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The deal was opposed by consumer advocates and politicians on worries it could lead to higher prices due to an overlap between Rogers and Shaw's wireless divisions. Rogers reaffirmed its conditions, including setting up a western headquarters in Calgary, creating 3,000 new jobs in Western Canada and investing C$6.5 billion to upgrade connectivity. If it breaches the commitments, Rogers (RCIb.TO) will have to pay a fine of as much as C$1 billion, Champagne said at a news conference in Ottawa. Champagne said if wireless prices do not go lower, he would seek further legislative and regulatory powers. Rosa Addario, a spokesperson for internet advocacy group OpenMedia, said the concessions sought by the government were unlikely to result in lower prices.

OTTAWA, March 31 (Reuters) - The Canadian economy grew more than expected in January and is seen expanding further in February, data showed on Friday, results that are likely to fuel concern by the central bank that inflation has yet to be fully tamed. The economy gained by 0.5% in January, ahead of analysts' forecasts of a 0.3% rise, after contracting 0.1% in December, Statistics Canada said. The Bank of Canada became the first major central bank to pause interest rate hikes in March after increasing them at eight consecutive previous meetings. With the key overnight rate now at 4.5%, the bank said it would not raise rates again if inflation came down as forecast. While inflation has eased, falling to 5.2% in February from a high of 8.1% last year, the economy is expanding faster than the central bank had forecast in January.

March 28 (Reuters) - Canada's Crescent Point Energy Corp (CPG.TO) said on Tuesday it would acquire Spartan Delta Corp's (SDE.TO) oil and gas assets in Alberta's Montney region for C$1.7 billion ($1.24 billion). Crescent Point shares dipped 0.7% in Toronto, while Spartan stock gained nearly 8%. Crescent Point said it is looking to reduce net debt by about C$1 billion over the next 12 months and may also sell assets. Crescent Point also produces oil in the province of Saskatchewan. Crescent Point raised its production outlook to 160,000 to 166,000 boepd from the earlier forecast of 138,000 to 142,000 boepd.

☆ Even as Bank of Canada moves to sidelines, consumers not ready to splurge
▼ + stars: | 2023-03-22 | by ( Molly Cone | ) www.reuters.com time to read: +3 min

TORONTO, March 22 (Reuters) - When the Bank of Canada became the first major global central bank this month to pause raising interest rates after its most aggressive tightening campaign in history, indebted consumers heaved a sigh of relief. Consumers' reluctance to spend could challenge an economy facing headwinds from a record pace of interest rate hikes as retail spending accounts for about 5% of Canada's Gross Domestic Product. The Royal Bank of Canada's consumer spending tracker released on March 9 showed discretionary spending "held up" in February, driven by air travel demand. While it is unclear what part of that has been deployed, that kitty will help Canada to avoid a deep recession, she noted. "They're trying to lock in these interest rates," Porter said.

☆ Bank of Canada fretted inflation could 'get stuck' above 2% target, minutes show
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

On March 8, the bank became the first major central bank to pause its tightening campaign, leaving the key overnight interest rate on hold at 4.50%, as expected. It vowed to hold off on further hikes as long as inflation continued to ease in line with its forecasts. In January the bank said it expected inflation to ease to 3% at around mid-year and to slow to 2% next year. But during the deliberations ahead of the announcement, the bank noted that services inflation "is proving sticky", according to minutes from the policy-setting meeting released on Wednesday. The five-member governing council remains "concerned about the risk that inflation could get stuck materially above the 2% target," the minutes said.

Ardian, which is the second largest shareholder in INWIT behind European tower company Vantage Towers AG (VTWRn.DE), wants to take INWIT private and is working with advisers at JPMorgan Chase & Co (JPM.N) on a potential offer, the people said. Deutsche Telekom last year sold 51% of its tower business Funkturm to a consortium of Canada's Brookfield and U.S. private equity firm DigitalBridge. Any offer for INWIT could take months to materialise as preparations remain at a preliminary stage, one of the people said. The sources cautioned that an offer is not certain and asked not to be identified because the deliberations are confidential. Ardian, Vantage Towers, INWIT and JPMorgan declined to comment.

