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☆ Larry Hogan has raked in $157,000 for giving speeches in the last 2 years — including after he launched his Senate bid
▼ + stars: | 2024-04-15 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

Read previewLarry Hogan has made $157,000 from paid speeches since the end of his term as Governor of Maryland, according to financial disclosure documents filed on Sunday. Terry McAuliffe at the Self Storage Association's National Spring Conference — came after he launched his GOP Senate campaign on February 9. This story is available exclusively to Business Insider subscribers. AdvertisementRicci told Business Insider on Monday that Hogan does not plan to give any more paid speeches while campaigning for Maryland's US Senate seat. Related storyIndeed, plenty of figures in both parties have given — and faced scrutiny — for paid speeches in the past, the most famous case being Hillary Clinton.

Persons: —, Larry Hogan, Terry McAuliffe, Spring Conference —, Governor Hogan, Hogan, Michael Ricci, Ricci, Jordan Libowitz, Hillary Clinton, Mike Rogers, Tom Suozzi Organizations: Service, Virginia Gov, Spring Conference, GOP Senate, Business, Maryland's, Citizens, Responsibility, Washington, GOP Michigan, Democratic, American, Casualty Insurance, National, Housing, LG Ad, Business Council of Canada, Republican, Senate, Senate Republicans Locations: Maryland

While over the years the pipeline's start date has been moved further back, supply has kept coming. Light synthetic crude from the oil sands, another key Canadian grade, is trading close to its deepest discount since 2020. With Canada exporting around 3.8 million bpd via pipelines, each additional dollar the discount widens amounts to millions in lost revenues for oil companies, analysts say. Conventional oil and gas producers will drill 8% more wells in 2024 to take advantage of greater access to pipelines including Trans Mountain. Rail exports hit 145,000 bpd in September, nearly doubling from May, according to latest data from the Canada Energy Regulator.

Persons: TMX, linefill, WCS, Martin King, It's, Heather Exner, Kevin Birn, Enbridge, James Davis ,, Jesse Jones, Jones, We're, John Zahary, Kent MacDougall, Nia Williams, Stephanie Kelly, Marguerita Choy, Denny Thomas, Simon Webb Organizations: Producers, Canadian, Canada, RBN Energy, Business Council of Canada, U.S ., P, ., Inc, Rail, Canada Energy Regulator, TMX, Altex Energy, Thomson Locations: Asia, British Columbia, Alberta, Canada, U.S . Canada

Experts say Trudeau's carbon pricing scheme, known as the carbon tax, works well and cannot be easily replaced. Even the left-leaning New Democrats, who support Trudeau's government in parliament and have previously defended the carbon tax, are calling for the exemption. Analysts said the carbon tax carve-out is another example of inconsistent policy. CARBON TAX REBATEThe carbon tax is intended to discourage use of fossil fuels and accelerate a switch to clean energy, but the recent carve-out underlines how fragile climate policy is in the face of pressing political calculations. In September, Bank of Canada governor Tiff Macklem said the carbon tax contributes about 0.15 percentage points to the inflation rate, which was 3.8% that month.

Persons: Justin Trudeau, Jessica Lee, Richard Brooks, Brooke, Brooks, Chris Severson, Baker, Pierre Poilievre, clobber Trudeau, Shachi Kurl, Angus Reid, Kurl, Jonathan Wilkinson, Wilkinson, Macklem, Trudeau, Robert Asselin, Asselin, Nia Williams, Steve Scherer, Josie Kao Organizations: Canada's, Ontario Chamber, Economic Summit, REUTERS, Rights Ottawa, Canadian, Provincial, New Democrats, Pembina Institute, Liberal, Conservative, Angus Reid Institute, Atlantic, Natural Resources, Reuters, Bank of Canada, Business Council of Canada, The Business Council, Thomson Locations: Toronto , Ontario, Canada, Ottawa

Amid the economic turmoil of the pandemic, his government racked up Canada's highest ever deficit. Failing to curb spending now risks "the market dictating to you what you have to do with fiscal policy," said Doug Porter, chief economist at BMO Capital Markets. "I do think they have to trim the sails a bit," he added. "It's going to be easier to get inflation down if monetary and fiscal policy are rowing in the same direction," Macklem said. Fitch Ratings stripped Canada of its triple-A credit rating in June 2020, citing pandemic spending.

Persons: Justin Trudeau, Doug Porter, Chrystia Freeland, Katherine Cuplinskas, Trudeau, Macklem, Desjardins, Randall Bartlett, Simon Deeley, Robert Asselin, DBRS Morningstar, Julia Smith, Steve Scherer, Fergal Smith, Denny Thomas, Josie Kao Organizations: OTTAWA, Trudeau's Liberal, BMO Capital Markets, Finance, International Monetary Fund, of Canada's, BoC, UK, RBC Dominion Securities Inc, New, Business Council of Canada, Fitch, Moody's Investors, Canada, Thomson Locations: Canada, FES, Germany, High, Ottawa, Toronto

☆ Canada's Trudeau sets sights on fourth election fight with Cabinet refresh
▼ + stars: | 2023-07-30 | by ( Steve Scherer | ) www.reuters.com time to read: +4 min

With a string of recent polls showing the left-leaning Liberals trailing their right-of-center Conservative rivals after almost eight years in power, Trudeau changed or shifted three-quarters of his cabinet. But with the influential Finance Minister Chrystia Freeland, who is also deputy prime minister, keeping her job, some analysts are questioning the real impact of the changes. But the deal is not binding and Trudeau needs his campaign team ready to go at any time. No Canadian prime minister since Wilfrid Laurier in 1908 has won four consecutive elections. "Any advantage the Conservatives have on this may well evaporate if we see inflation and interest rates 'normalize' by the next election."

