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Canada to fast track oil pipeline meant to diversify economy away from US | Business and Economy News

Carney declared the pipeline a project of national interest, smoothening its way to a single federal regulatory review process.

Canada will fast track the approval process for a new proposed crude oil export pipeline to its west coast that could generate billions in revenue and boost economic growth, Prime Minister Mark Carney has said.

Carney made the announcement on Thursday to fast-track the pipeline, which is a crucial part of his bid to diversify the economy away from the United States and help lessen the effect of US President Donald Trump’s tariffs.

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Carney said Ottawa is officially listing the Pacific Link pipeline, which had been announced in July, as a project of national interest. That will ensure it proceeds through a single federal regulatory review process. He said Ottawa aimed to complete the process by September 1, 2027.

“A pipeline to the west coast is part of our mission to transform our economy, to double our non-US exports over the next decade … [and] to unlock our full potential as a global energy superpower,” he told reporters in Fort McMurray, hub of Alberta’s tar sands industry.

Ottawa says the 1 million barrel a day project would create 140,000 jobs and generate more than 20 billion Canadian dollars ($14bn) in gross domestic product (GDP) per year and 100 billion Canadian dollars ($70bn) in government revenue by 2060.

Canada currently has just one east-west oil export pipeline in Canada, the 890,000-barrel-per-day Trans Mountain pipeline. An expansion of that pipeline was completed in 2024, but it is already running at capacity.

For years, Canada has sent more than 90 percent of its crude oil exports to the US via pipeline. A new oil export pipeline could make Canada a major global energy supplier, as Asia’s top importers seek oil from outside the Middle East in the wake of the Iran conflict.

Filling the pipeline, however, would require new tar sands expansions of the type no company has undertaken in more than a decade.

The pipeline will be built by government-owned Trans Mountain Corp in coordination with Pembina Pipeline Corp. Alberta estimates it could cost between 35.2 billion Canadian dollars and 43.7 billion Canadian dollars ($24.7bn – $30.7bn).

The majority owners will be the federal government and the government of Alberta. Indigenous communities will be offered a minimum of 10 percent ownership interest.

Previous oil pipeline projects in Canada have faced strong opposition from environmentalists and Indigenous groups, resulting in the cancellation of some projects and leading to cost overruns and construction delays with others.

Alberta separatism

Carney made the announcement alongside Alberta Premier Danielle Smith in Fort McMurray in the heart of Canada’s tar sands, a move meant to mend relations with oil-rich Alberta as separatists push for a referendum on leaving Canada.

Alberta is holding a public vote on October 19 on whether to hold a referendum on leaving Canada. Smith has long complained that Carney’s predecessor, Justin Trudeau, hindered Alberta’s energy industry and fuelled separatist sentiment.

Smith said she would vote to keep Alberta in Canada and called the roughly 22 percent support for separation in a recent poll “still too high for my liking”.

“I don’t like the fact that many of our fellow citizens have given up on Canada,” Smith said, adding that the pipeline was an example of how “cooperative federalism can work in action”.

Asked what message Albertans considering separation should take from the announcement, Carney said it demonstrated that “Canada is working” and showed what the country could achieve by acting together.

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England fast bowler Carse to face no charges over alleged nightclub assault | Cricket

Derbyshire Police said they were investigating an alleged assault but have now decided no further action will be taken.

England fast bowler Brydon Carse will face no charges after an investigation into an alleged assault was closed by Derbyshire Police, the force has said.

But the 31-year-old remains subject to a separate probe by the Cricket Regulator, the disciplinary arm of the English game, who will assess if he has a case to answer under their regulations.

Carse was handcuffed by officers after a celebratory night out with Durham teammates on August 23 in Derby, central England, and it was later confirmed he had been arrested on suspicion of being drunk and disorderly, before being “de-arrested” after agreeing to depart.

Derbyshire Police said they were investigating an alleged assault in connection with the incident but have now decided no further action will be taken.

In a statement on Friday, the force said: “An investigation into reports of an assault in Derby city centre has been closed.

“Officers attended Molly Malones in the Wardwick, Derby, in the early hours of Sunday 23 August. A man was arrested on suspicion of being drunk and disorderly and was then de-arrested after his details were taken by officers.”