☆ Record international migration spurs historic rise in Canadian population
▼ + stars: | 2023-03-22 | by ( Ismail Shakil | ) www.reuters.com time to read: +2 min

Total population grew by a record 1.05 million people to 39.57 million in the twelve months to Jan. 1, 2023, and about 96% of the rise was due to international migration, the statistics agency said. In 2022, Canada welcomed 437,180 immigrants and the number of non-permanent residents increased by a net 607,782 people. The agency counts both permanent and non-permanent residents in addition to net new births in calculating population figures. Canada has been experiencing an upward trend in total employment since September, and the statistics agency has previously said that non-permanent residents are a notable contributor to that gain. Immigration accounts for almost 100% of Canada's labor force growth and by 2036 immigrants are projected to be about 30% of Canada's population, up from 20.7% in 2011, according to Canada's immigration ministry.

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. bank crisis 'unlikely' to spill over to Canada, analyst says
▼ + stars: | 2023-03-20 | by ( Divya Rajagopal | ) www.reuters.com time to read: +4 min

read more"The U.S. contagion is unlikely to spill over to Canadian banks as the issues in U.S. are unique and specific to certain business models or lending activities," said James Shanahan, banking analyst with Edward Jones to Reuters. REGIONAL BANK SCRUTINYCanadian banks emerged stronger from the 2008 global financial crisis due to prudent regulations and since built a reputation for financial stability. The Canadian banks have kept their focus on domestic lending and majority of their earnings come from serving local clients. But in recent years, Royal Bank, BMO, TD Bank and CIBC (CM.TO) have expanded into the United States by buying regional lenders to benefit from strong growth in second-tier U.S. cities. However, last week the regional bank's stock was hit after the SVB collapse.

☆ U.S. bank crisis 'unlikely' to spill over to Canada, analysts say
▼ + stars: | 2023-03-20 | by ( Divya Rajagopal | ) www.reuters.com time to read: +4 min

"The U.S. contagion is unlikely to spill over to Canadian banks as the issues in U.S. are unique and specific to certain business models or lending activities," said James Shanahan, banking analyst with Edward Jones to Reuters. REGIONAL BANK SCRUTINYCanadian banks emerged stronger from the 2008 global financial crisis due to prudent regulations and since built a reputation for financial stability. The Canadian banks have kept their focus on domestic lending and majority of their earnings come from serving local clients. But in recent years, Royal Bank, BMO, TD Bank and CIBC (CM.TO) have expanded into the United States by buying regional lenders to benefit from strong growth in second-tier U.S. cities. However, last week the regional bank's stock was hit after the SVB collapse.

[1/2] The processing facility at an oil sands operations near Fort McMurray, Alberta, September 17, 2014. The company joins Canada's biggest oil producers in urging policymakers to boost public funding for the costly technology that is seen as key to cutting emissions from the carbon-intensive oil sands. Until then, the company will pay Canada's carbon tax, set to rise to C$170 a tonne by 2030, Nicholson said. Canada's oil sands produced a record 3.15 million bpd in 2022 and are forecast to hit 3.7 million bpd by 2030, according to S&P Global. "The oil sands are long-life, low-decline assets," said Wood Mackenzie analyst Scott Norlin.

☆ The fund that just bought Pornhub owner MindGeek won't say who's running the company due to 'unfortunate stigma,' report says
▼ + stars: | 2023-03-18 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

The private equity firm that acquired Pornhub's parent company won't reveal who's running MindGeek. Ethical Capital Partners told the Financial Times it won't yet identify MindGeek's executives. The new owner says it's keeping their names under wraps because of "stigma" about the porn industry. It details how a New York Times op-ed in December 2020 that accused Pornhub of hosting child porn sparked public outrage. CTV News reported that Tassillo told the hearing: "I truly believe, in my heart of hearts, that we are the safest adult platform in the world right now."

☆ Shareholders of Canada's Ritchie Bros support deal with IAA
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

March 14 (Reuters) - Canada's Ritchie Bros Auctioneers (RBA.TO) said on Tuesday its shareholders voted in favor of its $7 billion acquisition of U.S. auto retailer IAA Inc (IAA.N), according to a preliminary tally. IAA stockholders will receive $12.80 per share in cash and 0.5252 common shares of Ritchie Bros for each share of IAA common stock they own. Upon completion of the deal, IAA stockholders will own 37.2% of the combined company and Ritchie Bros shareholders the remaining 62.8%. For Ritchie Bros, which auctions and sells used heavy industrial equipment, the acquisition is intended to diversify its customer base, giving it a bigger footprint in vehicle re-marketing, and help cut costs. On Tuesday, shares of IAA were up 1.8% at $40.9, while U.S.-listed stock of Ritchie Bros was up 0.7% at $54.8.

