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OTTAWA, July 7 (Reuters) - Canada's economy added far more jobs than expected in June, data showed on Friday, a result analysts said probably seals the deal for another Bank of Canada (BoC) interest rate hike next week. The unemployment rate in June increased for the second consecutive month and is now at its highest level since February 2022, though still below a pre-pandemic 12-month average, Statscan said. The June jobs report is the last major economic figure to be released before the BoC's rate announcement on Wednesday. Growth has remained resilient despite nine rate increases totaling 450 basis points since March of last year. The net jobs addition in June, the largest since January, were driven by full-time work.

Persons: Jobs, Statscan, Derek Holt, Royce Mendes, Ismail Shakil, Steve Scherer, Dale Smith, Emelia Sithole, Mark Porter Organizations: OTTAWA, Bank of Canada, BoC, Statistics, Scotiabank, Desjardins Group, Reuters, Canadian, Employment, Thomson Locations: Statistics Canada, Ottawa

☆ 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 agrees up to C$15 bln in incentives for Stellantis-LGES battery plant
▼ + stars: | 2023-07-06 | by ( Ismail Shakil | ) www.reuters.com time to read: +2 min

OTTAWA, July 6 (Reuters) - Canada is willing to dole out up to C$15 billion ($11.3 billion) in production incentives for a Stellantis-LG Energy Solution (LGES) (STLAM.MI), electric vehicle battery plant, trumping a record deal with Volkswagen as Ottawa competes with Washington to woo major clean-tech projects. The subsidies deal has resulted in construction resuming at the Stellantis-LGES plant after the companies halted the project in May demanding Canada match support available in the United States under the Inflation Reduction Act (IRA). Canada has said that projects like the Stellantis and Volkswagen battery plants would be "anchors" for a pivot to clean tech. The funding for the battery plant will be provided by Canada's federal government and the Ontario province in a pact structured similarly to the C$13 billion deal for Volkswagen's plant. ($1 = 1.3320 Canadian dollars)Reporting by Ismail Shakil in Ottawa; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: trumping, Stellantis, Ismail Shakil, David Holmes Organizations: OTTAWA, LG Energy, Volkswagen, Ottawa, U.S ., Thomson Locations: Canada, Washington, United States, Ontario, Detroit, Ottawa

☆ Trudeau to Taylor Swift: Don't make it a cruel summer and come to Canada
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, July 6 (Reuters) - Prime Minister Justin Trudeau took to Twitter to try to convince American pop star Taylor Swift to add some stops on her "Eras Tour" in Canada after she announced 14 new dates in Europe. So, don't make it another cruel summer. We hope to see you soon," Trudeau said, replying late on Wednesday to an earlier tweet by Swift announcing the new tour dates. Swift's song "Cruel Summer", released in 2019, is being performed on tour and has become a bigger hit this year than when it first appeared on her "Lover" album. Last month Conservative lawmaker Matt Jeneroux filed what he called an "official grievance" on social media imploring her to book some dates in Canada.

Persons: Justin Trudeau, Taylor Swift, Trudeau, Swift, Matt Jeneroux, Steve Scherer, Alexandra Hudson Organizations: OTTAWA, Twitter, Alexandra Hudson Our, Thomson Locations: American, Canada, Europe, Arizona, United States, Mexico, Asia, Australia

☆ US, Canadian authorities warn about rising Truebot malware use to target organizations
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: 1 min

OTTAWA, July 6 (Reuters) - U.S. and Canadian authorities issued a joint advisory on Thursday warning about a widespread increase in the use of a type of malware called Truebot to target organizations in the two countries. "Cyber threat actors are using new variants of Truebot malware to exfiltrate large amounts of sensitive information for financial gain," the Canadian Centre for Cyber Security said in a joint advisory issued by authorities in the two countries, including the U.S. FBI. Reporting by Ismail Shakil in Ottawa; editing by Rami AyyubOur Standards: The Thomson Reuters Trust Principles.

