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☆ Canada's port workers union leadership backs new contract deal
▼ + stars: | 2023-07-21 | by ( Steve Scherer | ) www.reuters.com time to read: +2 min

OTTAWA, July 21 (Reuters) - Canada's Pacific dock workers' union leadership on Friday backed a tentative contract agreement with employers and will recommend the ratification of the contract to members, likely ending a standoff that led to a 13-day strike. On Tuesday, "there will be a stop work meeting ... to recommend the Terms of Settlement to the membership," the International Longshore and Warehouse Union (ILWU) said in a statement on its Web site. Leadership had been due to vote on Friday on whether to recommend ratification. That strike ended last week with a tentative deal that was rejected by union leadership on Tuesday. But the ILWU then withdrew its strike notice on Wednesday, leaving the talks in what the British Columbia Maritime Employers Association (BCMEA) said was a "fluid and unpredictable situation."

Persons: Prince Rupert, Steve Scherer, Aishwarya Nair, Ismail Shakil, Nick Zieminski, Grant McCool Organizations: OTTAWA, Warehouse Union, Leadership, British Columbia Maritime Employers Association, Canadian Manufacturers, Thomson, & ' $ Locations: British, Vancouver, Ottawa, Bengaluru

☆ Canada's port workers again announce tentative deal with employers
▼ + stars: | 2023-07-21 | by ( Steve Scherer | ) www.reuters.com time to read: +2 min

OTTAWA, July 21 (Reuters) - Canada's Pacific dock workers' union said it reached a new tentative contract agreement with employers and that its leadership would vote on Friday on whether to put the deal up for ratification by members. The local unit represents 3,000 of the 7,500 dock workers who went on strike for 13 days earlier this month. A ILWU source confirmed that the entire union leadership, and not just the Local 502, would vote on whether to ask for ratification. That strike ended last week with a tentative deal that was rejected by union leadership on Tuesday. But the ILWU then withdrew its strike notice on Wednesday, leaving the talks in what the British Columbia Maritime Employers Association (BCMEA) said was a "fluid and unpredictable situation."

Persons: Seamus O'Regan's, Prince Rupert, Steve Scherer, Aishwarya Nair, Ismail Shakil, Shilpi Majumdar, Frances Kerry, Nick Zieminski Organizations: OTTAWA, Warehouse Union, British Columbia Maritime Employers Association, Labour, Canadian Manufacturers, Thomson, & ' $ Locations: British, Vancouver, Ottawa, Bengaluru

REUTERS/Chris Helgren/File PhotoVANCOUVER, July 19 (Reuters) - Striking dock workers on Canada's Pacific coast on Wednesday issued a new 72-hour walkout notice just hours after a federal watchdog ruled their current stoppage was illegal. Amid mounting calls for resolute government action to end the strike, Prime Minister Justin Trudeau convened a meeting of the Incident Response Group. Some 7,500 dock workers have been picketing the two ports almost non-stop since July 1. Its leader, Jagmeet Singh, ruled out support for a law to end the strike. That means Trudeau would need the votes of the Conservatives, who have been trying to court workers and unions, or the separatist Bloc Quebecois.

Persons: Chris Helgren, Justin Trudeau, Trudeau, Prince Rupert, Omar Alghabra, David Eby, Pierre Poilievre, Jagmeet Singh, Steve Scherer, Ismail Shakil, David Ljunggren, Nia Williams, Chris Reese, Jonathan Oatis, Daniel Wallis, Leslie Adler Organizations: International, Warehouse Union, REUTERS, VANCOUVER, Minister's, Canada Industrial Relations, Reuters, Canadian Manufacturers, Ministers, Canadian Chamber of Commerce, New Democratic Party, NDP, Conservative Party, Conservatives, Bloc Quebecois, Liberal, Thomson, & ' $ Locations: Vancouver , British Columbia, Canada, Vancouver, Ottawa, Alberta, Saskatchewan, British Columbia

☆ Morning Bid: Britain's CPI the next frontier
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

