Start your day off right with five things you need to know this morning.
Five things you need to know
Mark Carney has announced the creation of a new investment vehicle he has claimed is a sovereign wealth fund, branding it the "Canada Strong Fund." The scheme, which does not resemble a traditional sovereign wealth fund since Canada is a highly indebted country with a very large deficit, will work with the private sector to direct cash to projects deemed to be in the national interest, Carney said. Speaking in Ottawa today, the prime minister referred to himself and his government as "good fiscal managers" and pledged $25 billion to the new fund.
LIVE: The Canada Strong Fund · EN DIRECT: Le Fonds pour un Canada fort https://t.co/MJ0cnwsLLr
— Mark Carney (@MarkJCarney) April 27, 2026
More Canadians think Canada is on the wrong track (42 per cent) than the right one (34 per cent), according to a new poll from Angus Reid Institute. The group's survey, taken for the one-year anniversary of the Liberal Party's election win last year, also found that most Canadians are worried about the cost of living, with 67 per cent saying Carney has failed on housing affordability and 70 per cent saying he has failed on general affordability.
In more bad news for Mark Carney's government, representatives from Canada's most important industries – including forestry, oil, gas and autos – have told the Financial Times newspaper that domestic regulations hobbling their businesses are costing them more money than Donald Trump's tariff regime. One, Dan Kelly, the Canadian Federation of Independent Business president, said Carney's pledge to cut red tape in Canada has "stalled," adding: "Ottawa is focused on helping a few big players, with every other unwashed business owner stuck in the old, unworkable system.” Another, Canadian Vehicle Manufacturers’ Association President Brian Kingston, complained: "There’s clearly a disconnect between statements and implementation."
Canadian red tape is worse than Trump tariffs, say industry groups https://t.co/UUwy95XXRd
— FT Energy (@ftenergy) April 26, 2026
British oil major Shell has agreed a deal to buy Canadian energy firm ARC Resources for US$13.6 billion. "ARC is a high-quality, low-cost and top quartile low carbon intensity producer operating in the Montney shale basin that complements our existing footprint in Canada and strengthens our resource base for decades to come. We are accessing uniquely positioned assets and welcoming colleagues that bring deep expertise which, combined with Shell’s strong basin level performance, provides a compelling proposition for shareholders," Wael Sawan, Shell's CEO, said.
BREAKING: Big Oil M&A
— Javier Blas (@JavierBlas) April 27, 2026
Shell buys Canadian oil and gas producer ARC Resources for $13.6 billions (plus debt and leases), making Canada one of its core areas.
ARC pumps ~370,000 barrels of oil equivalent (~40% liquids) from the Montney shale basin.
Statement:…
Mark Carney's much-praised speech in Davos in January has finally begun to attract critical interest from the Canadian media, with the CBC publishing a long "analysis" article on Sunday looking at "How Carney's Davos speech holds up 3 months later." The article highlights inconsistencies between the speech and Carney's actions, including on the US and Israel's war with Iran, trade policy and an ambiguous approach to international law.
How Carney's Davos speech holds up 3 months later.
— Evan Dyer (@EvanDyerCBC) April 27, 2026
Standing up for sovereignty, international law isn't always easy and doesn't always happen.https://t.co/8MBetImHih
