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Bain Capital Specialty Finance: New Investments Can Drive Growth“This is the most uphill of all uphill struggles, trying to break the two-party duopoly in Canada,” admits Dominic Cardy, newly crowned leader of the Canadian Future Party. The new party aims to occupy what it sees as the middle ground in Canadian politics, between Justin Trudeau’s Liberals and Pierre Poilievre’s Conservatives. Energized by the party’s recent and inaugural national convention in Ottawa attended by 112 enthusiastic souls, and excited to be bringing a brand-new political party to voters in a much-anticipated federal election, Dominic is pitching the Canadian Future Party as a political home for moderate centrist Canadians exhausted by polarized politics. I am skeptical, of the need for the party, of its strategy and of their chances. “It’s the mushy middle, Dominic,” I tell him. “Didn’t the U.S. election teach you anything? Searching for the middle ground in politics is a fool’s errand.” In Alberta, I remind him, proponents of the Alberta Party, a centrist provincial party — likewise appealing to voters weary of angry, divisive politics — couldn’t gain a firm toehold, even with star candidates. At 54, Dominic is no fool. He’s whipped up a lot of political change, most notably, bringing the NDP back to life in New Brunswick a decade ago, even recruiting a slate of NDP candidates that included several prominent former Conservatives and Liberal politicians. In 2017, Dominic turned his back on the NDP to join Blaine Higgs’s PCs, as chief of staff and ultimately as an MLA and minister, successfully running as a PC candidate in New Brunswick’s 2018 and 2020 provincial elections. In 2022, Dominic resigned as Higgs’s minister of education and early childhood education, and was kicked out of the PC caucus. He didn’t run in the October 2024 New Brunswick election that Higgs lost to Susan Holt’s Liberals. He doesn’t take credit for Higgs’s loss: “People in New Brunswick take credit for that,” he shrugs, “I realized that change needed to happen earlier than some folks.” People have labelled Dominic a malcontent, but I’d call him principled. It’s no easy thing to sit as an independent (I know from experience) and when you track this guy’s choices — supporting the proposed Energy East pipeline and opposing the Leap Manifesto and its ban on hydrocarbons as a card-carrying New Democrat; spearheading the removal of the Confucius Institute from New Brunswick’s schools as the Tory education minister; getting arrested for disturbing the peace in Toronto this July for chanting “Free Palestine from Hamas” at an anti-Israel protest — there’s a pattern of risk-taking that’s not typical of political actors. When we meet on Zoom, Dominic is cooling his heels at a hotel in Toronto, disgruntled that Air Canada has cancelled his scheduled flight home to New Brunswick. As leader of the Canadian Future Party, he must decide where to run. “I’ve got good recognition in Atlantic Canada,” he shares, “and a good base there. The problem is that if you’re Canadian and live anywhere outside of the centre of the country, as you know, Air Canada is not your friend.” All to mean, he plans to run in either Fredericton or Ottawa. The timing of the next federal election is the subject of much speculation, by party insiders and talking heads. For a new party, this timing is pivotal; riding associations have yet to be set up and candidates vetted. Dominic says he’s asked his party to be ready for an election from March 2025 onwards. “We’ve got to be ready to build a machine to see what happens if lightning strikes and the power turns on,” Dominic declares. “Ultimately, if Canadians want this party, and if we have good candidates, and we have the chance to send a team to Ottawa, then I want those folks to be ready to hit the ground running.” It’s an ambitious plan, for a brand new party. I ask him: Has the failure of the Democrats in the U.S. hardened Trudeau’s resolve to stay put? “It wouldn’t surprise me,” Dominic responds, “I mean, he is, if nothing else, the Joe Biden of Canada, and I do not mean that particularly as a compliment.” Dominic’s even more scathing of the NDP leader: “I don’t know how Mr. Singh is able to persist in his job after the humiliation of doing the big divorce announcement, and then announcing, ‘We might be divorced, but we’re still going to sleep together,’” he chuckles. “I would guess the NDP would like to reassert some vague form of autonomy,” he speculates, “given the position they’ve put themselves in, and perhaps we go for one (an election) in the spring.” Dressed in a black suit jacket and black, collarless shirt, blonde stubble on his chin, Dominic projects a faintly clerical vibe. But he’s not preachy. I ask about the pin on his lapel, bearing the flags of Canada and Ukraine. “When the war started,” he says, “I took off my MLA pin and put on a Ukraine pin and said I’d wear it every day until the war was ended. It’s been on for three years nearly...so hopefully not much longer.” Dominic’s travelled to Ukraine, a couple of times, he says, and adds, “New Brunswick was the only province that gave money directly