A tentative rally in gilts is poised to extend and sterling could probably say goodbye to the strong side of $1.30. Forecasts put Britain's annual CPI falling to 8.2% in June and core holding at 7.1%. New Zealand sounded a warning in the Asia session, with food prices keeping annual headline inflation higher than expected at 6%. Netflix (NFLX.O), Tesla (TSLA.O) and Goldman Sachs (GS.N) report results later in the day. Key developments that could influence markets on Wednesday:Data: British CPI, Euro zone final CPI, U.S. housing startsSpeakers: Bank of England's Dave RamsdenEarnings: Netflix, Tesla, Goldman SachsReporting by Tom Westbrook; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Tom Westbrook, BoE, Goldman Sachs, Morgan Stanley, Bank of England's Dave Ramsden, Muralikumar Organizations: Bank of, Traders, U.S, Netflix, Microsoft, CPI, Bank of England's, Tesla, Thomson Locations: U.S, Canada, gilts, New Zealand, Asia

[1/2] A helicopter passes idle shipping cranes towering over stacked containers during a strike by the International Longshore and Warehouse Union Canada (ILWU) at Canada's busiest port of Vancouver, British Columbia, Canada, July 11, 2023. REUTERS/Chris Helgren/File PhotoOTTAWA, July 19 (Reuters) - Canada's Transport Minister Omar Alghabra on Wednesday said he was running out of patience with striking Pacific dock workers when asked if the government would pass back-to-work legislation, a politically tricky move that requires opposition support. The left-leaning New Democrat Party (NDP) has been helping Trudeau's minority government pass legislation in parliament, but on Wednesday NDP leader Jagmeet Singh ruled out support for legislation forcing workers back on the job. "Don't signal in any way that you're going to bring a back-to-work legislation because that's going to undermine the workers," Singh told reporters was his message to the government when asked about back-to-work legislation in Windsor, Ontario. It also means that the Liberal-NDP deal that is keeping the government going could be put under strain if Trudeau chooses to force an end to the strike.

Persons: Chris Helgren, Omar Alghabra, Alghabra, of Prince Rupert, Pierre Poilievre, Justin Trudeau, Jagmeet Singh, Singh, Trudeau, Ismail Shakil, Chizu Nomiyama, Andrea Ricci Organizations: International, Warehouse Union, REUTERS, OTTAWA, Canada's, Canadian Manufacturers, Canada's Conservative Party, Liberal, New Democrat Party, NDP, Conservatives, Bloc Quebecois, Thomson, & ' $ Locations: Vancouver , British Columbia, Canada, Argentia, Newfoundland, Port of Vancouver, of, Windsor , Ontario, Ottawa

☆ Canada's inflation rate drops to 27-month low; food prices still elevated
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, July 18 (Reuters) - Canada's annual inflation rate dropped more than expected in June to 2.8%, a 27-month low, though food prices remain elevated, Statistics Canada data showed on Tuesday. Grocery prices rose 9.1% year-over-year in June, a tick higher than the increase recorded in May. Prices of food from restaurants slowed slightly in June than in May. Excluding food and energy, prices rose 3.5% compared with a 4.0% rise in May. The average of two of the Bank of Canada's (BoC) core measures of underlying inflation, CPI-median and CPI-trim, came in at 3.8% compared with 3.9% in May.

Persons: Ismail Shakil, Dale Smith Organizations: OTTAWA, Statistics, Reuters, Bank of Canada's, Thomson Locations: Statistics Canada, China, Ottawa

OTTAWA, July 18 (Reuters) - Canada's annual inflation rate dropped more than expected to a 27-month low of 2.8% in June, data showed on Tuesday, led by lower energy prices while food and shelter cost increases persisted. Month-over-month, the consumer price index was up 0.1%, Statistics Canada said, which was also lower than the 0.3% forecast. "Inflation is definitely moving in the right direction, but we're seeing stickier and more persistent core measures," said Michael Greenberg, senior vice president and portfolio manager at Franklin Templeton Investment Solutions. The average of two of the Bank of Canada's (BoC) core measures of underlying inflation, CPI-median and CPI-trim, came in at 3.8% compared with 3.9% in May. "The Bank of Canada's preferred measures of core inflation, which exclude significant moves in individual categories, show that underlying price pressures remain sticky," said Royce Mendes, head of macro strategy at Desjardins Group.

