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☆ Canada's housing crisis will take years to solve, finance minister says
▼ + stars: | 2023-09-16 | by ( ) www.reuters.com time to read: +1 min

Sept 16 (Reuters) - An affordable housing crisis that is hurting the Canadian government's popularity will take years to resolve, even if construction hits an 80-year high, Finance Minister Chrystia Freeland said on Saturday. Her comments were among the first by a senior member of Prime Minister Justin Trudeau's Liberal administration to acknowledge the scale of the challenge. Polls show the Liberals trailing their Conservative rivals, who blame Ottawa for high inflation and soaring home prices. Housing is mainly the responsibility of the 10 provinces as well as major municipalities, with Ottawa's role limited to policy advice and financial incentives. Reporting by David Ljunggren; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Chrystia Freeland, Justin Trudeau's, Freeland, David Ljunggren, David Gregorio Our Organizations: Finance, Justin Trudeau's Liberal, Liberals, Conservative, Ottawa, Housing, Thomson Locations: Canada, Montreal

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 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

The newly launched Professional Women’s Hockey League is quickly taking shape. The head coaches are but an example of the step up in class for women’s hockey, with Ryan reunited with Gina Kingsbury, who left Hockey Canada to be Toronto’s GM. Howie Draper, who coached the University of Alberta women’s team to eight national titles, was hired by New York. The majority of the players signed had connections to their respective communities, with most national team players staying in their home countries. She attended a prep school, and played for both the now-defunct Canadian Women’s Hockey League and National Women’s Hockey League Boston-based franchises.

Persons: Hilary Knight, Philip Poulin, Kelly Pannek, Troy Ryan, Courtney Kessel, Kori, Taylor Heise, ” Heise, I’m, Natalie Darwitz, Heise, Darwitz, Lee Stecklein, Kendall Coyne Schofield, Mark Walter, Billie Jean King, Ryan, Gina Kingsbury, Carla MacLeod, Howie Draper, Charlie Burggraf, Micah Zandee, Hart, Alex Carpenter, Abby Roque, Knight, ”, “, ” Pannek, Brant Feldman, Pannek, ” Darwitz, Kelly Organizations: Women’s Hockey League, Canadian, Minnesota, Golden Gophers, Associated Press, Los Angeles Dodgers, Hockey Canada, Czech Republic national, University of Alberta, New, Bethel University, Team USA, National Women’s Hockey League Boston Locations: Boston, Marie, Quebec, Minnesota, Toronto, Montreal, ., “ Minnesota, Chicago, Boston , New York, Ottawa, New York, California, Idaho, New England, City, Plymouth , Minnesota

☆ Canada trade minister is postponing a planned trade mission to India
▼ + stars: | 2023-09-15 | by ( Steve Scherer | ) www.reuters.com time to read: +1 min

Canada's Minister of International Trade, Export Promotion, Small Business and Economic Development Mary Ng speaks at a Lunar New Year celebration in Ottawa, Ontario, Canada January 31, 2023. REUTERS/Blair Gable/File Photo Acquire Licensing RightsOTTAWA, Sept 15 (Reuters) - Canadian Trade Minister Mary Ng is postponing a trade mission to India planned for October, an official said on Friday, reflecting increasingly tense diplomatic relations just days after India's prime minister scolded his Canadian counterpart at a G20 summit in New Delhi. "At this time, we are postponing the upcoming trade mission to India," said Shanti Cosentino, a spokesperson for the minister, without giving a reason. Indian Prime Minister Narendra Modi, who held formal bilateral meetings with many world leaders during the G20 summit, snubbed Canadian Prime Minister Justin Trudeau, allowing only a short, informal meeting on the sidelines five days ago. Earlier on Friday, India said it had paused trade talks with Canada.