Subsequent enquiries were made pursuing the allegations of an assault but, after the alleged victim was identified and spoken to, no further action was taken, police said.

Videos of Carse’s arrest were released on social media, with Carse seen talking to Durham teammate Matthew Potts, while former England captain Ben Stokes – who also plays for northeast county Durham – was pictured in the background.

Carse, who has taken 58 wickets in 14 Tests at a shade more than 30 apiece, has continued playing for Durham since the episode took place, helping the side win the Second Division title in the first-class County Championship.

But he has been overlooked by England.

Carse was immediately removed from the squad before the second Test against Pakistan, then left out of the final match too, having not been selected on cricketing grounds for the opening encounter of a series where England whitewashed the tourists 3-0.

While officially available for selection for the ongoing white-ball series against Sri Lanka, he was again omitted.

England’s limited-overs head coach Brendon McCullum, speaking earlier this week, reminded his side of their off-field responsibilities, adding: “I’ve spoken to Carsey a lot and it’s the same message – you need to make good decisions off the field that allow you to be able to be the best version of yourself.

“As far as Carsey is concerned, it’s a good chance for him now to get his house in order and then push for selection for the next opportunity that arises.”

Carse’s arrest was the latest in a series of alcohol-fuelled controversies that have dogged England since their disastrous tour of New Zealand and Australia at the end of last year.

Test captain Joe Root, speaking before the Lord’s Test, said he was “hacked off” by the growing list of drink-related incidents involving England cricketers.

Turning to Carse, he said, “I don’t think I’m speaking out of turn in saying he’s very upset, very apologetic and understands his actions. I’m sure when he gets his chance, he will say that himself.”

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The Fast & Furious coaster officially opens at Universal Studios

Universal Studios Hollywood’s landscape-changing, park-altering new thrill ride, Fast & Furious: Hollywood Drift, is officially open. The coaster boasting spinning, drifting cars along 4,100 feet of track had been in a soft launch phase since late July. But as of Wednesday morning, the theme park has declared the ride fit for daily operation.

“It elevates us to a new level,” says Jon Corfino, the park’s lead creative executive. “When we first started thinking about this 10 years ago, we recognized that. It’s our first big outdoor coaster. It changes the complexion of who we are, even the visual nature of who we are. You can see this from the freeway.”

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The theme park hosted a private ribbon-cutting ceremony — in this case, a metal chain cutting to better represent the action-focused, garage-like grit of the “Fast & Furious” film franchise — on Tuesday evening. Mark Woodbury, the chairman and chief executive of Universal Destinations & Experiences, and Scott Strobl, executive vice president and general manager of Universal Studios Hollywood, together sliced the cable.

‘“Fast & Furious’ has delivered 25 years of high-speed thrills and big blockbuster movie moments and it was the perfect story for us to build this incredible, one-of-a-kind innovative attraction,” Woodbury said, noting a similar coaster, set to open next year, is under construction for Universal’s Florida resort.

Universal Studios Hollywood's Fast & Furious: Hollywood Drift towers over the theme park.

Universal Studios Hollywood’s Fast & Furious: Hollywood Drift towers over the theme park.

(Ronaldo Bolaños / Los Angeles Times)

The coaster reaches a top speed of 72 mph, the fastest coaster in Universal’s global portfolio, and places riders in authentic, mini-re-creations of real cars that can rotate 360 degrees to create the drifting sensation of a stunt vehicle. With four inversions that bring guests upside down, Hollywood Drift is decidedly intense.

Wait times on Wednesday were hovering around 90 minutes. “I’m a big fan of the movies, and I think this is the best coaster in Southern California, hands down,” said L.A.’s Peter Lee, 43, as he was exiting the attraction on Wednesday. Lee has ridden the coaster 10 times since late July, but wanted to attend its opening day to purchase a picture of himself on the ride on its first proper day of operations.

