emergency funding for businesses that are facing tariff-related disruptions. C$1.3 billion will be spent on expanding the manufacturing investment tax credit and C$500,000,000 for a fund to increase processing capacity of critical minerals. The province is one of the largest sub-sovereign lenders in the world. It has also added C$5 billion into a fund which partners with Canadian institution investors to finance infrastructure, including energy, affordable housing and long-term care. The forecast predicts that the net debt-to GDP ratio will increase to 37.9% during this fiscal year, from 36.3% (its lowest level in over a decade) in 2024-25. In 2026-27, a further increase of 38.9% will be expected before the ratio dips to 38.6%. Even though the long-term debt is expected to fall to C$42.8billion in 2025-26, from C$49.5billion in the previous fiscal year, this was higher than anticipated. Further declines are expected in future years.

• Hearing on Barrick’s Loulo Gounkoto Mines in Mali has been postponed until May 22

  The president of the Malian court announced on Thursday that a hearing on the Loulo-Gounkoto mine complex owned by Barrick Mining, scheduled for Thursday, has been moved to May 22. Barrick Mining (formerly Barrick Gold) and Mali’s government are at odds over the implementation of the new mining code, which raises taxes while giving Mali’s government a larger share of the gold mines. Mali's army government, along with others in West Africa says that it wants to increase revenue from the mining industry as it feels the current arrangements are unfair. Foreign multinationals will have to comply with the demands of the military government if they wish to continue operating in this gold-rich nation. Barrick claims it has made significant investments in the Malian economic over the past 20 years. It accuses government officials of shifting the goalposts and demanding more money. They also claim that some of their executives have been unfairly detained in an effort to blackmail Barrick. The majority of multinational mining companies operating in Mali are now on board with the new code. Resolute Mining, a mining company from Australia, reached an agreement with Mali after its chief executive had been detained there for more than a week. The Tribunal de Commerce in Bamako was to hear a request from the Malian government, which owns a 20% stake of the Loulo-Gounkoto mine complex, on Thursday to place the mines under temporary administration. According to a source familiar with the situation, the aim of the request was to resume operations at the complex which had been suspended for several months. If the request is granted, it would be a significant escalation in the dispute between West Africa and the Canadian miner. The mines ceased operations in mid-January, after the government confiscated around 3 metric tonnes of gold valued at $317 million at the price of last week. They accused the company of failing to meet its tax obligations. Barrick's gold was blocked by the government since early November. Barrick denies all wrongdoing. Barrick reported in its earnings update of May 7, that it received on April 17, a warning from the government, threatening to implement provisional management until the mines reopened by April 20, if they did not. Barrick says it will only restart operations once the Malian government lifts its restrictions on gold exports. The two sides are currently negotiating a memorandum to resolve their dispute. Mark Bristow, CEO of Barrick, said this month that both sides were close to an agreement at least three times before. Reporting by Fadimata Kotao, Writing by Portia Crowe; Editing and Revision by Elaine Hardcastle & David Evans

• China export restrictions propel tungsten at its highest level since 2013.

  The price of tungsten in Europe has risen to its highest level in over a decade this month, as traders scrambled to find supplies after China reduced export quotas and imposed restrictions on the metal, which is used in aerospace and electronic applications, military and other. In February, China implemented export controls on tungsten and other metals such as tellurium, bismuth, molybdenum and indium in response to U.S. Tariffs. According to traders, prices of APT, which is used to produce tungsten metal, have risen to $400 per metric tonne unit (mtu), the highest level since late 2013. Prices have risen 18% since the beginning of February. A minor metal trader stated that "people are looking for alternatives, but it is not easy to find them because of the natural scarcity of metal." China's first batch mining quota of tungsten ore for this year has been set at 58,000 tonnes, a decrease of 6.5% on an annual basis. According to the U.S. Geological Survey, China will dominate global tungsten supply, with 67,000 tons of tungsten in 2024. Oliver Friesen is the CEO of Guardian Metal Resources. He said: "Since China's export ban was announced, there has been a growing panic about the inability to obtain new primary tungsten materials." Tungsten, an extremely hard metal, is only surpassed by diamonds in terms of strength. It is used to manufacture items like cutting tools, armor plating and military-grade artillery. Almonty Industries announced last week that it had entered into an agreement to supply tungsten dioxide exclusively for U.S. defense applications. Almonty is a specialist in tungsten exploration and mining, and has mines in Spain and Portugal. Lewis Black, President of Almonty Industries, said that Almonty could produce enough tungsten to meet the defense needs in the U.S., E.U., and Korea but not for all civilian and defense markets combined. Since 2015, the United States has not been engaged in commercial mining of tungsten and is still highly dependent on imports for its needs.

