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☆ Alberta premier wants to unveil carbon capture storage tax credits at COP 28
▼ + stars: | 2023-09-18 | by ( Nia Williams | ) www.reuters.com time to read: +1 min

CALGARY, Alberta, Sept 18 (Reuters) - Alberta Premier Danielle Smith said on Monday she wanted to announce the details of investment tax credits to support carbon capture and storage (CCS) projects at the COP 28 climate summit in Dubai at the end of this year. Smith made the announcement during a news conference on the sidelines of the World Petroleum Congress in Calgary. Alberta is Canada's main producer of crude oil and natural gas, and its highest carbon-emitting province. COP 28 runs from Nov. 30 until Dec. 12. Reporting by Nia Williams; writing by David Ljunggren; Editing by Leslie Adler and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

Persons: Danielle Smith, Smith, Nia Williams, David Ljunggren, Leslie Adler, Richard Chang Organizations: World Petroleum Congress, Pathways Alliance, Suncor Energy, Cenovus Energy, Thomson Locations: CALGARY, Alberta, Dubai, Calgary . Alberta, Ottawa

☆ Canada expels Indian diplomat as it investigates India’s possible link to Sikh activist’s slaying
▼ + stars: | 2023-09-18 | by ( ) www.cnbc.com time to read: +5 min

Canada's Prime Minister Justin Trudeau speaks during a press conference following a cabinet shuffle, at Rideau Hall, in Ottawa, Ontario, Canada, July 26, 2023. Canada expelled a top Indian diplomat Monday as it investigates what Prime Minister Justin Trudeau called credible allegations that India's government may have had links to the assassination in Canada of a Sikh activist. Trudeau told Parliament that he brought up the slaying with Indian Prime Minister Narendra Modi at the G-20 last week. Canadian Foreign Minister Mélanie Joly said the head of Indian intelligence in Canada has been expelled as a consequence. It called on Canada to work with India on what New Delhi said is a threat to the Canadian Indian diaspora.

Persons: Justin Trudeau, Trudeau, Hardeep Singh Nijjar, Narendra Modi, Modi, Mélanie Joly, " Joly, Hardeep Singh, Dominic LeBlanc, Joly, Joe Biden, Rishi Sunak, Pierre Poilievre, Poilievre, Jagmeet Singh, Sikh, Singh, Nijjar Organizations: Canada's, Rideau Hall, Indian, Canadian, Indian Embassy, Associated Press, Public, Royal Canadian Mounted Police, United Nations, Assembly Relations, Conservative, Opposition New, India's Ministry, External Affairs, Sikh Organization of Canada Locations: Ottawa , Ontario, Canada, Indian, Surrey, British Columbia, Ottawa, India, New York City, United Kingdom, Delhi

REUTERS/Chris Wattie/File Photo Acquire Licensing RightsTORONTO, Sept 17 (Reuters) - Bank of Montreal (BMO) (BMO.TO) is winding down its indirect retail auto finance business and shifting focus to other areas in a move that will result in an unspecified number of job losses, Canada's third-largest bank said. The bank, which announced the move on Saturday, has conducted this business in Canada and the United States. Under the indirect retail auto finance business, the bank works with car dealerships to arrange financing for buyers, who make monthly payments to the lender. "By winding down the indirect retail auto finance business, we have the ability to focus our resources on areas where we believe our competitive positioning is strongest," BMO said in a statement to Reuters. The remaining loans in this portfolio are primarily auto loans, but also include other loans, including loans for boats, recreational vehicles and motorcycles, Edward Jones analyst James Shanahan said.