Phillip Lambert Duke, 42, of Orlando, came to Universal Studios Hollywood to experience the West Coast edition of Halloween Horror Nights but said Hollywood Drift will be a highlight of the trip. “It’s fantastic,” Lambert Duke said. “It’s beautiful. I love how all the cars move independently of one another. “

Yet Fast & Furious: Hollywood Drift has also attracted some unwanted attention from the neighboring community of Toluca Lake, where residents have cried foul at the sound of rider screams emanating from the coaster. “Untenable,” “disturbing” and “like someone is getting murdered” have been a few of the ways longtime Toluca Lake homeowners have described the noise of riders.

An upside down rider enjoying Fast & Furious: Hollywood Drift at Universal Studios Hollywood.

An upside down rider enjoying Fast & Furious: Hollywood Drift at Universal Studios Hollywood.

(Ronaldo Bolaños / Los Angeles Times)

A number of Toluca Lake residents sent a media alert and hosted reporters in their neighborhood on Wednesday’s opening day to showcase just how disruptive the screams could be. Standing in the backyard of a house situated near a neighboring golf course, rider screams are certainly audible, and residents said the consistency of them is destroying their quality of life.

“It’s a constant stress,” said Colby Jensen, 55, a Toluca Lake resident of 26 years. Jensen said some residents have begun exploring their legal options, citing both the emotional duress of hearing constant screams and also a fear of potentially lower property values.

“It’s not just a noise, like the freeway, which is in the background,” Jensen said. “It’ll be quiet for a minute, and then you’ll hear this cacophony of screams. It inherently raises your blood pressure and stress level and it’s unnatural to hear that.”

Sofia S., who declined to give her full last name, said she just returned home to Toluca Lake after graduating from Indiana University. The 22-year-old noted the coaster has made it difficult to work from home.

“I have a little dog, and she’s barking a lot more because she thinks people are trying to come into the house,” she said.

Fast & Furious: Hollywood Drift was designed as one of the quietest thrill rides ever constructed so as not to disrupt the working studio below and the communities nearby. Its track has been filled with pea gravel to mitigate rumbles, and multiple walls and glass-outfitted curved shields have been placed on or near its layout. Universal has even stated that it can rotate the cars so riders scream away from the nearby neighborhood at particularly extreme moments. Such measures have been welcomed by the community, but they’re not enough, say many neighbors.

Universal has scheduled a community meeting with residents for Sept. 30. The park also last month pledged to build additional sound barriers to further dampen rider screams.

Fast & Furious: Hollywood Drift has been the most a

Fast & Furious: Hollywood Drift has been the most anticipated theme park attraction of 2026.

(Ronaldo Bolaños / Los Angeles Times)

At Tuesday’s media event, Universal executives declined to discuss community concerns or efforts to alleviate them, but later issued a statement acknowledging that community feedback has been an important part of the process.

“Testing completed to date confirms the attraction is operating in compliance with sound ordinances applicable to Universal property, which are more stringent than city and county codes,” the emailed comment reads.

Toluca Lake residents dismiss criticisms that this comes with the territory of living next to a theme park, noting for much of its history Universal focused on indoor attractions and has previously worked with the community, such as adjusting the audio on its “WaterWorld” stunt show.

Fred Iberri, who said he’s lived in his inherited Toluca Lake home since the early ’70s, said everyone has a right to peace in their home.

“People say, ‘If you don’t like it, it’s your choice to live next to a theme park.’ That’s not true. Universal hasn’t had a coaster outside until three months ago,” Iberri said. “I’ve been here for 52 years, my family for 90, and Toluca Lake has been a peaceful neighborhood until three months ago. Anyone who says that doesn’t know us or the neighborhood. It’s not so easy for seniors to just pick up and move.”

Mr. Todd’s Wild Ride comes out every Tuesday, but we occasionally publish special editions (like this one!) when we have breaking theme park news. Make sure you’ve signed up to be the first to know.

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Underrated English seaside town is getting a new fast train from London

A BELOVED UK seaside town is set to get a new, faster train to London – slashing journey times by 15 minutes.

Visitors and commuters travelling to and from the coastal area will soon be able to make it to London in just over an hour.

Hastings is a large seaside town and borough in East Sussex on the south coast of England.
A new speedier train service between London and Hastings is launching
Southeastern train leaving Waterloo East Railway Station.
Commuters and tourists will be able to get to the coastal town in just over an hour Credit: Alamy

The new rail service will connect the capital with the East Sussex town of Hastings and its set to launch in December of this year.