Persons: stickier, Michael Greenberg, Royce Mendes, Mendes, We're, Jules Boudreau, Ismail Shakil, Steve Scherer, Fergal Smith, Nivedita Balu, Dale Smith, Will Dunham, Alexandra Hudson Organizations: OTTAWA, Reuters, Statistics, Bank of Canada's, Franklin Templeton Investment Solutions, Canada's, Desjardins Group, The Bank of Canada, Mackenzie Investments, Canadian, Alexandra Hudson Our, Thomson Locations: Statistics Canada, Mackenzie, China, Ottawa, Toronto

Unlike the U.S., where home buyers can snag a 30-year mortgage, Canadian borrowers must renew their mortgages every five years at the prevailing interest rates. MORTGAGE DELINQUENCIES LOWLatest data released during the quarterly earnings showed mortgage delinquencies for all banks were low. Of the big six banks in Canada, Bank of Nova Scotia (BNS.TO) and National Bank of Canada (NA.TO) do not offer mortgage extensions, meaning the payment owed by the consumer goes up for each hike the BoC announces. Bank of Montreal (BMO.TO), CIBC (CM.TO) and TD Bank (TD.TO) each allow for negative amortization as rates rise. So it is working counter to what the Bank of Canada is trying to accomplish," Briggs added.

Persons: Greg Taylor, Desjardins, Mike Rizvanovic, Rizvanovic, Darcy Briggs, Briggs, Nivedita Balu, Josie Kao, David Gregorio Our Organizations: TORONTO, Bank, Purpose Investments, Bank of Nova, National Bank of Canada, BoC, RBC, Scotiabank, National Bank, Bank of Montreal, CIBC, TD Bank, Desjardins . Royal Bank of Canada, BMO, Franklin Templeton, Bank of Canada, Thomson Locations: U.S, Canada, Bank of Nova Scotia, Franklin Templeton Canada, Toronto

☆ Record heat meets record wildfires in Canada, and scientists say this is the new reality
▼ + stars: | 2023-07-13 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +8 min

"This is the new reality, not the new normal, because we're on a downward spiral," Flannigan told CNBC. "The current wildfire season in Canada has been astounding and record breaking," Dahl told CNBC. "I'm not sure where we're going to end up with this because it keeps keeps on burning," Flannigan told CNBC. "The warmer it gets, the atmosphere gets more efficient at sucking the moisture out of the fuels," Flannigan told CNBC. For example, the mountain pine beetle is killing trees and turning them into fuel for wildfires, Burch told CNBC.

Persons: Kristina Dahl, Michael Flannigan, it's, Flannigan, Dahl, We're, I'm, Hope, we've, I've, Sarah Burch, Burch, David Dee Delgado, It's, You've, we're Organizations: BC, Service, Anadolu Agency, Getty, Union of Concerned, CNBC, Thompson Rivers University British Columbia, Natural Resources, Canadian Interagency Forest Fire, Fort, National Oceanic, Atmospheric Administration, Canadian Forest Service, University of Waterloo, Waterloo Climate Institute Locations: Lake, British Columbia, Canada, Natural Resources Canada, South Carolina, Massachusetts, Maine, Northwest Territories, North America, Alberta, Waterloo, New York City, United States

☆ Strike at Canada's Pacific ports ends with tentative, 4-year deal
▼ + stars: | 2023-07-13 | by ( Chris Helgren | ) www.reuters.com time to read: +3 min

[1/5] Union members with the International Longshore and Warehouse Union Canada (ILWU) remove strike signs from a picket line outside the despatch hall in Vancouver, British Columbia, Canada July 13, 2023. REUTERS/Chris HelgrenVANCOUVER, British Columbia, July 13 (Reuters) - Dock workers at ports along Canada's Pacific coast and their employers accepted a tentative wage deal on Thursday, ending a 13-day strike that disrupted trade at the country's busiest ports and risked worsening inflation. "The British Columbia Maritime Employers Association (BCMEA) and International Longshore and Warehouse Union (ILWU) Canada are pleased to advise that the parties have reached a tentative agreement on a new 4-year deal," the BCMEA said in a statement. The union had made demands including wage increases and expansion of their jurisdiction to regular maintenance work on terminals. He offered terms drafted by a federal mediator and gave the union and employers 24 hours to decide if they were satisfied.