Persons: Mary Ng, Blair Gable, Shanti Cosentino, Narendra Modi, Justin Trudeau, Steve Scherer, Chris Reese, Matthew Lewis Organizations: of International Trade, Export, Small, Economic, REUTERS, Rights, Canadian Trade, Canadian, Thomson Locations: Ottawa , Ontario, Canada, India, New Delhi, Punjab, Ottawa

☆ MSN readers are furious after an apparently AI-generated headline said 'Brandon Hunter useless at 42' after the former NBA player suddenly died
▼ + stars: | 2023-09-15 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

MSN readers called out the site for publishing a story they believe was written by AI. The story's headline describes the late NBA player Brandon Hunter as "useless." "Brandon Hunter useless at 42," the headline read. A former NBA player dies young, and AI writes this headline:"Brandon Hunter useless at 42"And check that prose:"Former NBA participant Brandon Hunter who beforehand performed for the Boston Celtics and Orlando Magic, has handed away on the age of 42." https://t.co/xEvVVHo9DP pic.twitter.com/EiKlZEhluS — Joshua Benton (@jbenton) September 14, 2023It described Hunter as a "former NBA participant" who was "handed away on the age of 42."

Persons: Brandon Hunter, xEvVVHo9DP, EiKlZEhluS — Joshua Benton, Hunter, it's Organizations: NBA, Microsoft, Service, MSN, Boston Celtics, Orlando Magic, Twitter, Ottawa Food Bank, TMZ Locations: Wall, Silicon, @jbenton

☆ Canada to remove consumption tax for new apartment buildings -source
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, Sept 14 (Reuters) - Canada will remove the federal 5% sales tax on the construction of new rental apartment buildings in a bid to boost housing supplies, a source directly familiar with the matter said on Thursday. Trudeau's Liberal government, under pressure over a lack of affordable housing, on Wednesday told cities to do more and said those who cooperated would receive federal cash. "A Poilievre government will restore the promise of Canada by building homes people can afford," he said. The deadline for the next election is October 2025 but it could come sooner. Reporting by David Ljunggren and Steve Scherer; editing by Grant McCoolOur Standards: The Thomson Reuters Trust Principles.

Persons: Justin Trudeau, Trudeau, Pierre Poilievre, David Ljunggren, Steve Scherer, Grant McCool Organizations: Globe and Mail, Trudeau's Liberal, Wednesday, Conservatives, Liberal, Conservative, Thomson Locations: OTTAWA, Canada

☆ Kremlin says Karabakh tensions rising, Armenia warns of 'critical' humanitarian situation
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Artem Mikryukov/File Photo Acquire Licensing RightsMOSCOW, Sept 14 (Reuters) - The Kremlin expressed concern on Thursday that tensions between Armenia and Azerbaijan over the breakaway region of Nagorno-Karabakh were increasing, as Armenia's prime minister described the situation in the blockaded territory as "critical". Armenia has in recent weeks repeatedly accused Azerbaijan of massing forces around Karabakh, which Baku has effectively blockaded since December 2022, causing acute hunger. Armenian state news agency Armenpress on Thursday quoted Prime Minister Nikol Pashinyan as saying the humanitarian situation inside Karabakh was desperate. He said a Russian aid truck which Karabakh authorities allowed to enter the region from Azerbaijan on Tuesday had not alleviated the crisis. Armenpress also quoted Pashinyan as saying that Azerbaijan was continuing to mass troops along the frontlines with Karabakh and Armenia, a charge that Baku has repeatedly denied.

Persons: Artem Mikryukov, Dmitry Peskov, Antony Blinken, Matthew Miller, Armenpress, Nikol Pashinyan, Felix Light, David Ljunggren, Gareth Jones, Andrew Heavens Organizations: REUTERS, Rights, Department, Karabakh, Thomson Locations: Taghavard, Nagorno, Karabakh, Armenia, Azerbaijan, Baku, Russia, Yerevan, South Caucasus, Moscow, Russian, Tbilisi, Ottawa

Local public health officials say the potential loss of funding could severely impact several essential services, including vaccines, cancer screening and testing for sexually transmitted infections. A national public health expert said the situation is unique in the U.S. and a threat to the entire public health field — especially going into an election year when health officials and their department could again become political targets. “I’m hoping this isn’t the start of a new trend of retroactive punishment against public health departments.”More than than 300,000 people live in Ottawa County, making it Michigan's seventh largest county. “You should not be at war with your health providers.”The Network for Public Health Law and the National Association of County and City Health Officials filed amicus briefs in support of Hambley’s lawsuit last month. And Freeman said her organization is keeping a close eye on Ottawa County: “This isn't something we want on the books for other county commissioners to consider in the future."