• Sources say that a Mali judge is expected to order the reopening Barrick mine with new management.

  Three people with knowledge of the matter say that a Malian judge will likely order the reopening on Thursday of Barrick Mining’s Loulo-Gounkoto mine under a new management, at the request from Mali’s government. The order would be a significant escalation in a dispute that has been raging between Canada and a Canadian miner whose operations have been suspended since January. Barrick and Mali’s military-led Government have been at odds over the implementation a new mining codes that increases taxes, and gives Mali’s government a larger share of the gold mine since 2023. The government stopped operations after it seized 3 metric tonnes of gold, worth $317 millions at the price of last week. It accused the company of failing to meet its tax obligations. Barrick's exports of gold had been blocked by the government since early November. Two people confirmed that the West African nation, as a shareholder holding a 20% stake, requested the reopening at the Tribunal de Commerce de Bamako Court. The two added that if the judge agreed, a new management group would be appointed to run and reopen the mines. Two sides are currently negotiating a new memorandum. The deadline to pay value added tax in Mali is Thursday. Barrick's mine appears in Mali's VAT system as a tax payer. Barrick's spokesperson and Mali Mines Ministry didn't immediately respond to comments. Reporting by Portia Crowe in Dakar, and Divya Raagagopal in Toronto. Editing by Veronica Brown and David Goodman.

• Holcim shareholders approve spin-off of North American Business

  Holcim's shareholders approved Wednesday the separation and spin-off of its North American business, a move designed to take advantage of increased construction spending in the United States. Almost all shareholders supported the decision to separate the company into two companies, Amrize and Holcim, which will focus on North America. Holcim will provide building materials for the remainder of the world. The spin-off should be complete by the end June. The listing will be done via a 100% share spin-off for Holcim's shareholders. The new company stock will trade on the New York Stock Exchange, and also on the Six Swiss Exchange. Amrize will have more than 1,000 locations and 19,000 employees in North America. It will be the largest cement producer across Canada and the United States. It is aiming to capitalize on the massive infrastructure projects underway in the region. Jan Jenisch, Holcim's Chairman, said that the two companies would benefit from a more focused strategic and operational approach as separate publicly traded companies. Jenisch will be Amrize's CEO and chairman. $1 = 0.8386 Swiss Francs (Reporting and Editing by Rachel More, Madeline Chambers, and John Revill)

• Mexico expects early USMCA review to give clarity to investors and consumers

  Mexico's Economy Minister said that the country hopes to begin a trilateral review with the U.S., Canada and other countries in the second half this year. This will provide more clarity for consumers and investors. On the sidelines of an event organized by the Ministry of Finance with local firms, Economy Minister Marcelo Ebrard said to journalists: "We expect that we will start discussions in second half of this year." He added, "We hope that they will happen as quickly as possible and we can come to an agreement as soon as." Next year, the USMCA will be reviewed. The US President Donald Trump wants the agreement renegotiated in advance. Ebrard stated that the early review of trade policies could make it "easier" and "clearer" for consumers and investors to understand. Ebrard announced on Monday that he expects the review to start earlier than scheduled. He said, "That would be convenient for us." It would be clearer to us as to how the treaty will function in comparison to other parts around the world. The USMCA is still in force despite the ongoing U.S. Tariffs. It currently impacts the shipments of steel and finished automobiles from Mexico to the United States. Ebrard said that Mexico was working on negotiating more favorable terms to export steel, aluminum and automobiles to the United States.