Persons: Chris Wattie, Paul Hunsley, Edward Jones, James Shanahan, Nivedita Balu, Denny Thomas, Jane Merriman, Susan Fenton, Will Dunham, Diane Craft Organizations: of Montreal, BMO, REUTERS, Rights, Bank of Montreal, Reuters, The, Bank, Thomson Locations: Ottawa , Ontario, Canada, United States, California, Toronto

☆ Storm Lee makes landfall in Canada, downing trees and knocking out power
▼ + stars: | 2023-09-16 | by ( John Morris | ) www.reuters.com time to read: +3 min

[1/15] A tree on the ground is pictured after taking down the power lines and shutting off access to this road in Liverpool, Nova Scotia, Canada, September 16, 2023. The still-powerful weather system packed maximum sustained winds of 65 mph (100 km/h) with higher gusts, forecasters said. In the Canadian province of Nova Scotia, around 120,000 people were without power on Saturday as winds knocked down trees and felled power lines. "The intensity of the storm is strong," said Paul Mason, the executive director of the Nova Scotia Emergency Management Office. It marks the second year in a row that such a powerful storm has reached Canada after Hurricane Fiona ripped into eastern Canada a year ago.

Persons: John Morris, Lee, Crews, Matt Drover, PowerOutages.us, Paul Mason, Joe Biden's, Fiona, David Ljunggren, Idrees Ali, Maria Caspani, Daniel Trotta, Brendan O'Brien, Kim Coghill, Mike Harrison, Diane Craft, Daniel Wallis, David Gregorio Our Organizations: REUTERS, U.S, National Hurricane Center, Nova, Nova Scotia Emergency Management Office, NHC, Canadian Hurricane Centre, Thomson Locations: Liverpool , Nova Scotia, Canada, Nova Scotia, Canada's Nova Scotia, Atlantic, U.S ., Maine, Halifax, Eastport , Maine, Atlantic Canada, Canadian, of Nova Scotia, New Brunswick, Massachusetts, Bermuda, Ottawa, Washington, New York, Carlsbad , California, Chicago

☆ Canada plans to amend competition laws to control rising food prices
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: 1 min

Sept 15 (Reuters) - Canada plans to amend its competition laws to enable the regulator to act against anti-competitive mergers in the grocery sector, as the government steps up efforts to battle rising food prices. Canadian Prime Minister Justin Trudeau on Thursday said he had summoned the heads of Canada's top grocers to Ottawa next week to discuss their plans to control food prices. The government could impose new taxes on the grocery chains if they do not provide a convincing plan to limit the rise of food prices, Trudeau said. The amendments will also provide the Competition Bureau with powers to compel the production of information to conduct effective market studies, a release, dated Sept. 14, from the Prime Minister's Office said. Reporting by Deborah Sophia in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Justin Trudeau, Trudeau, Deborah Sophia, Sriraj Organizations: Canadian, Minister's, Thomson Locations: Canada, Ottawa, Bengaluru

☆ Canadian dollar posts biggest weekly gain since June
▼ + stars: | 2023-09-15 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto, January 23, 2015. The loonie was trading 0.1% lower at 1.3515 to the greenback, or 73.99 U.S. cents, after trading in a range of 1.3495 to 1.3549. For the week, it was up 0.9%, its biggest weekly advance since June. Much of the currency's weekly gain was down to selling of EUR-CAD, said Amo Sahota, director at Klarity FX in San Francisco. Canadian government bond yields rose across the curve on Friday, tracking moves in U.S. Treasuries.

Persons: Mark Blinch, Amo Sahota, Sahota, Fergal Smith, Andrea Ricci Organizations: REUTERS, greenback, Canadian, U.S, FX, European Central Bank, Saudi, Thomson Locations: Toronto, TORONTO, San Francisco, U.S

Prime Minister Justin Trudeau said on Thursday he had invited the heads of Canada's five largest grocery chains, including Sobeys (EMPa.TO), Metro (MRU.TO) and Loblaw (L.TO), to Ottawa next week to discuss how they planned to control sky-rocketing food prices. Trudeau's move comes when governments across the globe, especially in Europe, have expressed concern over soaring food prices as they seek to address a cost-of-living crisis that has intensified after the pandemic subsided and since the Russia-Ukraine war began. However, after a similar move from the French government in June, analysts were skeptical about Trudeau's warning. They argued it was a "political" tactic and might be ineffective in lowering lingering food inflation. "Both PM Justin Trudeau and François-Philippe Champagne (Canada's industry minister) spoke tough about this topic and it is difficult to envision what teeth they have to hold grocers accountable," said Ben Jang, portfolio manager at Nikola Wealth.

