Canada Business & Economics
Canada's Trudeau accuses China of 'dumping' steel on global markets
Online shopping isn’t the only thing killing Canadian malls — it’s millennials, too
China-U.S. trade war would be 'disaster': Chinese minister
Use your tuition tax credits as soon as you can, or risk losing them
It’s time for Canada to stop ragging the puck on NAFTA negotiations
Stocks could fall 40% in ‘deep correction’ over next few years, JPMorgan warns
We need more women business leaders, for everybody’s good
Bank of Canada Holds Key Rate Steady at 1.25%
2018-04-19 05:02:28 Updated April 18, 2018 2:47 p.m. ET OTTAWA—The Canadian economy is operating close to capacity, with low unemployment and inflation on target, but low interest rates are still needed to support growth, Bank of Canada Gov. Stephen Poloz said Wednesday as the central bank held its key rate steady. The decision to leave the benchmark interest rate at 1.25% was widely anticipated by economists   Read More ...
Kentucky group to attend trade, business trip in Canada
2018-03-26 21:03:04 LEXINGTON, Ky. (AP) - Kentucky Lt. Gov. Jenean Hampton will lead a state delegation on an aerospace trade and business trip to Canada next month. Hampton announced in a news release Monday the trip will take place April 15 through 20 in Montreal and Quebec City. The trip is being organized by the World Trade Center Kentucky and the Kentucky Aerospace Industry Consortium   Read More ...
There's still hope for liquefied natural gas on the West Coast
2018-03-13 09:07:16 Global demand is growing for LNG, providing lifeline for projects still in development Related Stories The once sky-high aspirations to develop a liquefied natural gas (LNG) industry on Canada's West Coast have crashed to the ground, but experts say the window of opportunity has yet to close as demand for the resource continues to rise around the globe. After several project delays and cancellations, the LNG industry has struggled to take off in British Columbia   Read More ...
‘Cryptojacking’ hacker trend turns unwitting Canadian web surfers into cryptocurrency miners
2018-03-13 04:32:43 Scores of Canadians dipped their toes into cryptocurrency mining in recent weeks — they just didn’t realize it. A wave of so-called “cryptojacking” has been sweeping the internet, forcing unwitting web surfers into generating money for cybercriminals. Hackers infect websites with malicious code that secretly conscripts visitors into an army of cryptocurrency miners. Cryptocurrency mining involves devoting a computer’s processing power to solving a complicated mathematical problem with digital currency offered as a reward   Read More ...
Canada’s Trudeau hits China for ‘dumping’ steel on global markets
2018-03-13 04:11:00 OTTAWA, Canada — Prime Minister Justin Trudeau accused China of flooding global markets with cheap steel Monday, saying Canada has already taken steps to prevent “dumping.” “We are very concerned about the actions taken by China and the dumping of steel and aluminum on the global market,” Trudeau said following a tour of an aluminum plant in Quebec. His comments came amid rising global trade tensions in the wake of a US decision to impose steep tariffs on imported steel and aluminum   Read More ...
Canada's dollar at risk even without trade issues
2018-03-13 00:17:07 The loonie could be a loser, even without all of the potential volatility from North American trade issues. "The Canadian dollar is the most exposed from a global macro level and also the local level of trade risk," said Mark McCormick, North America head of currency strategy at TD Securities. "Outside the Fed, the Bank of Canada is the most aggressively priced bank in the G-10 this year   Read More ...
Cash is more popular than ever, Bank of International Settlements says
2018-03-13 00:07:56 Even though more people now use cards, mobile phones or even facial recognition technology to pay street performers, buy pizza or donate to church on Sundays, hard cash is showing no signs of dying out, central bankers said. The Bank for International Settlements (BIS) said cryptocurrencies and the debate around them — such as whether cash will be replaced by virtual substitutes — are part of a broader debate about the nature of money   Read More ...
