"The government says it aims to reduce gasoline prices by 10 cents per litre and lower energy bills, scrapping the plan that forced large companies to buy allowances for their carbon emissions"

"TORONTO - The newly elected Ontario government announced on Tuesday it would end the province's cap-and-trade program, a policy designed to reduce greenhouse gas emissions, fulfilling one of Premier Doug Ford's election promises.

However, it leaves businesses that bought C$2.8 billion ($2.1 billion) worth of allowances in limbo.

Ford's Progressive Conservative government swept to power last month, ending 15 years of Liberal rule in Ontario, Canada's most populous province and the country's economic engine, with a promise to cut corporate and personal taxes."

Danya Hajjaji reports for Reuters July 3, 2018. [2]