• POSCO Future M, a South Korean battery materials manufacturer, will raise $775 million via a share issue

  POSCO Future M is a South Korean manufacturer of chemical and battery materials. On Tuesday, it announced that it would be issuing new shares in order to raise approximately 1.1 trillion won (775 million dollars) for its expansion both at home and abroad. This includes its joint venture with General Motors Canada. The plan states that the company will continue to invest in the future despite "political risk" in Korea and in the United States. It also says that tariffs in the United States and possible cuts in federal subsidies for electric vehicles under the Trump Administration could slow down EV sales. POSCO Future M is spending 353 billion won to help finance its cathode-manufacturing factory in Canada with General Motors, which was pushed back until 2026 due to a cooling of EV demand. In a press release, its parent company POSCO Holdings announced that it would purchase all new shares in the company proportionally to its 59.7% stake in POSCO FutureM worth 525.6 billion dollars. Separately the company said that it would also acquire new shares valued at 328 billion won in its joint venture with Australia’s Pilbara Minerals which produces lithium hydroxide batteries materials. Reporting by Hyunsu Yaim and Hyunjoo Ji; Editing by Jacqueline Wong and Ed Davies

• Boulder can sue Exxon and Suncor for climate change, says Colorado's top court

  Colorado's highest Court rejected ExxonMobil’s and Suncor Energy’s attempts to dismiss a case filed by the City of Boulder to hold fossil fuel companies accountable for climate change. In a decision reached by a majority of 5-2, the Colorado Supreme Court ruled that federal law does not prevent Boulder and the surrounding counties from claiming the energy companies have violated state laws by misleading the public regarding the dangers of fossil fuels. This was only the second instance in which a state's supreme court allowed one of many lawsuits brought by local and state governments against large energy companies regarding climate change to proceed. Hawaii Supreme Court has allowed Honolulu's lawsuit against Exxon Sunoco, and other companies to proceed. The U.S. Supreme Court declined to review the decision in January. In a press release, Boulder Mayor Aaron Brockett stated that "this ruling confirms what we have known all along: Corporations cannot mislead and avoid accountability for damages they've caused." Exxon Suncor representatives did not respond when contacted for comments. Boulder sued the companies in 2018. The lawsuit alleged that the companies had violated state laws, and caused a public nuisance and private nuisance through misleading the public regarding the role fossil fuels played in exacerbating the climate change. Boulder claims that it should be required to pay the costs incurred to protect their community from climate changes. The companies deny any wrongdoing. The companies had fought to get the case heard at federal court for many years. State courts are considered to be a more favorable venue by plaintiffs. After years of litigation, and after two trips to U.S. Supreme Courts, the case was ultimately sent back to state court where a judge refused to dismiss the suit. The companies claimed that Boulder's suit would interfere with federal regulations of greenhouse gas emission under the Clean Air Act, and hinder the federal government's capability to conduct foreign relations. Justice Richard Gabriel said that a lawsuit is not a regulation just because it may have an effect on the behavior of actors in a particular field. Justice Carlos Samour expressed his dissension, saying that Boulder's lawsuit sought to regulate interstate air quality and could result in "regulatory confusion." (Reporting and editing by Alexia Garamfalvi, Sonali Paul, and Nate Raymond from Boston)