Valeant kills CEO’s $29.8-million stock award in pay overhaul
2018-03-12 22:32:54 Valeant Pharmaceuticals International Inc. plans to kill a US$29.8 million stock award it gave Chief Executive Officer Joseph Papa as the company revamps its compensation program for senior managers. Papa and Chief Financial Officer Paul Herendeen, who both received large upfront equity awards when they were hired in 2016, will instead get smaller annual grants, Valeant said Monday in a regulatory filing, noting that the decision was partly based on shareholder feedback   Read More ...
Canada's Trudeau accuses China of 'dumping' steel on global markets
2018-03-12 21:30:24 OTTAWA: Prime Minister Justin Trudeau accused China of flooding global markets with cheap steel Monday, saying Canada has already taken steps to prevent "dumping." "We are very concerned about the actions taken by China and the dumping of steel and aluminum on the global market," Trudeau said following a tour of an aluminium plant in Quebec. His comments came amid rising global trade tensions in the wake of a US decision to impose steep tariffs on imported steel and aluminum   Read More ...
How big of an economic threat are Trump's steel and aluminum tariffs?
2018-03-12 21:08:24 The global steel industry accounts for less than two per cent of world trade Related Stories U.S. President Donald Trump's announcement of hefty tariffs on imported steel and aluminum have several countries around the world frantically trying to seek an exemption from the world's biggest economy on the trade tax. The European Union (EU), Japan and Australia are among others asking to be exempt from the proposed import duties of 25 per cent on steel and 10 per cent of aluminum   Read More ...
Another reason why UAE investors should target the US
2018-03-12 18:19:18 DUBAI Canada’s loss could provide some additional gains for US cities in tapping Middle East investor interest. It was last year that Vancouver imposed a 15 per cent tax on foreign property investors. This could have “UAE investors choosing to invest in the US instead”, says a new summary from IP Global, the consultancy. As such, 20 per cent of UAE residents are considering purchasing property in the US, the survey finds, which could mean gains for cities such as Seattle, one of the fastest growing cities in the country   Read More ...
Minister launches new agency, Invest in Canada, to pursue investors
2018-03-12 16:06:19 OTTAWA - International Trade Minister Francois-Philippe Champagne is rolling out a new investment agency designed to promote Canada as a destination for investors. He has named two top businessmen to run it. He says Invest in Canada will be led by Mitch Garber as board chair and Ian McKay as CEO. Garber is a business executive and philanthropist who is a co-investor and chairperson of Cirque du Soleil   Read More ...
CANADA STOCKS-Toronto stocks edge up, following global markets higher
2018-03-12 15:44:50 March 12 (Reuters) - Canada’s main stock index rose modestly on Monday, buoyed by improved risk appetite in global markets but declines in energy shares and gold producers capped gains as commodity prices fell. * At 10:08 a.m. EDT (1408 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 15.53 points, or 0.1 percent, at 15,593.34. * The energy group retreated 0   Read More ...
CANADA STOCKS-TSX edges up at open as energy sector rises
2018-03-12 15:12:18 March 12 (Reuters) - Canada’s main stock index opened modestly higher on Monday, boosted by higher global markets and as gains in the heavyweight energy sector helped offset weakness among gold producers. * At 9:34 a.m. ET (13:34 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 15.67 points, or 0.1 percent, at 15,593.48. Reporting by Leah Schnurr Editing by Chizu Nomiyama   Read More ...
Norwegian Air plans to fly between Canada and Europe this summer
2018-03-12 15:09:39 Discount airline plans to take off on July 23 Related Stories A Norwegian discount airline plans to offer no-frills direct flights between Canada and Europe starting this summer — the latest entrant in a hotly contested market that's driving down prices for consumers. Norwegian Air was granted a permit by the Canadian Transportation Agency to sell tickets ahead of a planned launch this summer   Read More ...
Online shopping isn’t the only thing killing Canadian malls — it’s millennials, too
2018-03-12 15:06:48 Malls were once a go-to shopping destination and a teenager’s hang-out of choice, but now face an uncertain future as some of their biggest tenants lay off employees, file for creditor protection or hang a “closed” s. Beleaguered retailers have been quick to blame online shopping for their decline. But retail experts say scapegoating e-commerce is an oversimplification of a multifaceted problem: changing consumer tastes, demographic shifts, technological advances and other forces also add to their woes   Read More ...