Persons: Justin Trudeau, Trudeau's, François, Philippe Champagne, Ben Jang, Michael Ashley Schulman, Allan Small, Granth Vanaik, Pooja Desai Organizations: Metro, Loblaw, Nikola Wealth, Running, Capital Advisors, iA, Wealth, Carrefour, Lipton, Nestle, PepsiCo, Unilever, Thomson Locations: Ottawa, Europe, Russia, Ukraine, Bengaluru

☆ Canada finance minister defends central bank independence after rate comment
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Thomas White/Illustration Acquire Licensing RightsSept 6 (Reuters) - Canadian Finance Minister Chrystia Freeland defended the central bank's independence on Wednesday after her comments welcoming the Bank of Canada's decision not to increase its key interest rate raised concerns to the contrary. In a widely expected decision, the Bank of Canada held interest rates steady at a 22-year high of 5%. It is rare for Canadian government ministers to publicly back or criticize central bank policies. Like many developed economies, the Bank of Canada makes its monetary policy decisions independent of the federal government. In June, when the central bank raised rates for the first time after a four-month pause, Freeland stressed that she respected the independence of the central bank, a sentiment she repeated in a press conference later in the day.

Persons: Thomas White, Chrystia Freeland, Freeland, Derek Holt, Pierre Poilievre, Justin Trudeau's, Steve Scherer, David Ljunggren, Denny Thomas, Leslie Adler Organizations: Canadian Finance, Bank of, Bank of Canada, Conservative, Liberal, Ontario, Thomson Locations: Canada, Bank of Nova Scotia, British Columbia, Ottawa

Bank of Canada Governor Tiff Macklem takes part in a news conference after announcing an interest rate decision in Ottawa, Ontario, Canada April 12, 2023. REUTERS/Blair Gable/File Photo Acquire Licensing RightsOTTAWA, Sept 6 (Reuters) - The Bank of Canada on Wednesday is expected to keep rates on hold at a 22-year high of 5% after the economy unexpectedly shrank in the second quarter, analysts said. While the economy turned negative in the second quarter, inflation has been stubborn, unexpectedly rising to 3.3% in July as core measures remained well above 3%. Canada's Liberal Prime Minister Justin Trudeau's support has sagged amid high inflation as his Conservative rival, Pierre Poilievre, hammered him for feeding inflation with government spending and driving up rates during a housing crisis. But core inflation measures are inching down slowly, and a wealth of data is due out before the bank next meets to discuss rates in October.

Persons: Blair Gable, Derek Holt, Justin Trudeau's, Pierre Poilievre, Tiago Figueiredo, Holt, Steve Scherer, Mark Porter Organizations: Canada, REUTERS, Rights, Bank of Canada, of Canada, Scotiabank, Canada's Liberal, Conservative, Bank of Canada's, Desjardins Group, Reuters, BoC, Thomson Locations: Ottawa , Ontario, Canada

Bank of Canada Governor Tiff Macklem takes part in a news conference after announcing an interest rate decision in Ottawa, Ontario, Canada April 12, 2023. The central bank hiked rates by a quarter point in both June and July in a bid to tame stubbornly high inflation, which has remained above the bank's 2% target for 27 months. Bank of Canada Governor Tiff Macklem will deliver a speech and hold a press conference to discuss the decision on Thursday. Reuters GraphicsLiberal Prime Minister Justin Trudeau's support has sagged amid high inflation as his Conservative rival, Pierre Poilievre, hammered him for fueling inflation with government spending and driving up rates during a housing crisis. "The Bank of Canada's decision to maintain its overnight interest rate is welcome relief for Canadians," Finance Minister Chrystia Freeland said in a statement.