Persons: Ismail Shakil, Rami Ayyub Organizations: OTTAWA, Canadian Centre for Cyber Security, U.S . FBI, Thomson Locations: Ottawa

July 5 (Reuters) - Stellantis-LG Energy Solution (LGES) (STLAM.MI) will resume construction of an electric-vehicle battery plant in Canada after the federal government and province of Ontario increased subsidies for the C$5 billion ($3.7 billion) project. The companies said on Wednesday battery production at the plant in the city of Windsor in Ontario was now set to begin in 2024, creating some 2,500 new jobs and targeting annual production capacity over 45 gigawatt hours. Stellantis and LGES first announced their battery plant investment in March last year, but tensions emerged a few months later in August when the U.S. passed the IRA, which includes a massive package of clean-tech incentives for companies. In April, Canada agreed to provide up to C$13 billion in manufacturing tax credits and a C$700 million grant to lure German automaker Volkswagen AG to build its North American battery plant in the country. It was the biggest single investment ever in Canada's EV supply chain.

Persons: Stellantis, LGES, North America Mark Stewart, Francois, Philippe Champagne, Chrystia Freeland, Steve Scherer, Ismail Shakil, Costas Pitas, Caitlin Webber, Eric Beech, Sonali Paul Organizations: LG Energy, Canada, IRA, Federal, Provincial, North America, Industry, Volkswagen AG, Thomson Locations: Canada, Ontario, Windsor, Detroit, United States, U.S, Ottawa

☆ Canada to stop ads on Facebook, but sees path to settle dispute
▼ + stars: | 2023-07-05 | by ( Ismail Shakil | ) www.reuters.com time to read: +4 min

The government is finalizing rules that require the platforms to share some advertising revenue when the law is implemented by the end of this year. The government still sees a path forward to resolving the quarrel and is open to discussions with the platforms, Rodriguez, who introduced the legislation, told reporters in Ottawa. The decision to suspend government ads will cost Facebook and Instagram about C$10 million per year, he said. The outcome of the Canada's tussle with internet giants can set the tone for other governments trying to regulate internet companies. ($1 = 1.3285 Canadian dollars)Reporting by Ismail Shakil in Ottawa, Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Pablo Rodriguez, Bill C, Justin Trudeau, Rodriguez, we've, Meta, Elizabeth Warren, Ismail Shakil, Nick Zieminski Organizations: OTTAWA, Canadian, Facebook, Heritage, Google, Liberal, Democratic U.S, Canada, Big, Cogeco, Thomson Locations: Canada, Montérégie, Quebec, Ottawa, United States, Canadian

☆ Smoke will keep pouring into the US as long as fires are burning in Canada
▼ + stars: | 2023-07-01 | by ( Alaa Elassar | ) edition.cnn.com time to read: +17 min

Massive fires burning in remote areas – like some of those currently burning in northwestern Quebec – are often too out of control to do anything about. Ed Jones/AFP/Getty Images Smoke from wildfires in Canada shrouds the view of the Statue of Liberty on Friday in New York. Jim Watson/AFP/Getty Images Smoke and haze is seen from the Lincoln Memorial in Washington, DC, on Tuesday, June 27. Matt McClain/The Washington Post/Getty Images Smoke from Canadian wildfires obscures the visibility in Pittsburgh on June 8. Another issue is the increase in the wildfires are caused by climate change, and are simultaneously making climate change worse.