Persons: Chris Helgren, of Prince Rupert, Seamus O'Regan, Omar Alghabra, O'Regan, Ismail Shakil, Steve Scherer, Deepa Babington, Alexandra Hudson Organizations: Warehouse Union, REUTERS, British Columbia Maritime Employers Association, Bank of Canada, Labour, Port, Canadian Federation of Independent Business, Canadian Manufacturers, Alexandra Hudson Our, Thomson, & ' $ Locations: Vancouver , British Columbia, Canada, Chris Helgren VANCOUVER, British Columbia, British, Port of Vancouver, of, Vancouver, Ottawa

☆ Canadian West Coast ports strike is over, but it will take weeks for supply chain to recover
▼ + stars: | 2023-07-13 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +7 min

Darryl Dyck | Bloomberg | Getty ImagesThe strike at the Canada's West Coast ports is over, after both the labor union and port ownership accepted a deal presented by federal mediators. ILWU Canada union workers were expected to be back on the job for the 4:30 p.m. Pacific time shift on Thursday, but undoing the damage to the supply chain from close to two weeks of strike will take weeks. While the production ramp down at the ports was seen immediately, the congestion as a result of the 13-day strike will have a lasting effect on ports. The International Longshoremen and Warehouse Union of Canada begin its strike on July 1. The ports strike has already damaged the U.S. supply chain.

Persons: Darryl Dyck, Seamus O'Regan, Omar Alghabra, O'Regan, Prince Rupert, HLS, Eric Byer, Byer, Vancouver and Prince Rupert, Sara Elena, Willie Adams Organizations: Port Metro Vancouver, Bloomberg, Getty, Twitter, Canadian Labor, Warehouse Union of Canada, British Columbia Maritime Employers Association, Vancouver, US Inland Port, U.S ., Carriers, American Association of Railroads, National Association of Chemical Distributors, CNBC, Port, U.S, Products, Canada, Canadian Chamber of Commerce, Railway Association of Canada, MSC Brunella, ILWU U.S, West Coast, Logistics, Customs Locations: Vancouver , British Columbia, Canada, Coast, U.S, British, Vancouver, U.S . West Coast, Asia, Port of Vancouver, West Coast, Africa, United States

☆ Bank of Canada expected to hike rates as economy outperforms
▼ + stars: | 2023-07-12 | by ( Steve Scherer | ) www.reuters.com time to read: +2 min

"We expect the Bank of Canada to raise its policy rate to 5.00% and leave the door open to more hikes this fall." Twenty of 24 economists surveyed by Reuters expect the central bank to lift rates by another quarter of a percentage point and then hold them there well into 2024. Money markets see more than a 70% chance of a rate hike on Wednesday, and are fully pricing in such a move by September. Canada added far more jobs than expected in June, according to data published on Friday. "And let's face it, inflation is still above the Bank of Canada's 2% target."

Persons: Royce Mendes, Tiago Figueiredo, Doug Porter, Porter, Steve Scherer, Fergal Smith, Paul Simao Organizations: OTTAWA, Bank of Canada, BoC, Bank of Canada's, Group, Reuters, BMO Capital Markets, Thomson Locations: Canadian, Canada

☆ Morning Bid: Stocks rise, dollar slips as all eyes on US inflation
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

Economists polled by Reuters expect the consumer price index to have risen by 3.1% in June, after May's 4% rise. The core rate is expected to have dropped for a third straight month to 5% from 5.3%. ING economists think the core rate would need to come in well below the forecast for a July rate hike to look doubtful. Markets are pricing in a 92.4% chance of a 25 bps hike in July, CME FedWatch tool showed. Elsewhere, the spotlight will also be on the Bank of Canada's policy decision, with the central bank likely heading toward a second consecutive quarter-point interest rate hike.

Persons: Ankur Banerjee, it's, Muralikumar Organizations: Ankur, Federal, Reuters, ING, Microsoft, Activision, Sony, Bank of, Reuters Graphics Reuters, Thomson Locations: Asia, Pacific, Japan, U.S, British, Spain, Portugal, Singapore

☆ Deep-sea metal rush in doubt as regulatory body meets
▼ + stars: | 2023-07-07 | by ( David Stanway | ) www.reuters.com time to read: +3 min

Environmental groups expect next week's meeting of the International Seabed Authority (ISA) in Kingston, Jamaica, to rule out any immediate permission for mining to begin. Mining companies say the ocean floor is potentially rich in metals like nickel and cobalt used in batteries for electric vehicles, so their extraction will support the global energy transition. Any permitting delay will hurt the prospects of Canada's The Metals Company (TMC.O) (TMC), which has led efforts to exploit seabed minerals in the Pacific. TMC says that while deep-sea mining will have some ecological impact, it would be less damaging than land-based extraction. "The fact is no one has ever mined the sea floor in any major commercial capacity," said Victor Vescovo, an investor and deep-sea explorer who will attend the meeting.

