Netflix Stock Takes a Hit Amid Dismal Revenue Proj
After weak revenue projections and co-founder Reed Hastings' exit, Netflix faces investor anxiety ov
Canada’s secretary of state for defence procurement, Stephen Fuhr, says Ottawa is not planning to back out of its contract to buy American-made F-35 fighter jets, despite a review of the overall program still being underway.
Fuhr confirmed that 16 jets are already under contract and in production with U.S. manufacturer Lockheed Martin.
“I don’t think that’s the direction we’re heading,” Fuhr said when asked about the possibility of exiting the deal after receiving the first batch. “But there’ll be a decision, and we’ll make it when we’re ready.”
A spokesperson later clarified Fuhr’s remarks, stating that Canada is only obligated to the 16 planes currently being built, while the fate of the full planned purchase of 88 F-35s remains under review.
Background on the Purchase
The federal government, led by the Liberals, signalled in 2023 that it intended to purchase 88 F-35 jets. However, earlier this year, rising trade tensions with the U.S. prompted then-Defence Minister Bill Blair to announce a review of the deal.
Fuhr said Prime Minister Mark Carney will make the final call:
“There’s infrastructure being built out at the two main operating bases. When [Carney] is comfortable with making a decision, he’ll make it.”
Asked if U.S. trade talks with President Donald Trump were influencing the decision, Fuhr was firm:
“We’re a sovereign country. We’ll make our own decisions and we’ll stand on our own two feet.”
New Defence Investment Agency
Alongside the jet debate, Ottawa last week launched the Defence Investment Agency, designed to streamline military procurement.
Carney said the agency will work closely with allies such as the United Kingdom, Australia, and France. Fuhr noted the new body will be unique:
“It’s got its own authority, contracting power, resources, and people. It’s structured in a way to succeed, and we’re going to make it work.”
Considering a Mixed Fleet
If Canada decides not to proceed with the full F-35 fleet, alternatives are being explored. Blair had earlier floated the idea of a mixed fleet, potentially including the Swedish Saab Gripen.
Fuhr explained that relying on a single aircraft type may not suit every mission:
“We need a wide range of capability sets to deal with all the eventualities we could face.”
Meeting NATO Spending Targets
Canada is also under pressure to meet NATO’s target of spending 2% of GDP on defence by 2025-26, roughly $63 billion.
Fuhr acknowledged that the federal government needs to speed up procurement and suggested that commercial contracting could be one way to accelerate the process.
“I’ll be very focused on making sure we use the right process for the right procurement to make sure it goes faster,” he said.