Persons: COVID, they’ve, ”, Lori Freeman, “ I’m, Herman Miller, Joe Moss, Sylvia Rhodea, — Moss, Rhodea, John Gibbs, Adeline Hambley, Jacob Bonnema, it's, Hambley, “, ” Hambley, Gibbs, Moss, —, Freeman, Robert Wood Johnson Organizations: National Association of County, City Health, Ottawa, Republican, Diversity, Equity, Associated Press, AP, Hambley, Grand Haven, Public Health Law, Associated Press Health, Science Department, Robert Wood Johnson Foundation Locations: Mich, Michigan, U.S, Ottawa County, Ottawa, Grand

☆ Canada could tax big grocery chains over rising food prices - Trudeau
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: 1 min

Canada's Prime Minister Justin Trudeau delivers his remarks during the ASEAN-Canada Summit as part of the 43rd Association of Southeast Asian Nations (ASEAN) Summit in Jakarta, Indonesia, 06 September 2023. ADI WEDA/Pool via REUTERS Acquire Licensing RightsOTTAWA, Sept 14 (Reuters) - Canada could impose new taxes on major grocery chains if they do not come up with a convincing plan to limit the rise of food prices, Prime Minister Justin Trudeau said on Thursday. Trudeau said the heads of the largest chains would be summoned to Ottawa with a plan to address rising prices. The deadline for this is Oct. 9, he said at the end of a meeting of his ruling Liberal Party in London, Ontario. Reporting by David Ljunggren; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Justin Trudeau, Trudeau, David Ljunggren, Leslie Adler Organizations: Canada's, ASEAN, Canada, 43rd Association of Southeast Asian Nations, REUTERS Acquire, Rights, Liberal Party, Thomson Locations: Jakarta, Indonesia, Canada, Ottawa, London , Ontario

☆ TD's US head says money-laundering probe 'manageable'
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

Toronto-Dominion Bank (TD) logos are seen outside of a branch in Ottawa, Ontario, Canada, May 26, 2016. REUTERS/Chris Wattie/File Photo Acquire Licensing RightsTORONTO, Sept 13 (Reuters) - A U.S. probe into Toronto-Dominion Bank's (TD.TO) anti-money laundering compliance program is "manageable, the bank's head of U.S. retail operations said on Wednesday. TD, Canada's second largest lender, disclosed in August it had been cooperating with U.S. authorities, including the U.S. Department of Justice, in an investigation and said it expected fines and non-monetary penalties. The bank called off the deal because of uncertainty about the timing of regulatory approvals, Salom said at a Barclays conference. "We believe that's a manageable item and in the fullness of time we will be able to resolve."

Persons: Chris Wattie, Leo Salom, Salom, Nivedita Balu, Richard Chang Organizations: Dominion Bank, REUTERS, Rights, Dominion, U.S, U.S . Department of Justice, TD Bank, U.S ., Barclays, Thomson Locations: Toronto, Ottawa , Ontario, Canada, U.S, Canada's

☆ Canada PM Trudeau dismisses talk of quitting, acknowledges public 'grumbling'
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

Polls show that after nine years in power, the left-leaning Liberals are badly trailing the official opposition Conservatives and would lose power if an election were held now. Although Trudeau has a deal with the smaller left-of-center New Democrats that will allow them to govern until October 2025, the agreement is non-binding, and could collapse earlier. I'm continuing to do my job," Trudeau told reporters in London, Ontario, when asked whether he had considered stepping down. The Conservatives accuse Trudeau of fueling inflation through what they call reckless government spending and complain that housing is becoming increasingly unaffordable. Reporting by David Ljunggren; Editing by Chris Reese and David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Justin Trudeau, Trudeau, I'm, David Ljunggren, Chris Reese, David Gregorio Our Organizations: Canadian, Conservatives, Democrats, Liberal, Thomson Locations: OTTAWA, London , Ontario

☆ Fact Check-Trudeau post announcing ‘Digital Existence Act’ stems from parody
▼ + stars: | 2023-09-12 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

Canada’s Prime Minister Justin Trudeau did not post on social media platform X saying that his government was passing a “Digital Existence Act” due to the spread of a new coronavirus variant. That's why we're passing the “Digital Existence Act.”” (archive.ph/v621t)Confused users responded in the comments section saying: “Please explain how digital currency stops a virus,” and: “Is this real? Did he really tweet this.”The post is not visible on Trudeau’s official X account and there is no evidence that the alleged “Digital Existence Act” is real. The claim originates from the handle @Trudeaus_Ego, which describes its content as: “The egotistical thoughts of Prime Minister Trudeau” in its bio (twitter.com/Trudeaus_Ego). A screenshot shared online shows a parody post from an account impersonating Canadian Prime Minister Justin Trudeau announcing a “Digital Existence Act” due to a new variant of coronavirus.