CANADA STOCKS-TSX futures little changed while oil prices dip
2018-03-12 12:45:12 March 12 (Reuters) - Stock futures pointed to a flat opening for Canada’s main stock index on Monday even as oil prices slipped on rising U.S. output. March futures on the S&P TSX index were up 0.01 percent at 7:15 a.m. ET. Canada’s main stock index closed higher on Friday, lifted by strong gains in oil and metals prices. Dow Jones Industrial Average e-mini futures were up 0   Read More ...
Canada among three economies in world most at risk of banking crisis, BIS warns
2018-03-12 12:33:21 China, Canada and Hong Kong are among the economies most at risk of a banking crisis, according to early-warning indicators compiled by the Bank for International Settlements. Canada — whose economy grew last year at the fastest pace since 2011 — was flagged thanks to its households’ maxed-out credit cards and high debt levels in the wider economy. Household borrowing is also seen as a risk factor for China and Hong Kong, according to the study   Read More ...
BRIEF-BWXT Nuclear Energy Canada Awarded CA$168 Mln Contract Extension For OPG Nuclear Fuel Manufacturing
2018-03-12 12:12:59 March 12 (Reuters) - BWX Technologies Inc: * BWXT NUCLEAR ENERGY CANADA AWARDED CA$168 MILLION CONTRACT EXTENSION FOR OPG NUCLEAR FUEL MANUFACTURING * BWX TECHNOLOGIES INC - DEAL EXTENDS BWXT NEC’S CURRENT FUEL MANUFACTURING ARRANGEMENT WITH OPG TO END OF 2023 * BWX TECHNOLOGIES INC - UNIT AWARDED 5 -YEAR CONTRACT EXTENSION TO MANUFACTURE FUEL FOR ONTARIO POWER GENERATION Source   Read More ...
Lithuanian parlt to decide on free trade pact with Canada in spring session - speaker - The Baltic Times
2018-03-12 12:08:12 VILNIUS – The Lithuanian parliament will decide on the EU-Canada Comprehensive Economic and Trade Agreement (CETA) during the spring session, says Parliamentary Speaker Viktoras Pranckietis. "When it comes to CETA – it must be included in the agenda. I have no doubts that we will address the issue during this session," Pranckietis said during the discussion of the tasks for the spring session on Saturday when asked by Eugenijus Gentvilas, the leader of the opposition Liberal Movement, whether the parliament would ratify the deal with Canada that had stalled in the parliament   Read More ...
End to proxy war on the Korean peninsula would have a global economic payoff: Don Pittis
2018-03-12 09:05:38 Rise in stock market could be a first instalment on an enormous dividend of peace Don Pittis was a forest firefighter and a ranger in Canada's High Arctic islands. After moving into journalism, he was principal business reporter for Radio Television Hong Kong before the handover to China. He has produced and reported for the CBC in Saskatchewan and Toronto and the BBC in London   Read More ...
E-commerce not the only cause of death for Canadian malls
2018-03-11 18:08:44 Big discount chains, standalone specialty shops and multi-purpose technology making malls less relevant Related Stories Malls were once a go-to shopping destination and a teenager's hangout of choice, but now face an uncertain future as some of their biggest tenants lay off employees, file for creditor protection or hang a "closed" s. Beleaguered retailers have been quick to blame online shopping for their decline   Read More ...
Canadian bank asks court to ground luxury jet after Gupta family defaulted on $52M loan
2018-03-11 18:03:59 A Canadian bank is petitioning a court to ground a Bombardier luxury jet after a C$52 million loan issued to purchase the aircraft allegedly went unpaid.In 2014, Canada’s state-owned export-import bank, Export Development Canada (EDC) approved a US$41-million (C$52-million) loan to South Africa’s Gupta family for the purchase of a Bombardier Global 6000. The Gupta family is at the centre of several political corruption scandals around the former South African president, Jacob Zuma, though they have consistently denied any wrongdoing   Read More ...