Hastings boasts a charming shingle and pebble beach and plenty of pubs, cafes and restaurants.

Journeys from London to the quaint seaside town can currently take as long as 1 hour and 47 minutes.

The new Southeastern Railway service will connect the two locations with a train that takes just 1 hour and 18 minutes to get to London Bridge.

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The new service will depart from London’s Charing Cross before calling at Waterloo East, London Bridge, Tunbridge Wells, Battle, St Leonards Warrior Square before arriving in Hastings.

The new transport project has been described as being in a “pilot” phase – and demand for the service will have to be shown for it to be made permanent.

It comes as part of an upcoming timetable shakeup that aims to better connect South East London, Kent and East Sussex.

The new service will run to London once in the morning, with a further return journey scheduled in the evening.

The morning train is set to depart Hastings at 8:05am and arrive at Charing Cross at 09:33am.

The evening train journey will set off from Charing Cross at 4:11pm and arrive in Hastings at 5:42pm.

Speaking about the introduction of the speedier service, Helena Dollimore, MP for Hastings, Rye and the villages, said: “Securing a faster train service for our town has been one of my top priorities as our local MP. When we are almost the same distance from London as Brighton, why should our train take twice as long?”

Highlighting the importance of the trains that serve both commuters and tourists, she added: “This new service is great news for commuters and for our local shops, hotels, pubs, and restaurants that rely on tourists coming down to visit us.

“This new fast train will be a pilot service. If we want it to stay, we all must use it to show the demand.”

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Revolut Fast Tracks to Wall Street With Conditional US Charter

Revolut gets an OCC thumbs up to launch a US bank, but lending ambitions are another issue.

Technically, financial technology company Revolut is already a bank across several regions—it holds licenses in the U.K., France, Mexico and Australia.

Now, in the U.S. market, it is one step closer to bankhood.

The London-based startup announced Thursday that it has received conditional approval from the U.S. Office of the Comptroller of the Currency for a national bank charter. The move would help the company grow its customer base from 80 million to 100 million by mid-2027.

It also exemplifies Revolut’s agility as a fintech compared to traditional banks, which typically take years to pull off similar expansion efforts.

“Legacy banks are working with legacy systems,” David Tirado, Revolut’s VP of Profitability and Global Business, told Global Finance in an interview last year. “Revolut, on the other hand, built our proprietary technology from the ground up with a global mindset. While competitors struggle to scale across different markets and regulatory landscapes, our systems were designed for this from day one.”

What Else Does Revolut Need?

Revolut still needs a green light from the Federal Deposit Insurance Corp. and the Federal Reserve, as well as final sign-off from the OCC, before it can open the proposed bank.

Once fully approved, Revolut said it would offer U.S. customers loans, credit cards, FDIC-insured deposits, and access to stablecoins and cryptocurrencies.

In a prepared statement, Revolut founder and CEO Nik Storonsky said the conditional approval was “an important first step towards establishing the proposed Revolut Bank US,” adding that it gives the company “the foundation to build in the world’s largest financial market.”

The U.S. bid follows Revolut’s expansion across Latin America, where the company recently launched a bank in Mexico and is pursuing licenses in Brazil, Colombia, Peru and Argentina. This year, Revolut has also obtained banking licenses in France, Australia and the U.K., a payments license in the United Arab Emirates, and is seeking a banking license in South Africa.

The company claims to add roughly 1 million customers every 17 days.

What About Lending?

Whether Revolut can become a customer’s primary financial institution without being a major loan underwriter remains to be seen. Revolut’s consumer lending segment remains small relative to its tens of billions in customer deposits. Still, it’s worth noting that the so-called neobank’s loan book, as of March, is up 120% year over year at $2.9 billion.

Felipe Peñacoba Martinez, CEO of Getnet Platforms Payments Hub and former CIO at Revolut Bank (EU), told Global Finance in June: “Revolut is aware this takes time, and they’re going slower than in other areas.”

Ultimately, the central question facing the industry is whether fintechs like Revolut can scale core banking products faster than traditional incumbents can modernize their digital ecosystems.

Anthony Noto covers corporate finance and private credit. Contact him at anoto@gfmag.com

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