Persons: Blair Gable, Doug Porter, Andrew Kelvin, Justin Trudeau's, Pierre Poilievre, Chrystia Freeland, Steve Scherer, David Ljunggren, Fergal Smith, Ismail Shakil, Divya Rajagopal, Nivedita Balu, Mark Porter Organizations: Canada, REUTERS, Rights, Bank of Canada, Wednesday, Governing, BoC, BMO Capital Markets, Canadian, Reuters, TD Securities, Reuters Graphics Liberal, Conservative, Finance, Thomson Locations: Ottawa , Ontario, Canada

☆ Exclusive: Canada oil sands carbon capture project struggles to get key contract
▼ + stars: | 2023-09-05 | by ( Steve Scherer | ) www.reuters.com time to read: +4 min

The mechanism gives investors in CCS certainty about their future revenue by setting a minimum price for their carbon credits. Oil companies in the country's highest-emitting sector are counting on CCS to help dramatically cut emissions while continuing to pump oil and gas. Carbon credits represent reduced or avoided carbon emissions, and companies use them to mitigate greenhouse gases they generate. The government has told Pathways that the Growth Fund may not be equipped to handle some projects, said the Pathways representative who asked not to be named. Canada set up the Growth Fund last year, which is run through the Public Sector Pension Investment Board, a federal Crown corporation.

Persons: Suncor, Todd Korol, Justin Trudeau, Jessica Eritou, Adam Auer, Steve Scherer, Denny Thomas, Josie Kao Organizations: Rights, Pathways Alliance, Reuters, Finance Ministry, U.S, Alliance CCS, Canadian Natural Resources, Suncor Energy, Cenovus Energy, ConocoPhillips, MEG Energy, Public Sector Pension Investment Board, Crown, Cement Association of Canada, Thomson Locations: Fort McMurray , Alberta, Canada, U.S, ConocoPhillips Canada

☆ Dollar eases as risk appetite improves on China's measures
▼ + stars: | 2023-09-04 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

[1/2] U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. The China-sensitive euro was up 0.25% at $1.0799, just off a 10-week low touched last week against the dollar. The Australian dollar and the New Zealand dollar also got a lift from those measures. "The U.S. dollar is softening against most other G10 currencies today as risk appetite improves on the back of China support measures," said Jane Foley, head of FX strategy at Rabobank. The Canadian dollar slipped 0.07% to 1.359 per dollar ahead of the Bank of Canada's policy meeting this week, with the central bank expected to hold rates.

Persons: Dado Ruvic, Jane Foley, Christine Lagarde, Isabel Schnabel, Foley, Jeremy Hunt, Sterling, Joice Alves, Ankur Banerjee, Sharon Singleton, Christina Fincher Organizations: REUTERS, U.S, Australian, New Zealand, Rabobank, European Central Bank, ECB, FOCUS, Reserve Bank of Australia, Canadian, Bank of, Thomson Locations: China, Beijing, FOCUS British, U.S, London, Singapore

☆ Kevin O'Leary warns of economic chaos, with the Fed's aggressive rate hikes set to crush small businesses
▼ + stars: | 2023-09-04 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Kevin O'Leary once again warned that the Federal Reserve's sharp interest-rate hikes could cause economic chaos. The “Shark Tank” investor is worried about the impact that tightening campaign could have on small businesses. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. You can't say that about small business anymore," he added. "But 60% of America is small business.

Persons: Kevin O'Leary, " O'Leary, O'Leary, Biden, We've, Fox Organizations: Service, Fox Business, Canada's Conservative Party Locations: Wall, Silicon, America, That's

That has led to a rare situation in Canada where banks are seeing mortgage amortizations getting extended beyond 30 years, sparking calls from regulators to take immediate action to mitigate risks. For the other four banks, mortgages amortizing under 25 years account for a half to nearly three quarters. Scotiabank's Canada head Dan Rees said the bank was now being more "disciplined with regards to customer selection" for new mortgages. Still, the risks remain elevated as consumers are struggling to make monthly payments due to the rising cost of living. TD Bank's Canada personal banking head Michael Rhodes told analysts this week that "a meaningful number of customers" are making the changes.