to the Ukrainian armed forces.” He was the cabinet minister who brought that proposal forward. Dominic’s career has been defined by that kind of gesture. He argues voters are looking for a bold kind of middle. “The key, to me, for the new party success ... is for us not to be mushy,” Dominic asserts. “I’m talking about a party that is extremely aggressive and hard-edged. When I talked about the Israel-Palestinian conflict, I’m not sitting here talking about arguing back and forth about UN resolutions. I went out and got arrested in the streets of Toronto saying it is unacceptable for a terrorist organization to be able to rally freely while people espousing the official position of the government of Canada are arrested.” And yet, what the Canadian Future Party is selling is arguably stability — perhaps even a throwback. “Success is, five and then 10 years down the road, my country’s still looking somewhat like it did, say, in 2014 or ’15,” Dominic asserts. “A liberal, open, democratic society with rights protected despite the fact the world has become ever more chaotic and difficult and dangerous.” Dominic says he’s a realist, and evidence-based; he accepts the chances of this project succeeding are small. But he believes he’s answering a clarion call for an alternative political party that is fiscally disciplined and socially liberal. A September 2024 Angus Reid poll indicated one-third of Canadians saw themselves as political “orphans.” “If people don’t want this party, they’ve got a democratic choice to say they don’t,” Dominic concludes, “and I can go and find something else to do with my time.” Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark nationalpost.com and sign up for our newsletters here .
KPMG Global Tech Report 2024Israeli Defence Minister Israel Katz has admitted for the first time publicly to Israel's killing of Hamas leader Ismail Haniyeh in Iran in July, further risking tensions between Tehran and its arch-enemy Israel in a region shaken by Israel's war in Gaza and the conflict in Lebanon. or signup to continue reading "These days, when the Houthi terrorist organisation is firing missiles at Israel, I want to convey a clear message to them at the beginning of my remarks: We have defeated Hamas, we have defeated Hezbollah, we have blinded Iran's defence systems and damaged the production systems, we have toppled the Assad regime in Syria, we have dealt a severe blow to the axis of evil, and we will also deal a severe blow to the Houthi terrorist organisation in Yemen, which remains the last to stand," Katz said on Monday. Israel will "damage their strategic infrastructure, and we will behead their leaders – just as we did to Haniyeh, Sinwar and Nasrallah in Tehran, Gaza and Lebanon – we will do it in Hodeidah and Sana'a," Katz said during an evening honouring defence ministry personnel. The Iran-backed group in Yemen has been attacking commercial shipping in the Red Sea for more than a year to try to enforce a naval blockade on Israel, saying they are acting in solidarity with Palestinians in Israel's year-long war in Gaza. In late July, the political leader of the Palestinian Islamist group Hamas was killed in Tehran in an assassination blamed on Israel by Iranian authorities. There was no direct claim of responsibility by Israel for the killing of Haniyeh at the time. Haniyeh, normally based in Qatar, had been the face of Hamas' international diplomacy as the war set off by the Hamas-led attack on Israel on October 7 has raged in Gaza. He had been taking part in internationally brokered indirect talks on reaching a ceasefire in the Palestinian enclave. Months after, Israeli forces in Gaza killed Yahya Sinwar, Haniyeh's successor and the mastermind of the October 7, 2023, attack that triggered the latest bloodshed in the decades-old Israeli-Palestinian conflict. Advertisement Sign up for our newsletter to stay up to date. We care about the protection of your data. Read our . Advertisement
The fate of President Joe Biden’ s landmark climate legislation, the Inflation Reduction Act, is in the hands of the incoming Republican-controlled White House, Senate and House of Representatives. At the White House level, President-elect Donald Trump has already nominated three people to posts in his administration who are likely to be key to the future of the IRA, if they are confirmed by the Senate: hedge fund executive Scott Bessent as Treasury Secretary, oilfield services company Liberty Energy CEO Chris Wright to lead the Department of Energy, and at the Interior Department, North Dakota Gov. Doug Burgum . Any full repeal of the IRA would have to be passed by both chambers of Congress, where Republican lawmakers so far have been reluctant to completely discredit the law’s benefits. House Speaker Mike Johnson, R-La., told CNBC in September that he would use “a scalpel and not a sledgehammer” on the IRA. There’s a good reason for this approach: As of late October, roughly three quarters of the clean energy investments that have been made with IRA funds benefitted congressional districts that backed Trump in the 2020 presidential election, according to a Washington Post analysis of data from the Massachusetts