TORONTO, March 13 (Reuters) - Last week's sudden collapse of Silicon Valley Bank (SVB) could choke funding for Canada's technology start-ups and place them in the hands of domestic lenders who may be more selective in financing new ventures, financiers told Reuters. Companies including Shopify Inc (SHOP.TO) were examples of Canada's tech success story, which helped pull more investments into the sector. Benjamin Bergen, president at Council of Canadian Innovators, a lobby group for Canadian technology companies, agreed. "Before SVB went down, accessing capital was increasingly becoming tighter and tighter for Canadians for startups for scale ups," he said. Aside from the banks, the federal government also has a Venture Capital Catalyst Initiative program that invests in promising Canadian technology companies.

☆ Canada Supreme Court justice on indefinite paid leave after he had a fight in Arizona hotel over his alleged 'creepy' behavior toward female guests while drunk
▼ + stars: | 2023-03-11 | by ( Katherine Tangalakis-Lippert | Yelena Dzhanova | ) www.businessinsider.com time to read: +4 min

Canadian Supreme Court Justice Russell Brown is on paid leave after he got into fight while on vacation. Brown allegedly drunkenly followed guests from the hotel bar back to their rooms, per a police report. The Justice was reportedly punched twice in the face during an altercation with one guest he followed. Crump and representatives for the Supreme Court of Canada did not immediately respond to Insider's request for comment. The police report continued: "To protect the women and to prevent the drunk, creepy, unwanted male from entering the hotel room uninvited Crump punched the male a few times."

☆ Morning Bid: Is China exporting deflation?
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

Relief wasn't immediate, as the figures were tinged by doubt on the robustness of China's consumption rebound, with inflation in the country also at its slowest in a year. That's likely welcomed since analysts are making their latest upward revisions to U.S. and European interest rate expectations and do not need another inflationary shock from China's reopening. European futures steadied in Asia as markets assumed a holding pattern with the focus on U.S. data as the driver of interest rate movement. The Bank of Japan concludes a two-day meeting on Friday, though it is increasingly dancing to its own beat. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3%; Japanese stocks rose 0.6% on Thursday.

☆ Bank of Canada and Fed head for historic divergence, in a blow to loonie
▼ + stars: | 2023-03-09 | by ( Fergal Smith | ) www.reuters.com time to read: +3 min

[1/2] A sign is pictured outside the Bank of Canada building in Ottawa, Ontario, Canada, May 23, 2017. A lower expected peak for Canadian rates has pressured the Canadian dollar against its U.S. counterpart. ,Canadian rates have peaked below U.S. rates in the three major tightening cycles since the start of the millennium, with the gap ranging between 50 and 75 basis points. "Poring over the national accounts, it's increasingly clear that interest-sensitive demand has wilted in Canada," Warren Lovely and Taylor Schleich, strategists at National Bank of Canada, said in a note after the recent GDP data. Still, there could be a limit to how much interest-rate divergence the BoC will allow, say analysts.

The local unit of Canada's Xebra Brands (XBRA.CD) is the first company to obtain permits to cultivate, process, produce and market cannabis in Mexico, according to a statement from the firm. In its statement, Xebra Brands said it faces no restrictions where it can grow cannabis in Mexico, the size of cultivation facilities or processing volumes. "This represents an important moment for cannabis globally," Xebra Brands CEO Jay Garnett said in the statement. In an interview with Reuters in late 2021, the firm's former president said regulatory authorizations would position Mexico as the industry's most important North American player. Xebra Brands added it is actively looking for farm land and a site to build an extraction facility to produce CBD-rich hemp derivatives.

OTTAWA, March 8 (Reuters) - The Bank of Canada on Wednesday left its key overnight rate on hold at 4.50%, as expected, becoming the first major central bank to suspend its monetary tightening campaign in the face of an anticipated easing of high inflation. In its statement, the BoC reiterated that it was "prepared to increase the policy rate further if needed to return inflation to the 2% target." The majority of the 32 economists surveyed by Reuters last week said the central bank would likely keep rates on hold through the end of this year, and all of them forecast it would stay on hold on Wednesday. Before the announcement, money markets had expected the policy rate to remain unchanged but were pricing in another tightening by September. The central bank said core inflation measures and short-term inflation expectations still needed to fall in order to return inflation to target.