Persons: Mark Blinch, Hratch Panossian, Dan Rees, Brian Madden, Michael Rhodes, Dave McKay, Nivedita Balu, Denny Thomas, Stephen Coates Organizations: REUTERS, Rights, Canada's, Reuters, CIBC, Bank of Nova, Investment, Thomson Locations: Toronto, Milton , Ontario, Canada, Bank of Nova Scotia

☆ Canada's antitrust agency favors RBC's $10 billion deal for HSBC unit
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +2 min

A sign for the Royal Bank of Canada in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio/File Photo Acquire Licensing RightsSept 1 (Reuters) - Canada's Competition Bureau said on Friday Royal Bank of Canada's (RY.TO) (RBC) proposed acquisition of HSBC's (HSBA.L) domestic unit for C$13.5 billion ($10 billion) is unlikely to substantially hurt competition. Still, the regulator found that the deal would "result in a loss of rivalry between Canada's largest and seventh largest banks." It has been seeking comments on how the deal could impact consumers and the stability of the banking sector. Reporting by Manya Saini in Bengaluru and Nivedita Balu in Toronto; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlos Osorio, OSFI, Manya Saini, Balu, Arun Koyyur Organizations: Royal Bank of Canada, REUTERS, Friday Royal Bank of Canada's, RBC, Finance, HSBC, Reuters, Bank of Montreal, Thomson Locations: Toronto , Ontario, Canada, Bengaluru, Toronto

The second-quarter reading was far lower than the Bank of Canada's (BoC's) forecast for a 1.5% annualized GDP growth as well as the 1.2% gain expected by analysts. The quarterly slowdown was largely due to declines in housing investment and smaller inventory accumulation as well as slower international exports and household spending, Statistics Canada said. The central bank hiked its benchmark overnight rate to a 22-year-high of 5.0% in July, the tenth increase since March of last year. The high interest rate environment has coincided with falling housing investment, which recorded its fifth consecutive quarterly decrease in the three months ended in June. The housing investment decline was led by a sharp drop in new construction as well as a fall in renovation activities, Statscan said.

Persons: Stephen Brown, Andrew Kelvin, Statscan, downwardly, Doug Porter, Ismail Shakil, Steve Scherer, Dale Smith, Fergal Smith, Nivedita Balu, Mark Porter Organizations: Bank of Canada's, North, Capital Economics, Bank of Canada, Statistics, BoC, Reuters, TD Securities, Money, Canadian, BMO Capital Markets, Thomson Locations: OTTAWA, North American, Statistics Canada, Canada

☆ Canadian dollar posts biggest loss in 1 month as economy shrinks
▼ + stars: | 2023-09-01 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

[1/2] A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto January 23, 2015. The loonie was trading 0.6% lower at 1.3595 to the U.S. dollar, or 73.56 U.S. cents, its biggest decline since Aug. 1. "The Bank of Canada's job is done," said Adam Button, chief currency analyst at ForexLive. "The Canadian dollar is selling off because the debate will quickly shift to when rate cuts are coming. Separate data showed that the contraction in Canada's manufacturing sector gathered pace in August.

Persons: Mark Blinch, Adam Button, It's, Fergal Smith, Frances Kerry, Alison Williams Organizations: REUTERS, greenback, Canadian, U.S, of Canada, U.S ., Thomson Locations: Toronto, TORONTO, Canada

☆ Canadian dollar posts biggest monthly decline since February
▼ + stars: | 2023-08-31 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto January 23, 2015. The loonie was trading 0.1% higher at 1.3515 to the greenback, or 73.99 U.S. cents, after moving in a range of 1.3505 to 1.3557. For the month, the currency lost 2.4%, its biggest monthly decline since February. "The laggards (in August) among G10 currencies are predominantly the commodity complex," said Michael Goshko, senior market analyst at Convera Canada. Canadian government bond yields were mixed across the curve, with the 10-year down 1 basis point at 3.566%.