E-commerce not the only cause of death for Canadian malls
2018-03-11 16:03:14 Malls were once a go-to shopping destination and a teenager's hang-out of choice, but now face an uncertain future as some of their biggest tenants lay off employees, file for creditor protection or hang a "closed" s. Beleaguered retailers have been quick to blame online shopping for their decline. But retail experts say scapegoating e-commerce is an oversimplification of a multifaceted problem: changing consumer tastes, demographic shifts, technological advances and other forces also add to their woes   Read More ...
China-U.S. trade war would be 'disaster': Chinese minister
2018-03-11 15:05:03 BEIJING -- China said Sunday that it will not initiate a trade war with the United States, but vowed to defend its national interests in the face of growing American protectionism. "There are no winners in a trade war, and it would bring disaster to our two countries as well as the rest of the world," Minister of Commerce Zhong Shan said at a briefing on the sidelines of China's annual parliamentary session   Read More ...
Customers protest after Loblaws demands ID before sending $25 gift card for bread price fixing
2018-03-11 12:05:44 Loblaws says such a request is routine and customers' personal data will be safe Before they can collect their $25 gift card, Loblaws is asking some customers to hand over personal information — either a copy of their driver's licence or a utility bill — to verify their address, proving their claim for a card is legitimate. Many who've received the request are incensed   Read More ...
Caring for your animal: Is pet insurance worth the cost?
2018-03-11 12:04:04 than half of Canadian households own pets, according to Statistics Canada. And whether you’re caring for a dog, cat, bird or lizard, owning a pet can be expensive, especially if unforeseen veterinarian bills pop up.Deciding whether to provide expensive care for your sick pet is not only an emotional strain, it can also have financial consequences. There is the option of buying pet insurance to help offset the cost   Read More ...
Trump calls Canada 'brutal' on trade
2018-03-11 04:02:03 U.S. President Donald Trump has called Canada “brutal” when it comes to trade and said that the U.S. has a trade deficit with Canada. “Canada is brutal. Canada is really tough,” Trump said at a rally for a Republican congressman in Pennsylvania. “We have a big deficit with Canada too,” he said. “They send in timber. They send in steel. They send in a lot of things   Read More ...
ELDER: Tariffs and economic populism — good politics, bad economics
2018-03-11 03:05:41 We came to expect economic illiteracy from left-wing U.S. President Barack Obama. For example, in attempting to explain away his tepid economic recovery, Obama blamed the emergence of new technologies, which he claimed killed more jobs. “When you go to a bank you use the ATM; you don’t go to a bank teller,” Obama said. “Or you go to the airport and you use a kiosk instead of checking in at the gate   Read More ...
Use your tuition tax credits as soon as you can, or risk losing them
2018-03-10 13:32:30 Tax season is officially upon us. March is when Canadians hunker down and begin the arduous process of gathering the various T-slips, donations receipts and other documentation that may be necessary to complete your 2017 tax return. The information gathering is necessary whether you attempt to prepare your own return or simply hand over all this information to a professional tax preparer or accountant   Read More ...
Canada's finance minister spins Trump trade tariffs as a sign of the 'strength of our relationship'
2018-03-10 12:39:21 Morneau told CNBC he has spoken with Treasury Secretary Steven Mnuchin three times this week, showing the two sides' continued "ability to work together." "There's an understanding that we trade together, that we're part of an integrated North America," he added. Trump on Monday had also dangled the possibility of dropping his call for steel and aluminum tariffs if NAFTA is renegotiated to terms more favorable to the U   Read More ...
GM Pushes for Electric Car Tax Credits
2018-03-10 12:25:52 CBJ — General Motors CEO Mary Barra has called on the U.S. Congress to expand a consumer tax credit for electric vehicles as the automaker said it would boost production of its EV Chevrolet Bolt in response to strong demand. Barra also called on U.S. regulators to take into account when scoring automakers’ emissions the potential for autonomous ridesharing vehicles to reduce carbon dioxide emissions and petroleum consumption   Read More ...