• US to expedite Utah uranium mining permit

  The U.S. The U.S. The department announced in a press release that the environmental review of the project will be finished in only 14 days. These studies can take many years due to the environmental impact of uranium mines. The prior administration's policies of climate extremism have created an energy crisis that is alarming. "President Trump and his Administration are working quickly and strongly to resolve this crisis," stated Secretary of Interior Doug Burgum. He said that the expedited review of mining projects was exactly what we needed to ensure our energy future. The Velvet-Wood Mine Project in San Juan County, if approved, would produce uranium for both nuclear energy production and nuclear weapons, as well vanadium. Vanadium can be used to make batteries and strengthen alloys and steel. The Interior Department stated that the project will be located on the site of an old mining operation, and only result in three acres of surface disturbance. Anfield owns also the Shootaring Canyon Uranium Mill in Utah which it plans to restart. This mill would convert the uranium ore to uranium concentration that could be used for nuclear fuel. Anfield expressed its satisfaction at the announcement made by the Interior Department. It said that "These efforts will not only increase investor attention to this sector, but also boost Anfield's prospects for production as it is one of the very few companies who have a path to U.S. Uranium production in the near future," according to an email sent to. (Reporting and writing by Nichola. Valdmanis, editing by Rosalba. O'Brien. Nick Zieminski.)

• US to expedite Utah uranium mining permit

  The U.S. The U.S. The department announced in a press release that the environmental review of the project will be finished in only 14 days. These studies can take many years due to the environmental impact of uranium mines. The prior administration's policies of climate extremism have created an energy crisis that is alarming. "President Trump and his Administration are working quickly and strongly to resolve this crisis," stated Secretary of Interior Doug Burgum. He said that the expedited review of mining projects was exactly what we needed to ensure our energy future. The Velvet-Wood Mine Project in San Juan County, if approved, would produce uranium for both nuclear energy production and nuclear weapons, as well vanadium. Vanadium can be used to strengthen steel or other alloys, and in batteries. The Interior Department stated that the project will be located on the site of an old mining operation, and only result in three acres of surface disturbance. Anfield owns the Shootaring Canyon Uranium Mill in Utah which it plans to restart. This mill would convert the uranium ore to uranium concentration that could be used for nuclear fuel. The company did respond immediately to a comment request. (Reporting and writing by Nichola Grroom; Editing by Rosalba o'Brien).

• Oil prices fall on US-Iran progress, global shares rise in turbulent trade

  Oil fell over 2% Thursday, as a possible U.S. Iran nuclear deal increased the possibility of an increase in global crude supply. Wall Street indexes traded mixedly during choppy trading. European shares ended higher after reversing losses. Corporate earnings were in the spotlight and gold prices rose over 1%. Data on Thursday showed that U.S. producer price fell unexpectedly and retail sales were mixed. Emerging market stocks declined, but global equities increased by 0.3%. In his opening remarks to a two-day event, Jerome Powell, the chair of the U.S. Federal Reserve, said that they felt it necessary to reconsider their current monetary policy in terms of both inflation and jobs. The prospects of a breakthrough in peace were shattered when Russian President Vladimir Putin turned down a meeting with Ukrainian President Volodymyr Zelenskiy. Brent futures fell over 2% after U.S. president Donald Trump said that he was close to reaching a deal with Iran and that Tehran "sort of" accepted the terms. Ali Shamkhani is an advisor to Iran's Supreme leader Ayatollah Ali Khamenei. He said in an interview with NBC that Iran would pledge to never make nuclear weapons, and to get rid of their stockpiles containing highly-enriched uranium. BNP Paribas' economist Paul Hollingsworth noted that the oil price drop exacerbated deflationary forces already at play in Europe, where U.S. trade concerns are still lingering. Hollingsworth stated that "everyone finds it difficult to navigate through the volatility of the announcements." The STOXX 600 index in Europe rose by 0.6% to recover from the earlier losses led by the energy industry. The majority of major regional indexes rose. The number of unemployed people in April was stable. Wall Street saw the Dow Jones Industrial Average rise 271.69 points or 0.65% to 42,322.75, S&P 500 gain 24.35 points or 0.41% to 5,916.93, and Nasdaq Composite fall 34.49 points or 0.18% to 19,112.3. Walmart reported solid sales in the first quarter, but was the latest retailer to warn of the high cost of Trump's tariffs. It also did not give a profit forecast for the second quarter due to uncertainty. Powell, the Fed's Powell, said that "we may be entering a phase of more frequent and possibly more persistent supply shocks". Britain's economy grew by a quicker-than-expected 0.2% in March, data showed. The industrial production of the 20-nation Eurozone also grew much more than expected, although first-quarter GDP growth was disappointing. The yield on benchmark German Bunds of 10 years fell by 1.2 basis points, to 2.614%. The yield on the benchmark U.S. 10 year notes dropped 9.1 basis points, to 4.437% as investors worry about Trump's presidency. Budget package The U.S. government's debt would increase by trillions of dollars. DATA DELUGE The investors were greeted by a plethora good news this week. From a truce in the U.S.-China Trade War to a raft headline-grabbing deals from the Middle East, during Trump's Gulf Tour. By Thursday, most of the optimism was gone. MSCI's broadest Asia-Pacific share index outside Japan fell 0.15%. Tony Sycamore is a market analyst for IG. He said, "We had a big party and everyone was hungover. Now we are just recovering and waiting for the following big party." The dollar struggled to maintain its gains from the beginning of the week. Its index was down by 0.2% against major currencies. The euro is gaining ground. The Korean won was particularly volatile for the second consecutive day after the news broke that South Korea's deputy minister of finance, Choi Jiyoung, met Robert Kaproth on May 5 to discuss the dollar/won exchange rate. Gold futures in the United States settled at $3,226.6, up 1.2%.