Persons: Sian Owen, Victor Vescovo, David Stanway, Melanie Burton, Clara Denina, Robert Birsel Organizations: Authority, Mining, The Metals Company, TMC, Conservation Coalition, ISA, Thomson Locations: SINGAPORE, Kingston , Jamaica, Pacific, Nauru, Germany, New Zealand, Switzerland, France, Norway, Melbourne, London

☆ Canada's Trudeau and Alberta Premier Smith look for agreement on climate policies
▼ + stars: | 2023-07-07 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

[1/3] Alberta Premier Danielle Smith and Canadian Prime Minister Justin Trudeau meet as the annual Calgary Stampede rodeo, exhibition and festival kicks off in Calgary, Alberta, Canada July 7, 2023. REUTERS/Todd KorolJuly 7 (Reuters) - Canadian Prime Minister Justin Trudeau and Alberta Premier Danielle Smith on Friday said they hoped to find agreement on climate and energy policies that have been a sore point between the federal government and the largest oil-producing province. Trudeau was visiting Canada's oil capital Calgary at the start of the city's annual Stampede event, a 10-day celebration of rodeo and western cowboy culture. The Liberal Prime Minister and United Conservative Party leader Smith have clashed over federal climate policies including a proposed oil and gas emissions cap and clean electricity regulations. But I can say there's been a really positive and constructive working relationship between our ministers and our folks from the very beginning," Trudeau said.

Persons: Danielle Smith, Justin Trudeau, Todd Korol, Trudeau, Smith, " Trudeau, Nia Williams, David Gregorio Our Organizations: Alberta, Canadian, Calgary Stampede, REUTERS, Liberal, United Conservative Party, Ottawa, Paris Climate, Thomson Locations: Calgary , Alberta, Canada, Calgary, Alberta, Paris

☆ Canada port strike may add to inflation concerns ahead of rate decision
▼ + stars: | 2023-07-06 | by ( Fergal Smith | ) www.reuters.com time to read: +3 min

[1/3] A view shows placards as longshoremen with the International Longshore and Warehouse Union Canada (ILWU) strike outside the Port of Vancouver's Neptune Bulk Terminals in North Vancouver, British Columbia, Canada July 5, 2023. Some 7,500 dock workers went on strike on Saturday for higher wages, upending operations at two of Canada's three busiest ports, the Port of Vancouver and Port of Prince Rupert. Money markets expect the central bank to tighten further, possibly as soon as at a policy decision next Wednesday. The Canadian Manufacturers & Exporters (CM&E) industry body said the strike is disrupting C$500 million in trade every day. ($1 = 1.3360 Canadian dollars)Reporting by Fergal Smith, editing by Steve Scherer and Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, Port of Prince Rupert, Andrew Grantham, Seamus O'Regan, It's, Robert Kavcic, Fergal Smith, Steve Scherer, Josie Kao Organizations: Warehouse Union, REUTERS, TORONTO, Bank of Canada, BoC, CIBC Capital Markets, Bank of, Reuters, Twitter, Canadian Manufacturers, BMO Capital Markets, Thomson Locations: of, North Vancouver, British Columbia, Canada, Port of Vancouver, Port of, Bank of Canada

☆ Canadian labor minister meets with provincial counterpart in day five of Canada's port strike
▼ + stars: | 2023-07-06 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +1 min

Canadian Labor Minister Seamus O'Regan met with his provincial counterpart, British Columbia Labor Minister Harry Bains, in Vancouver on Wednesday to discuss the country's west coast port strike which has stretched into its fifth day. Government sources told CNBC that O'Regan and Bains met to urge both parties to get together and find a solution. When asked if the government is considering such a measure, the office of the Minister of Labor told CNBC: "We are not looking past the bargaining table, because the best deals are made at the table. Calls for government intervention have been circulating citing the May 2021 strike at the Port of Montreal. This week, Alberta's transport minister called on the federal government to recall Parliament to consider back-to-work legislation that would end the strike at British Columbia ports.