Q&A: What a Bay Street star says it will take to boost women's ranks in finance industry
2018-03-10 12:15:15 'We haven't seen the change that we would like to see,' says Camilla Sutton, CEO of Women in Capital Markets Related Stories For 25 years, Camilla Sutton has been a mover and a shaker on Bay Street. At the Bank of Nova Scotia, she did everything from equity research to running the bank's global foreign exchange. In January, she became president and chief executive officer of Women in Capital Markets, tasked with improving the role of women in Canada's finance industry — no small feat   Read More ...
It’s time for Canada to stop ragging the puck on NAFTA negotiations
2018-03-10 12:06:35 In a week of twists and turns, zigs and zags, ups and downs, the trade news that most surprised me was the recruitment of Paul Ryan, son of Wisconsin, to Canada’s side in the contest with Donald Trump’s administration over steel and aluminum tariffs. Ryan, the Republican speaker of the U.S. House of Representatives, was an early and vocal critic of the president’s willingness to risk economic chaos on the pretense that unfair competition has diminished the United States’s ability to maintain its War Machine   Read More ...
Blockbuster $40-billion CVS sale masks turmoil in corporate bond market
2018-03-10 09:53:56 Wall Street’s bankers have made a fortune from funneling trillions of dollars of Corporate America’s bonds into investors’ portfolios, a party that continued this week with CVS Health Corp.’s US$40 billion debt sale. But there are signs that the band may soon stop playing, and the punch bowls may be disappearing. U.S. investment-grade corporate bonds are one of the worst-performing of the major asset classes so far this year, hurt by rising rates and investor fears that trade wars will hamper company profits   Read More ...
Stocks could fall 40% in ‘deep correction’ over next few years, JPMorgan warns
2018-03-10 09:53:38 JPMorgan Chase & Co. executive Daniel Pinto warned equity markets could fall as much as 40 per cent in the next two to three years. His comments come as investors worry over the effect of central banks raising interest rates and rising inflation. “It could be a deep correction,” said Pinto, the bank’s co-president, in an interview with Bloomberg Television on Thursday   Read More ...
Goldman Sachs CEO Lloyd Blankfein to exit as soon as year-end, WSJ says
2018-03-10 09:53:17 Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein plans to step down as soon as the end of this year, the Wall Street Journal reported. The investment bank intends to replace Blankfein, 63, with one of its two co-presidents, David Solomon or Harvey Schwartz, the newspaper said Friday, citing people familiar with the matter that it didn’t name. A spokesman for New York-based Goldman Sachs declined to comment   Read More ...
Mercosur states open trade talks with Canada
2018-03-10 09:37:59 ASUNCION (AFP) - Latin America's Mercosur trade bloc countries formally launched negotiations on a free trade deal with Canada on Friday. Paraguay's Foreign Minister Eladio Loizaga said the first meeting would take place in Ottawa, Canada on March 20-23. In a joint statement, ministers said they were aiming to conclude a "Canada-Mercosur Global Trade Agreement" with a "shared commitment to trade liberalization and opening markets   Read More ...
B.C. home sales to fall as interest rates rise, but prices stay strong: BCREA
2018-03-09 18:32:53 VANCOUVER - Real estate experts in British Columbia predict residential home sales will dip this year but remain well above the province's 10-year average, although they warn rising interest rates could leave some B.C. households "vulnerable." The British Columbia Real Estate Association has released its 2018 first quarter housing forecast, showing residential sales are expected to fall 8.6 per cent to 94,855 units this year, with the decline continuing into 2019   Read More ...
U.S. allies line up for exemptions from Trump's aluminum, steel tariffs
2018-03-09 18:08:32 Canada and Mexico spared from president's proclamation while NAFTA is being renegotiated From Japan and South Korea to Australia and Europe, officials are also seeking exemptions from U.S. President Donald Trump's tariffs on U.S. steel and aluminum imports — something he has given Canada and Mexico for now — while Chinese producers are calling on Beijing to retaliate in kind. Tokyo and Brussels rejected any suggestion that their exports to the United States threatened its national security — Trump's justification for imposing the tariffs despite warnings at home and abroad that they could provoke a global trade war   Read More ...