• Democratic lawmakers challenge U.S. finance chiefs for leaving climate pacts

  Democratic lawmakers harshly criticised the chief executives at BlackRock, JPMorgan, and other top financial companies for leaving global coalitions dedicated to combating climate changes. They urged them to maintain their previous commitments, and policy targets to reduce greenhouse gas emission. A letter sent to executives by members of Congress revealed that, in the face of escalating extreme weather and financial risks, the bosses "actively" decided to relinquish leadership over climate change. The letter sent on Thursday also requests records of any communications between the executives and the Trump administration about plans to reduce their environmental and social work. It said: "We are disappointed in your organization for ignoring science and what is good for business and instead giving into political pressure to gain short-term political advantage." The letter was sent to the chief executives of Morgan Stanley and Citigroup, as well as Wells Fargo and Goldman Sachs. It also went out to the heads of State Street, Franklin Templeton, State Street, Invesco, and Pimco (part of Allianz), which is part of the insurer Allianz. Pimco has declined to comment, as have Wells Fargo Bank of America Goldman Sachs Citi State Street JPMorgan. Franklin Templeton wasn't immediately available, while other companies and banks didn't immediately respond to a comment request. The institutions left the Net Zero Banking Alliance or the Net Zero Asset Managers Initiative, or Climate Action 100+. Members of these organizations had committed to either cutting emissions related to their activities or engaging with invested companies on climate issues. Most of the institutions left the groups saying they would still reduce emissions, but they did not mention the political pressures from some Republican politicians who claimed that the companies were unfairly trying to limit funding to the fossil-fuel industry. The burning of coal, oil, and gas is the main cause of global warming. Countries have agreed to reduce these emissions, but the Trump administration has recently pulled out the U.S. The letter also asked the CEOs to confirm that they intend to meet their stated goals for emissions reduction and to describe how they plan to do so. In the letter, they were also asked to explain their reasons for not publishing their progress; to provide details of existing policies and targets to reduce emissions in accordance with the Paris Agreement; and to pledge not to weaken these. It asked the banks if they still intended to set targets and policies for so-called "facilitated", greenhouse gas emissions. These include those that are linked to companies that issue bonds, which a bank has underwritten. In the letter, it was also asked if the banks will stick to the same timeline for emission reduction goals. All companies were asked to provide details of their communications with the Trump Administration regarding the reduction in environmental, social, and governance activities, including any directives freezing funds for climate-related federal programs such as the Greenhouse Gas Reduction Fund.