Persons: Justin Trudeau, Trudeau, ”, Alison Murphy, Trudeau ”, Read Organizations: Canada’s, Twitter, Reuters, Omicron, Canadian Locations: Canada, Ottawa

☆ Telesat taps SpaceX to launch its broadband satellites in orbit
▼ + stars: | 2023-09-11 | by ( Steve Scherer | ) www.reuters.com time to read: +3 min

LEO satellites operate 36 times closer to Earth than traditional ones so they take less time to send and receive information, leading to better and faster broadband service even in remote areas. "It is another big step forward on our path to get Lightspeed up there," Telesat CEO Dan Goldberg told Reuters. Telesat picked Elon Musk's SpaceX because it had "the best combination of price, performance, reliability and schedule tempo," Goldberg said. Satellite constellations have sapped large amounts of the U.S. launch supply in recent years with considerably large bulk launch orders like Telesat's SpaceX contract. SpaceX aims to nearly double its annual launch rate in 2023 thanks to its growing Starlink constellation.

Persons: Dan Goldberg, Blair Gable, Telesat, Elon, Goldberg, we've, Jeff Bezos's, Steve Scherer, Joey Roulette, Will Dunham Organizations: REUTERS, Rights, SpaceX, LEO, Lightspeed, Reuters, Canada's MDA, Thales Alenia Space, Thales, MDA, Amazon, Thomson Locations: Canadian, Ottawa , Ontario, Canada, Washington

☆ Morning Bid: Japan jolt as inflation forks
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +5 min

A man walks past the headquarters of Bank of Japan in Tokyo, Japan, January 17, 2023. "If we judge that Japan can achieve its inflation target even after ending negative rates, we'll do so," Ueda said. The yen surged 1% against the dollar, knocking the U.S. currency back more generally (.DXY) on the foreign exchange markets. If Japan's does tighten further by yearend, it comes as the Federal Reserve and European Central Bank rate hike campaigns are coming to halt. News of an expected return of headline Chinese consumer price inflation to positive territory last month and above-forecast August lending data helped mainland shares (.CSI300) higher, with the yuan bouncing back from 16-year lows.

Persons: Issei Kato, Mike Dolan, Kazuo Ueda, Ueda, Alibaba, Daniel Zhang, Bank of England policymaker Catherine Mann, Christina Fincher Organizations: Bank of Japan, REUTERS, U.S, Tokyo Stock, Nikkei, Global, Treasury, yearend, Federal Reserve, European Central Bank, ECB, Fed, CPI, OpenAI, Wall Street, SoftBank Group, underwriters, Bank of England, Oracle, Graphics, Graphics Reuters, Thomson, Reuters Locations: Tokyo, Japan, U.S, Hong Kong, Ottawa

☆ Canada plans incentives to ease housing burden, CBC reports
▼ + stars: | 2023-09-10 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Lars Hagberg/File Photo Acquire Licensing RightsSept 10 (Reuters) - Canada's Housing Minister Sean Fraser is evaluating a wide range of options as he looks to ease the housing crisis in the country, CBC reported on Sunday. "There's a range (of incentives) that we're considering right now. Some could include potential tax incentives for builders to build. Some could include other low-cost financing arrangements," the report quoted Fraser as saying in an interview to CBC. Fraser is also considering removing the Goods and Services Tax (GST) on affordable housing projects and dedicating federal lands to rental housing, the report added.