Persons: Justin Trudeau, Liberal leader's, Trudeau, Pierre Poilievre, Justin, flation, Frank Graves, it's, Chrystia Freeland, Robert Asselin, Wilfrid Laurier, Shachi Kurl, Angus Reid, Steve Scherer, David Ljunggren, Marguerita Choy Organizations: OTTAWA, Canadian, Liberal, Liberals, Conservative, Abacus, Conservatives, EKOS Research, Business Council of Canada, New Democrats, Angus Reid Institute, Thomson

☆ Reactions: Canada 2023/24 budget deficit to jump, Ottawa to boost spending
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +7 min

JULES BOUDREAU, SENIOR ECONOMIST, MACKENZIE INVESTMENTS"The surprise was more on the revenue side more than the spending side. Prior to this budget we were not eligible for the carbon capture utilization and storage (CCUS) investment tax credit, but they have now broadened the eligibility parameters." "The big open question, heading into this budget was how was Canada going to react to the Inflation Reduction Act ... MARK ZACHARIAS, EXECUTIVE DIRECTOR OF CLEAN ENERGY CANADA"We thought today's budget was generally excellent and it sets Canada on a path for prosperity. "The investment tax credits for clean tech manufacturing positions Canada as a leader, particularly in zero-emissions vehicles."

Biden will be in the capital Ottawa on Thursday and Friday to address Parliament and meet with Prime Minister Justin Trudeau. Despite the unity over Ukraine, the U.S. is less happy with Canada over its defense spending, which has long failed to meet the 2% target of GDP set by NATO members. But Canada's defense spending is around 1.3% of GDP, well below the NATO target of 2%. David Cohen, the U.S. ambassador to Canada, told CTV that defense spending would be "a topic of ongoing conversation ... because we do need more dollars for defense." Trudeau is likely make a commitment of sorts on Haiti but less than Washington is pressing for, said a source briefed on the summit.

☆ U.S. won't achieve objectives of Chips Act without Canada and Mexico: Business Council of Canada
▼ + stars: | 2023-01-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. won't achieve objectives of Chips Act without Canada and Mexico: Business Council of CanadaLouise Blais of the organization says those objectives won't be met if the United States doesn't have Canada and Mexico to supply it with rare minerals for semiconductors and batteries.

☆ Canada to set up tax credits for clean tech, launch growth fund
▼ + stars: | 2022-11-03 | by ( Rachel Parsons | ) www.reuters.com time to read: +2 min

OTTAWA, Nov 3 (Reuters) - Canada will introduce refundable tax credits for clean technologies worth up to 30% of investment costs, in a bid to close competitive gaps with the United States in scaling up green technologies, the government said on Thursday. The clean-tech tax credits will be offered for investors in net-zero technologies, battery storage and clean hydrogen, according to the so-called fall economic statement (FES) presented to the House of Commons by Finance Minister Chrystia Freeland. The tax will generate an estimated C$2.1 billion over five years and will come into force on Jan 1, 2024. "In terms of trying to foster business investments, I don't think it's well targeted," said Robert Asselin, senior vice president of policy at the Business Council of Canada. In next year's budget, Canada will introduce new measures to increase advanced manufacturing competitivness, the document said.

Inflation has edged down over the last three months to 6.9% in September from 8.1% in June. The fiscal update showed "significantly weaker growth" next year that previous forecast, but the baseline numbers did not foresee a recession. It also cut its deficit forecast for this fiscal year by almost a third to C$36.4 billion from the C$52.8 billion deficit forecast in April. The update also included a tax on corporate stock buybacks similar to a measure introduced by United States. The fiscal update document forecast Canada's debt-to-GDP ratio would be 42.3% in 2022/23, versus 45.1% forecast in April, falling to 37.3% in 2027/28.

Canada now expects to welcome 465,000 new permanent residents in 2023, up 4% from a previous target, and 485,000 in 2024, up 7.5%. "This year's immigration levels plan will help businesses find the workers they need," said Fraser in a statement. He added the new targets would also allow Canada to fulfil commitments to help those fleeing violence and war in their home countries. A record number of Canadians are now retiring, hastening a mass exodus of Canada's most highly skilled workers and leaving businesses scrambling. In a statement on Tuesday, the Business Council of Canada called for "bolder targets" in economic immigration.

OTTAWA, Oct 17 (Reuters) - Business sentiment has softened in Canada and most firms now think a recession is likely, a Bank of Canada survey showed on Monday, but inflation expectations remain high, leaving the central bank little choice but to continue raising rates. The bank's Business Outlook Survey showed 77% of firms see price growth staying above 3% for the next two years. A separate survey showed near-term consumer inflation expectations at record highs, though longer term expectations have eased, providing some relief. "Still-high expectations for inflation will keep the Bank of Canada in rate hike mode," said Andrew Grantham, senior economist at CIBC Capital Markets, in a note. That is cause for concern for the central bank as it seeks to avoid a wage-price spiral, analysts said.

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