Persons: Mark Blinch, Michael Goshko, Fergal Smith, Grant McCool Organizations: REUTERS, greenback, U.S, Convera, New Zealand, Bank of Canada, Thomson Locations: Toronto, TORONTO, China, Norwegian, Canadian

BMO, which bought U.S. regional lender Bank of the West earlier this year, said provision for credit losses rose to C$492 million ($361.42 million), compared with C$136 million a year ago. The bank's earnings were also affected by severance costs of C$162 million and C$83 million in legal provisions at its capital markets unit. At Bank of Montreal, net interest income for the quarter rose to C$4.91 billion, compared with C$4.20 billion last year. At Scotiabank net interest income fell to C$4.58 billion, from $4.68 billion a year ago, largely hurt by lower corporate lending and lower loan fees. At Scotiabank, net income came in at C$2.23 billion, compared with C$2.61 billion.

Persons: Carlos Osorio, Tayfun Tuzun, BMO's, Scott Thomson, Thomson, John Aiken, BMO's Tuzun, Nivedita Balu, Pritam Biswas, Sri Hari, Shweta Agarwal, Bernadette Baum, Mike Harrison, Jonathan Oatis Organizations: Bank of Montreal, REUTERS, Bank of Nova, Bank of Canada's, BMO, Bank, Scotiabank, Barclays, Bank of, Analysts, Thomson Locations: Toronto , Ontario, Canada, Bank of Nova Scotia, Toronto, U.S, Mexico, Bank of Montreal, Bengaluru

☆ Cybercrime set to threaten Canada's security, prosperity - spy agency
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Kacper Pempel/Illustration/File Photo Acquire Licensing RightsOTTAWA, Aug 28 (Reuters) - Organized cybercrime is set to pose a threat to Canada's national security and economic prosperity over the next two years, the national signal intelligence agency said on Monday. Cyber criminals continue to show resilience and an ability to innovate their business model, it said. "Organized cybercrime will very likely pose a threat to Canada's national security and economic prosperity over the next two years," said CSE, which is the Canadian equivalent of the U.S. National Security Agency. But Chris Lynam, director general of Canada's National Cybercrime Coordination Centre, said very few crimes were reported and the real amount stolen last year could easily be C$5 billion or more. Tehran likely tolerates cybercrime activities by Iran-based cyber criminals that align with the state's strategic and ideological interests, it added.

Persons: Kacper, Chris Lynam, David Ljunggren, Tomasz Janowski, Grant McCool Organizations: REUTERS, Rights OTTAWA, Communications Security, Western, U.S . National Security Agency, Coordination, Soviet Union, CSE, Thomson Locations: Russia, Iran, Canada, Moscow, Tehran

As of January 2023, residential mortgage debt stood at C$2.08 trillion ($1.53 trillion), according to the Canada Mortgage and Housing Corporation (CMHC). Mortgage rates tend to track moves in the bond market with a lag. At 6.79%, the five-year mortgage rate posted by major Canadian banks has climbed to its highest since November 2008, data from the Bank of Canada shows. When it is time for renewal, options for homeowners hoping to shop for better interest rates might be limited as they would have to re-qualify for the stress test at the latest interest rates with their new lender. "It certainly is going to be problematic for the Canadian economy if rates stay at this level."

Persons: that's, James Laird, Laird, Daniel Foch, Foch, Stephen Brown, Nivedita Balu, Fergal Smith, Denny Thomas, Jonathan Oatis Organizations: TORONTO, Bank of Canada, Canada Mortgage, Housing Corporation, Ratehub.ca, Bank of, Toronto Regional Real Estate Board, Greater Toronto Area, Reuters, North, Capital Economics, Thomson Locations: United States, Toronto, Greater Toronto, Canada, North America

☆ Canada to challenge extension of US softwood lumber duties
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