Persons: Seamus O'Regan, Harry Bains, O'Regan, Bains Organizations: Canadian Labor, British Columbia Labor, CNBC, Labor, Port Locations: British, Vancouver, Port of Montreal, British Columbia

☆ Canadian dollar edges higher as oil prices climb
▼ + stars: | 2023-07-04 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

Summary Canadian dollar strengthens 0.2% against the greenbackPrice of U.S. oil increases 2%Canada manufacturing PMI dips to 48.8 in JuneCanadian bond yields rise across the curveTORONTO, July 4 (Reuters) - The Canadian dollar strengthened against its U.S. counterpart on Tuesday as oil prices rose and despite domestic data that showed factory activity slowing further in June. Speculators have slashed their bearish bets on the Canadian dollar, data from the U.S. Commodity Futures Trading Commission showed on Friday. The price of oil , one of Canada's major exports, climbed 2% to $71.16 a barrel as markets weighed August supply cuts by top exporters Saudi Arabia and Russia against a weak global economic outlook. Contraction in Canada's manufacturing sector deepened slightly in June as an uncertain economic outlook weighed on both domestic and foreign demand. Canadian government bond yields were higher across the curve, with the 10-year up 6.4 basis points at 3.335%.

Persons: greenback Price, Fergal Smith, Josie Kao Organizations: greenback, Canadian, U.S, U.S . Commodity Futures Trading, P Global Canada Manufacturing, Bank of Canada, BoC, Thomson Locations: Canada, TORONTO, Saudi Arabia, Russia

☆ Google will block Canadian news outlets from search results in the country
▼ + stars: | 2023-06-30 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Google told the Canadian government it would block articles from Canada-based news outlets from appearing in search results and other products in the country after the passage of a new bill that would require Google to pay a fee to news companies. The bill would have brought in $329 million for Canadian newsrooms annually, Canada's Parliamentary Budget Officer estimated, a revenue stream that now seems unlikely to materialize. It requires companies such as Meta and Google to pay media outlets when they link to news in search or feeds. From 2008 to 2018, 216 Canadian newsrooms closed their doors, according to researchers. Meta already said it would begin blocking Canadian news outlets from appearing on Facebook or Instagram after the bill's passage.

Persons: Sundar Pichai, Pablo Rodriguez, Mercier, Kent Walker, Meta, It's, Justin Trudeau, We're, Walker Organizations: Americas, U.S . Chamber, Commerce, Google, Google's News, Discover, Canadian Broadcasting Corporation, newsrooms, Honoré, Twitter, Facebook Locations: Los Angeles , California, Canada, Australia

The central bank is worried that the Canadian economy is running too hot for inflation to return to its 2% target and that if it waits to act, inflation expectations could rise, making matters worse. The central bank lifted its benchmark rate to a 22-year high of 4.75% this month and is expected to tighten further in July or September. A hard landing for the economy, or a recession, could raise unemployment, something the BoC has been hoping to avoid. "I'm not going to be betting against interest rates and I'm not going to be betting against policy lags." The data has left analysts pushing back their forecasts of a slowdown to later in 2023 or in 2024 but accompanied by higher than anticipated interest rates.

Persons: Karl Schamotta, David Rosenberg, I'm, Royce Mendes, Fergal Smith, Steve Scherer, Denny Thomas, Stephen Coates Organizations: TORONTO, Bank, Bank of Canada's, BoC, Bank of Canada, Rosenberg Research, Desjardins, Thomson Locations: United States, Data, Toronto, Ottawa

☆ Canadian dollar hits 2-week low as rate hike bets recede
▼ + stars: | 2023-06-28 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The loonie was trading 0.5% lower at 1.3250 to the greenback, or 75.47 U.S. cents, after touching its weakest intraday level since June 15 at 1.3276. "The market is losing confidence that the Bank of Canada will hike again next month," said Adam Button, chief currency analyst at ForexLive. Money markets see a 55% chance of a rate hike at the Bank of Canada's next policy decision on July 12, down from 64% before data on Tuesday that showed inflation easing to its slowest pace in two years. "The Bank of Canada is going to see economic weakness developing in Canada." One potential measure of support for the loonie was a rebound in the price of oil, one of Canada's major exports.