Persons: Lars Hagberg, Sean Fraser, Fraser, Anirudh, Lisa Shumaker Organizations: REUTERS, Canada's, CBC, Goods, Services Tax, Thomson Locations: Ottawa , Ontario, Canada, Bengaluru

☆ US, Canadian warships transit Taiwan Strait in latest joint mission
▼ + stars: | 2023-09-09 | by ( ) www.reuters.com time to read: +2 min

TAIPEI, Sept 9 (Reuters) - A U.S. and a Canadian warship sailed through the Taiwan Strait on Saturday, the U.S. Navy said, marking the second such joint mission since June and coinciding with the leaders of both countries attending the G20 summit in India. "Ralph Johnson and Ottawa's bilateral transit through the Taiwan Strait demonstrates the commitment of the United States and our allies and partners to a free and open Indo-Pacific," the U.S. Navy added in a statement. China's military condemned the transit as is usual with such missions, accusing the ships of carrying out "public hyping" in the strait, which separates Chinese-claimed Taiwan from China. Taiwan's defence ministry said the ships sailed in a southerly direction and that it had observed nothing unusual. While U.S. warships transit the strait around once a month, it is unusual for them to do so with those of other allies.

Persons: Ralph Johnson, Canada's, Xi Jinping, Joe Biden, Justin Trudeau, Ben Blanchard, Alexander Smith Organizations: U.S . Navy, Navy's, Fleet, Eastern Theatre Command, Liberation Army, U.S, Canadian, Thomson Locations: TAIPEI, U.S, Canadian, Taiwan Strait, India, The U.S, Ottawa, Taiwan, United States, China, New Delhi

TAIPEI, Taiwan (AP) — The U.S. and the Canadian navies sailed two warships through the Taiwan Strait on Saturday, in a challenge to China's sweeping territorial claims. The USS Ralph Johnson and the Royal Canadian Navy Halifax-class frigate HMCS Ottawa sailed through the narrow band of ocean that separates China and self-ruled Taiwan, according to the U.S. Navy’s 7th Fleet. The cruisers “transited through a corridor in the Strait that is beyond the territorial sea of any coastal state,” the Navy statement said. China has stepped up its military activities around Taiwan, including sending warships and warplanes on a near daily basis. Political Cartoons View All 1148 ImagesIn June, the U.S. released a video in which a Chinese navy ship cut sharply across the path of an American destroyer, forcing the U.S. vessel to slow to avoid a collision.

Persons: Ralph Johnson, ”, Shi Yi Organizations: Canadian, Royal Canadian Navy Halifax, Navy’s, U.S . Navy, Navy, U.S, People Liberation, Command Locations: TAIPEI, Taiwan, U.S, Taiwan Strait, Ottawa, China, Beijing, American, Canadian

☆ Trudeau's main rival offers affordable government in first convention speech
▼ + stars: | 2023-09-09 | by ( Fergal Smith | ) www.reuters.com time to read: +3 min

Canada's Conservative Party of Canada leader Pierre Poilievre speaks during Question Period in the House of Commons on Parliament Hill in Ottawa, Ontario, Canada April 19, 2023. "A common-sense Conservative government that frees hardworking people to earn powerful paycheques that buy affordable food, gas and homes in safe neighborhoods," Poilievre said at the convention in Quebec City. In Friday's address, Poilievre promised to balance the federal budget if the Conservatives won the next election. An Angus Reid poll on Thursday showed the Conservatives at 39% public support, with the Liberals on 27%. Additonal reporting by David Ljunggren and Steve Scherer in Ottawa; Editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Pierre Poilievre, Blair Gable, Justin Trudeau's, Poilievre, Trudeau, Angus Reid, Shachi Kurl, Kurl, it's, Stephen Guilbeault, David Ljunggren, Steve Scherer, Diane Craft Organizations: Canada's Conservative Party of Canada, REUTERS, Conservative Party, Conservative, New Democratic Party, Conservatives, Liberals, Liberal, Federal, Thomson Locations: Ottawa , Ontario, Canada, Quebec City, Ottawa

Canada created 39,900 jobs, Statistics Canada said, compared with a median forecast for a gain of 15,000. The labor market has been resilient even as the Bank of Canada (BoC) raised its key overnight rate 10 times since March 2022 to cool the economy. Money markets see a 44% chance of another BoC rate hike by year-end, up from 36% before the data were published. "This report alone won't make the Bank of Canada regret holding rates steady earlier this week. Derek Holt, vice president of capital markets economics at Scotiabank, noted a gain of 49,500 people in self-employed jobs.