Institute of Technology and the clean energy think tank Rhodium Group. But what future Trump Cabinet members would do is also “pretty profoundly important” to the future of the massive legislation, said Tanuj Deora, a former director for clean energy at the Biden administration’s Office of the Federal Chief Sustainability Officer. The agencies hold considerable power over the interpretation and implementation of the IRA’s programs and incentives, like tax credits and business loans. Renewable energy tax credits are likely safe A priority for Republicans going into 2025 is extending the expiring provisions of the Tax Cuts and Jobs Act of 2017. Trump is looking to extend the tax cuts within his first 100 days in office next year. This extension would cost $4.6 trillion over the 10-year budget window, according to estimates from the Congressional Budget Office. “In addition, Trump promised another seven to eight trillion in tax breaks during the last few weeks of the [presidential] campaign,” said Keith Martin, co-head of projects at the law and lobbying firm Norton Rose Fulbright. The money for all this has to come from somewhere, however, and experts say provisions of the IRA are the most likely candidates for potential cost-savings. In an interview with the Financial Times last October, Bessent called the IRA “the Doomsday machine for the deficit,” suggesting that Trump could dismantle it to cut spending. The IRA contains a range of targeted tax incentives designed to drive clean technology and energy production across the country. Among them, the renewable energy tax credits, especially those for carbon capture technologies, domestic manufacturing and the green economy job transition are well-liked by Republicans, Martin said, and likely to be safe from any potential repeal efforts. But the current phase-out dates for the IRA tax credits are likely to be accelerated, experts predict, and the Trump transition team is already in talks to completely dismantle a $7,500 consumer tax credit for electric vehicles. Most of the final rules governing implementation of the IRA tax credits have either been finalized or are expected to be by the end of the year. But there is still considerable fear that the remaining money could be rescinded, frozen or “awarded in ways that are aligned with a shift in priorities” in a new administration, said Julie McNamara, deputy policy director of the Union of Concerned Scientists. “Theoretically, a future Treasury could reverse course on interpretation and implementation, but that would take a long time and would need to be justifiable and defensible if challenged in the courts,” she added. Business loan programs are in trouble The more immediate concern, experts say, is the future of the Department of Energy’s Loan Programs Office (LPO), which provides financing for green projects. While Wright has yet to voice an opinion on the LPO, several Republicans have called for scaling it back or doing away with it altogether. As of November, private companies were seeking more than $300 billion in funding applications from the LPO. Beneficiaries of the loan program have included Tesla , whose CEO Elon Musk is co-heading Trump’s outside advisory council, the so-called Department of Government Efficiency. The Inflation Reduction Act expanded the LPO’s lending authority and eligibility requirements for projects. “I think that a lot of the private sector is very concerned about the loan program,” said Claire Broido-Johnson, co-founder and president of Sunrock Distributed Generation, a financier and developer of commercial-scale solar projects. “Everybody’s trying to slam as many projects as they possibly can into this process before the administration changes.” An 'all-of-the-above' energy strategy With the boom in AI data centers, domestic manufacturing and electrification, the U.S. is facing “a significant challenge in meeting a growing demand for energy,” said Frank Macchiarola, chief policy officer of the American Clean Power Association, which represents renewable energy interests in Washington. This demand can only be met by an “all-of-the-above” energy policy, Martin says, especially if Trump is planning to reduce energy prices by 50% within his first year, as he promised . Trump’s potential Cabinet officials in the energy space are consistent with that message, according to both Macchiarola and Deora. “Burgum has a pretty clear track record in being supportive of all kinds of energy investment and given the very real need for more energy infrastructure of all types, it seems hard to imagine that somebody of his background and his business competence and his governance competence would try to suppress any reasonable technology from being deployed as quickly as possible,” Deora said. North Dakota is one of the leading states in wind energy, utilizing the source for more than one-third of the state’s electricity. As for Wright, although he has denied the existence of a climate crisis, he worked in the solar industry as well as oil and gas, according to Trump’s statement announcing his nomination. “He’s not necessarily against any technology, he’s just going to be for certain technologies,” Deora said. Ultimately, an all-of-the-above approach to energy would effectively defeat the purpose of climate policy, even though it might sound reassuring to sectors that would be negatively impacted by a targeted attack on renewables. “Climate change isn’t about how many solar panels we put up. Climate change is how much carbon dioxide and methane that we do not admit,” said Deora. “The concern isn’t about whether we keep business and keep solar developers happy. This is really about, are we going to produce more fossil fuels?”ACNB Corporation and Traditions Bancorp, Inc. Announce Receipt of Shareholder Approvals for Acquisition