Persons: Adam Button, Button, Jerome Powell, Fergal Smith, Jonathan Oatis Organizations: greenback, Canadian, U.S, Bank of Canada, Bank of, of Canada, U.S ., Thomson Locations: TORONTO, Bank of Canada, Bank of Canada's, Canada

Variable rate mortgages in Canada typically require borrowers to make regular payments in fixed amounts. WHAT IS THE EXTENT OF MORTGAGE AMORTIZATION EXTENSION? Both banks had no variable-rate mortgages with amortizations greater than 30 years prior to the start of rate hikes. If interest rates stay high over the next few years, as the central bank has warned, it raises questions about customers' ability to service bigger than anticipated debt at higher rates during renewals. The big banks said most customers are able to cope with higher interest rates as they had passed a rigorous stress test to handle higher interest rates.

Persons: Royce Mendes, Carolyn Rogers, OSFI, Nivedita Balu, Fergal Smith, Steve Scherer, Denny Thomas, Conor Humphries Organizations: TORONTO, Statistics Canada, Royal Bank of Canada, CIBC, Bank of Nova, National Bank, Bank of Canada, BoC, Thomson Locations: Canada, United States, Bank of Nova Scotia, amortization, Toronto, Ottawa

☆ Canada's inflation rate slows to 3.4% in May on cheaper gas
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, June 27 (Reuters) - Canada's annual inflation rate slowed to 3.4% in May, matching expectations, driven by a drop in gasoline prices, while mortgage interest costs remained high, Statistics Canada data showed on Tuesday. Analysts polled by Reuters had expected annual inflation to drop to 3.4% from 4.4% in April. The annual rate, which benefited from a comparison to last May's strong price increases, is the slowest since June 2021 and broadly in line with the Bank of Canada's expectation that inflation would cool to around 3% by mid-2023. Grocery prices continued to surge, rising 9% year-over-year in May, nearly unchanged from the increases recorded in April. The average of two of the Bank of Canada's core measures of underlying inflation, CPI-median and CPI-trim, came in at 3.9% compared with 4.3% in April.

Persons: Statscan, Ismail Shakil, Dale Smith, Andrew Heavens Organizations: OTTAWA, Statistics, Reuters, Bank of, Energy, Thomson Locations: Statistics Canada, Ukraine, Ottawa

The deal fits the Italian group's plan to increase the share of gas in its total hydrocarbon production and is expected to boost its earnings immediately, Eni said in a statement. Eni, which is controlled by the Italian government, owns 63% of Vaar and is the main beneficiary of cash dividends from the Oslo-listed unit. VAAR EXPANDING IN NORWAYUnder the agreement, Eni will acquire Neptune's entire portfolio other than its operations in Germany and Norway. The German operations will be carved out prior to the Eni transaction and the Norwegian operations will be acquired by Vaar directly from Neptune in a separate deal, the two groups said in a statement. The Vaar transaction will close immediately prior to the Eni deal with the proceeds from the Norway sale remaining with the business purchased by the Italian group.

Persons: Italy's Eni, Eni, Claudio Descalzi, Descalzi, Vaar, Torger Roed, Rothschild, Ernst, Young, Shadia Nasralla, Terje Solsvik, Alvise Armellini, Jason Neely, Simon Cameron, Moore, Philippa Fletcher Organizations: Eni, MILAN, Italy's, Neptune Energy, Vaar Energy, LNG, Eni's Gas, Royal Bank of Canada's, Neptune, China Investment Corporation, Carlyle Group, CVC Capital Partners, HSBC, White, Case, Thomson Locations: Europe, Algeria, Indonesia, Milan, Russia, Oslo, Norway, Vaar, NORWAY, Germany, Norwegian, Neptune, Neptune Norway, Italian, Britain, Netherlands, LNG, London

☆ Pot producer Canopy raises going concern doubts, shares tumble
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

June 23 (Reuters) - Shares of Canada's Canopy Growth (WEED.TO) fell 6.5% on Friday after the pot producer posted a wider quarterly loss over the previous year and raised doubts about the company's ability to continue as a going concern. Canopy said it identified certain trends in the booking of sales for BioSteel, leading it to launch an internal review. As a result of the review, Canopy said it has let go of several members of BioSteel's leadership team. Sarwat added that Canopy was still burning through cash and including going concern risk in the filing makes Canopy USA's rationale unclear, as cash won't flow back to the U.S. unit without federal legalization. Canopy is eyeing an entry into the U.S. cannabis market through Canopy USA.

Persons: David Klein, Klein, Bernstein, Nadine Sarwat, Sarwat, Sourasis Bose, Pooja Desai Organizations: Reuters Graphics, U.S, Canopy USA, Thomson Locations: Canada, Bengaluru

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