Persons: Carlos Osorio, Andrew Kelvin, Royce Mendes, Derek Holt, Dale Smith, Fergal Smith, Andrea Ricci, Nick Macfie Organizations: Queen, West, REUTERS, Rights, Statistics, Bank of Canada, BoC, TD Securities, Desjardins Group, Canadian, Scotiabank, Thomson Locations: Toronto Ontario, Canada, Statistics Canada, Canadian, Ottawa, Toronto

☆ Canada gains many more jobs than expected in August, unemployment rate unchanged
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, Sept 8 (Reuters) - Canada's economy gained a much greater than expected net 39,900 jobs in August and the unemployment rate remained at 5.5%, official data showed on Friday, a sign of underlying strength despite high rates. Analysts polled by Reuters had forecast a net gain of 15,000 jobs and for the unemployment rate to edge up to 5.6% from July. Statistics Canada said full-time positions grew by 32,200 jobs while part-time jobs posted a more modest gain of 7,800. The labor market has been resilient even as the Bank of Canada raised its key overnight rate 10 times since March 2022 to cool the economy. Employment in the goods sector fell by a net 2,500 jobs in August, largely in manufacturing, while services sector gained a net 42,400 jobs, mostly in professional, scientific and technical services.

Persons: David Ljunggren, Dale Smith Organizations: Reuters, Statistics Canada, Bank of Canada, Thomson Locations: OTTAWA

☆ 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 says interest rates may not be high enough
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +3 min

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 RightsBy Steve Scherer and David LjunggrenOTTAWA, Sept 7 (Reuters) - Bank of Canada Governor Tiff Macklem on Thursday said interest rates may not be high enough to bring inflation back down to target, sending a hawkish message after holding borrowing costs at a 22-year high a day earlier. The central bank hiked rates by a quarter point in both June and July in a bid to tame stubbornly high inflation. "We don't want to raise our policy rate more than we have to," Macklem said, adding that persistently high inflation would be worse for Canadians than high borrowing costs. (Reporting by Steve Scherer, editing by David Ljunggren)((Reuters Ottawa bureau, david.ljunggren@tr.com))Keywords: CANADA CENBANK/Our Standards: The Thomson Reuters Trust Principles.

Persons: Blair Gable, Steve Scherer, David Ljunggren OTTAWA, Macklem, Chrystia Freeland, David Ljunggren Organizations: Canada, REUTERS, Bank of Canada, BoC, federal, Reuters, Thomson Locations: Ottawa , Ontario, Canada, Calgary , Alberta, Reuters Ottawa

People walk past a Huawei store with advertisements for the Mate 60 series smartphones, at a shopping mall in Beijing, China August 30, 2023. That's another really big advance they've made," Dan Hutcheson, an analyst with TechInsights, told Reuters. "The significance is that it shows that China has been able to stay 2-2.5 nodes behind the world's best (chip) companies. "China's been buying tools like crazy so they probably have the capability to do this and yield ok with it." Huawei and SMIC did not immediately respond to requests for comment.

Persons: Yelin, they've, Dan Hutcheson, TechInsights, chipmaker SMIC, Hutcheson, Gina Raimondo's, it's, China's, Brenda Goh, Joyce Lee, David Kirton, Miyoung Kim, David Evans Organizations: Huawei, REUTERS, Rights, Huawei Technologies, Reuters, The, HK, U.S . Commerce, SMIC, Apple, South Korea's SK Hynix Inc, SK Hynix, U.S, Thomson Locations: Beijing, China, The Ottawa, Huawei's, U.S, Seoul, Shenzhen

People walk past a Huawei store with advertisements for the Mate 60 series smartphones, at a shopping mall in Beijing, China August 30, 2023. REUTERS/Yelin Mo/File Photo Acquire Licensing RightsSHANGHAI, Sept 7 (Reuters) - Huawei Technologies' new high-end smartphone contains more China-made chip components than previous models in a sign of Beijing's advances in the semiconductor sphere, according to research firm TechInsights, which is taking the device apart. That's another really big advance they've made," Dan Hutcheson, an analyst with TechInsights, told Reuters. "The significance is that it shows that China has been able to stay 2-2.5 nodes behind the world's best (chip) companies. "China's been buying tools like crazy so they probably have the capability to do this and yield ok with it."

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