☆ Exclusive: Canada will not retrospectively target Chinese investments in Canadian mining companies, minister says
▼ + stars: | 2023-03-08 | by ( Divya Rajagopal | ) www.reuters.com time to read: +2 min

[1/3] Canada's Minister of Natural Resources Jonathan Wilkinson speaks during Question Period in the House of Commons on Parliament Hill in Ottawa, Ontario, Canada, April 7, 2022. REUTERS/Patrick DoyleTORONTO, March 8 (Reuters) - Canada will not force Chinese state-investors in three of its large mining companies to divest stakes, as such a move would create policy uncertainty, natural resources minister told Reuters. In November, Canada had asked three Chinese companies to sell their stakes in Toronto-listed lithium explorers following a national security review, drawing criticism from the mining industry and raising questions about the future of other Chinese investments in Canadian mining sector. Three of Canada's largest mining companies - Teck Resources (TECKb.TO), Ivanhoe Mines Limited (IVN.TO) and First Quantum Minerals Limited (FM.TO), - count Chinese state-owned enterprises as their biggest single shareholder. This is the first time Canadian government officials have clarified what the future holds for other Chinese investments in the three Canadian mining companies.

Equinor became Europe's top natural gas supplier last year after exports from Russia were mostly choked off following Moscow's invasion of Ukraine. Europe cut demand, increased domestic output and imported liquefied natural gas (LNG) at huge cost in response to the drop in Russian gas supplies, which accounted for around half of the region's supply in 2021. "Trying to replace 150 billion cubic metres of (Russian) gas is a massive task. "The weather in Asia can set the gas price in Europe," Opedal said. Equinor produced over 2 million barrels of oil equivalent of oil and gas in 2022, when it reported a record adjusted operating profit of $75 billion on the back of soaring oil and gas prices.

LONDON, March 3 (Reuters) - The race for electric vehicle (EV) battery metals is heating up. Carmakers have already been busy tying up supplies of battery metals under direct off-take agreements with existing metals producers. Automakers' collective move into the mining sector has so far largely prioritised the lithium sector, where Western companies have been playing catch-up with Chinese investors. Lithium supply is struggling to scale up at the speed required to meet accelerating demand from battery-makers. Capital expenditure in the sector slumped, miners opting to return cash to shareholders rather than dig more big copper mines.

☆ Royal Bank of Canada's quarterly profit falls on higher provisions
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - Royal Bank of Canada (RY.TO) on Wednesday posted a decline in first-quarter profit, as the lender set aside higher provisions to brace for potential loan defaults amid a challenging macro environment. The bank reported adjusted earnings of C$3.05 per share, up from C$2.87 a year earlier. Provisions for bad loans came in at C$532 million for the quarter, up from C$105 million a year ago, mainly reflecting higher provisions in Personal & Commercial Banking. Earnings from Royal Bank's personal and commercial banking unit rose 8% and wealth management profit was up 3% from a year ago, driven by higher interest rates. RBC's rivals – CIBC <CM.TO> and Bank of Montreal (BMO.TO) – have reported a decline in quarterly profits as they build buffer for loss provisions amid challenging economic conditions.

☆ Canada's economy unexpectedly stalled in Q4; January rebound likely
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

OTTAWA, Feb 28 (Reuters) - The Canadian economy recorded zero growth in the final three months of 2022, massively underperforming expectations, though economic activity likely rebounded with a 0.3% increase in January, Statistics Canada data showed on Tuesday. The 0.0% growth reading in fourth-quarter gross domestic product capped five consecutive quarterly increases and missed analysts' average forecast of a 1.5% rise. It was also well below the Bank of Canada's forecast for 1.3% annualized GDP growth in the quarter. The economy contracted 0.1% in December from November, also below analysts' expectations that GDP would be unchanged in the month. Still, Statscan said the economy likely started 2023 on a stronger footing, with increases in sectors including mining, quarrying, and oil and gas extraction and wholesale trade indicating a 0.3% rise.

☆ Player revolts plunge Women's World Cup buildup into turmoil
▼ + stars: | 2023-02-28 | by ( Lori Ewing | ) www.reuters.com time to read: +4 min

Canada's women's team have vowed to boycott a pre-World Cup camp next month over equal pay and support, while Le Graet faced allegations of harassment. A government ministry audit concluded the 81-year-old Le Graet did not have the "necessary legitimacy" for the position. Canada are the reigning Olympic women's champions, while France topped their group in World Cup qualifying. Forward Janine Beckie, who was in Qatar for last year's men's World Cup as part of Canada's broadcast crew, saw the "disgusting" discrepancy between the two programmes. (This story has been corrected to change the World Cup start date in paragraph 6)Reporting by Lori Ewing Editing by Toby DavisOur Standards: The Thomson Reuters Trust Principles.

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