Inside Katie Price’s £100K plastic surgery transformation since 1998 as mum-of-five books in THIRD BBL for JanuaryAfe Babalola Obtains Court Order To Ban Farotimi’s Bestseller, Seize RoyaltiesProsecutors have suggested to a New York judge the possibility of sparing Donald Trump any prison time for his conviction on charges involving hush money paid to a porn star in light of his US presidential election victory, but opposed dismissing the case. Login or signup to continue reading In a court filing made public on Tuesday, prosecutors with Manhattan District Attorney Alvin Bragg's office urged Justice Juan Merchan to deny the Republican businessman-turned-politicians' request to throw out the case so it does not hang over him and impede his ability to govern once he takes office on January 20. Noting that many of Trump's concerns involve the possibility that he could be incarcerated, prosecutors noted that there is no requirement that Merchan sentence him to prison - and said the judge could conclude that presidential immunity from prosecution would require a non-incarceration sentence. "Such a constitutional limitation on the range of available sentences would further diminish any impact on defendant's presidential decision-making without going so far as to discard the indictment and jury verdict altogether," prosecutors wrote. Merchan has not said when he will rule on Trump's bid for dismissal. Trump has called the case an attempt by Bragg, a Democrat, to harm his 2024 campaign. In a statement on Tuesday, Trump spokesperson Steven Cheung said, "Today's filing by the Manhattan DA is a pathetic attempt to salvage the remains of an unconstitutional and politically motivated hoax." The case stemmed from a $US130,000 ($A204,000) payment that Trump's former lawyer Michael Cohen made to adult film actress Stormy Daniels for her silence before the 2016 election about a sexual encounter she has said she had a decade earlier with Trump, who denies it. A Manhattan jury in May found Trump, 78, guilty of 34 counts of falsifying business records to cover up his reimbursement of Cohen. It was the first time a US president - former or sitting - had been convicted of or charged with a criminal offence. Falsifying business records is punishable by up to four years in prison, but incarceration is not required. Before his Nov. 5 election victory, legal experts told Reuters it was unlikely that Trump would be sentenced to prison due to his lack of a criminal history and advanced age, but that incarceration was not impossible. The US Supreme Court in July ruled in a separate criminal case involving Trump that presidents have broad immunity from criminal prosecution for official actions taken in office, and that evidence of official acts could not be used in prosecuting a president over personal acts. Trump's lawyers have argued that meant the case should be dismissed because prosecutors used statements that Trump made while president and testimony from his White House aides. The filing by Bragg's office on Tuesday said the hush money case involved "purely unofficial conduct." Australian Associated Press DAILY Today's top stories curated by our news team. Also includes evening update. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation. WEEKLY The latest news, results & expert analysis. WEEKDAYS Catch up on the news of the day and unwind with great reading for your evening. WEEKLY Get the editor's insights: what's happening & why it matters. WEEKLY Love footy? We've got all the action covered. WEEKLY Every Saturday and Tuesday, explore destinations deals, tips & travel writing to transport you around the globe. WEEKLY Get the latest property and development news here. WEEKLY Going out or staying in? Find out what's on. WEEKDAYS Sharp. Close to the ground. Digging deep. Your weekday morning newsletter on national affairs, politics and more. WEEKLY Follow the Newcastle Knights in the NRL? Don't miss your weekly Knights update. TWICE WEEKLY Your essential national news digest: all the big issues on Wednesday and great reading every Saturday. WEEKLY Get news, reviews and expert insights every Thursday from CarExpert, ACM's exclusive motoring partner. TWICE WEEKLY Get real, Australia! Let the ACM network's editors and journalists bring you news and views from all over. AS IT HAPPENS Be the first to know when news breaks. DAILY Your digital replica of Today's Paper. Ready to read from 5am! DAILY Test your skills with interactive crosswords, sudoku & trivia. Fresh daily!
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