Finished lumber is seen at West Fraser Pacific Inland Resources sawmill in Smithers, British Columbia, Canada February 4, 2020. REUTERS/Jesse Winter/File Photo Acquire Licensing RightsOTTAWA, Aug 22 (Reuters) - Canada will challenge what Ottawa described as an "unfair, unjust and illegal" extension of U.S. import duties on Canadian softwood lumber products, the trade ministry said on Tuesday. The softwood lumber tariffs are the legacy of a decades-long trade dispute over the structure of Canada's timber sector that could not be resolved when a quota agreement expired in 2015. "For years, the United States has imposed unfair, unjust and illegal duties on Canadian softwood lumber, hurting Canadian industry and increasing housing costs in both countries," Trade Minister Mary Ng said in the statement. "We are prepared to discuss another softwood lumber agreement when Canada is ready to address the underlying issues related to subsidization and fair competition so that Canadian lumber imports do not injure the U.S. industry," a USTR spokesperson said in an emailed statement.

Persons: Jesse Winter, Mary Ng, Ismail Shakil, Susan Heavey, Devika Syamnath, Andy Sullivan Organizations: West Fraser Pacific Inland Resources, REUTERS, Rights OTTAWA, Ottawa, U.S . Commerce Department, Canada, Washington, Trade, United, U.S . Trade, Thomson Locations: West, Smithers , British Columbia, Canada, U.S, Mexico, United States, Ottawa, Bengaluru

REUTERS/Dan Riedlhuber/File Photo Acquire Licensing RightsLONDON, Aug 22 (Reuters) - The fires that tore through the Canadian province of Quebec between May and July were made at least twice as likely by climate change, scientists said on Tuesday. Climate change, driven by the burning of fossil fuels, also made the fires as much as 50% more intense, according to the analysis by World Weather Attribution group, a global team of scientists that examines the role played by climate change in extreme weather. "Climate change is greatly increasing the flammability of the fuel available for wildfires – this means that a single spark, regardless of its source, can rapidly turn into a blazing inferno," said Yan Boulanger, a research scientist at Natural Resources Canada. Scientists reviewed weather data, including temperature, windspeed, humidity, and precipitation, and used computer models to assess how climate change had altered fire weather this year, comparing it to preindustrial climate. The Quebec fires are just one sliver of what has been the country's worst wildfire season on record.

Persons: Dan Riedlhuber, Yan Boulanger, Philippe Gachon, Gloria Dickie, Devika Organizations: REUTERS, Natural Resources, University of Quebec, Canadian Interagency Forest Fire, Thomson Locations: Okanagan Lake, West Kelowna, British Columbia, Canada, Canadian, Quebec, Natural Resources Canada, Montreal, Yellowknife, Territories, London

[1/2] A general view shows the brine pools of Albemarle Chile lithium plant placed on the Atacama salt flat, Chile, May 4, 2023. "It seems like the cheapest way to get lithium units is via the drill bit," said analyst Kaan Peker of RBC in Sydney. "Even though battery chemistry is evolving and impacting certain metals, lithium is a mainstay and the demand story remains robust. The battery metals landscape, and lithium in particular, looks poised for further M&A activity,” said Gavi Friedland, head of metals and mining at Goldman Sachs in Australia & New Zealand. Mineral Resources is deciding whether to build an Australian lithium battery chemical plant, while Albemarle is expanding production at its Kemerton hydroxide plant and SQM is also building a lithium hydroxide plant.

Persons: Ivan Alvarado, acquirers, Kaan, ”, Gavi Friedland, Goldman Sachs, Guy Alexander, Buyers, Japan's Idemitsu, Delta, Tony Chong, Squire Patton Boggs, Jakob Stausholm, Stausholm, Dale Henderson, Melanie Burton, Veronica Brown Organizations: REUTERS, Chile, Albemarle Corp, RBC, Develop, Mineral Resources, Metals, Minerals, Liontown Resources, Climate Capital, Consultancy, EV, Goldman, New Zealand, Resources, Tinto, Patriot Metals, Canada, Reuters, Thomson Locations: Albemarle Chile, Chile, MELBOURNE, Australia, Sydney, Andover, Albemarle, Perth, China, U.S, Canada, Quebec

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