Persons: ” Robert Gray, you’ve, they’re, “ There’s, don’t, ”, Daniel Perrakis, ” Gray, Shiraaz Mohamed, Gray, “, ” Perrakis, Ed Jones, David Dee Delgado, Gary Hershorn, Haze, Gene J, Jim Watson, Megan Smith, Kamil Krzaczynski, Cpl Marc, Andre Leclerc, Drew Angerer, Shannon Stapleton, Ronald Reagan, Saul Loeb, Matt McClain, Emmalee Reed, Hannah Beier, Mandel Ngan, New York City, Timothy A, Clary, Mike Segar, John Minchillo, Shanita Hancle, Seth Wenig, Matt Rourke, Ting Shen, Matt Slocum, Amr Alfiky, John Meore, Leah Millis, George Washington, Peter Carr, Yuki Iwamura, Kareem Elgazzar, Carlos Osorio, Frank Franklin II, Merrily Cassidy, Spencer Colby, Jason Rock, BJ Fuchs, Anne, Sophie Thill, we’ve, it’s Organizations: CNN, Canadian Forest Service, Firefighters, Getty, ” “, Nature Conservancy, Rockefeller Center, North, Corbis, PNC Park, Major League Baseball, Pittsburgh Pirates, San Diego Padres, Traffic, Chesapeake, Lincoln Memorial, USA, People, Canadian Forces, Reuters, BC, Service, Xinhua, Ronald Reagan Washington National Airport, Washington Post, Bloomberg, Capitol, Trade, AP Transit, T, Alberta Wildfire, New, New York City, Getty Images Workers, Citizens Bank, Philadelphia Phillies, New York Yankees, Empire, George Washington Bridge, New York State Thruway, Cincinnati Enquirer, Cape Cod Times, Anadolu Agency, Canadian Press, AP, Wildfire Service, Communications, Space, NASA, Reuters Firefighters, Kamloops Fire Rescue, Shining Bank Locations: Wisconsin, Vermont, North Carolina, Canada, Quebec, Canadian, British Columbia, Alberta, Ontario, Mexico, Costa Rica, Chile, Spain, Australia, New Zealand, South Africa, South Korea, France, AFP, New Jersey, Manhattan, New York, North America, New, Pittsburgh, Stevensville , Maryland, Washington ,, Chicago, Lake Michigan, Mistissini, Ronald Reagan Washington, Arlington , Virginia, Washington, Philadelphia, Elmont , New York, Baltimore, Evansburg , Alberta, Brooklyn , New York, Piermont , New York, Fort Lee , New Jersey, George, West Nyack, New York's, New York City, Cincinnati, Rock Harbor, Massachusetts, Cape Cod, Ottawa, Fort Nelson, Shelburne County , Nova Scotia, Communications Nova Scotia, Shelburne , Nova Scotia, Fort St, John, Kamloops, Shining Bank , Alberta, Lytton

The Alberta Industrial Heartland, a not-for-profit organization consisting of five Alberta municipalities, and the Hong Kong-based private equity firm Can-China Global Resource Fund (CCGRF) had announced their partnership in 2016 to encourage investments across North America. "This partnership no longer exists," Karlee Conway Director Communications of the Alberta Industrial Heartland said in an email response to Reuters. The lead investor of the fund was China's Export-Import Bank, Vancouver-based mining firm Hunter Dickinson and Swiss commodity trader Mercuria. While all three were released in 2021, the relationship between China and Canada has not returned to normal. The oil-rich province of Alberta exported C$4.5 billion worth of goods to China in 2020, making it the Canadian province's second-biggest export market.

Persons: Karlee, Hunter Dickinson, Lynette Ong, FROSTY, Meng Wanzhou, Divya Rajagopal, Xie Yu, Denny Thomas, Nick Zieminski Organizations: Reuters, The, The Alberta Industrial Heartland, China Global Resource Fund, Karlee Conway, Communications, Alberta Industrial Heartland, China's, Import Bank, MEC Advisory Ltd, EXIM Bank, Science, University of Toronto, CQ Energy, Ottawa, Huawei, Canadian, Exim Bank, Asian Infrastructure Investment Bank, Chinese Communist Party, Thomson Locations: TORONTO, HONG KONG, Alberta, The Alberta, Hong Kong, China, North America, Vancouver, Swiss, Canada, Ottawa, Calgary, Beijing, United States

☆ Canadian firms see labor market pressure easing, near-term inflation slowing
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +3 min

By Steve SchererOTTAWA, June 30 (Reuters) - Canadian businesses see labor pressures easing and expect short-term inflation to edge down, the Bank of Canada said on Friday in a second quarter survey, but fewer firms expect an outright recession over the next year than three months ago. More businesses still expect wage growth over the next year, but the second-quarter number is a third of what it was a year ago. An increasing number of firms see both their input costs and the prices of what they sell declining over the next year. "Although labor shortages remain common in some sectors, pressures on the labor market are easing due to decreased competition for workers and increased labor supply," the report said. "Firms expect growth in their wages to moderate from high levels."

Persons: Steve Scherer OTTAWA, Steve Scherer, Ismail Shakil Organizations: Bank of Canada, BoC, Thomson

☆ Canada's economy unchanged in April, but likely surged 0.4% in May
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

OTTAWA, June 30 (Reuters) - The Canadian economy was unchanged in April from March, missing forecasts, before likely rebounding with a 0.4% jump in real gross domestic product in May, Statistics Canada said on Friday. March GDP was upwardly revised to 0.1% growth from an initial report of flat growth. Canada's goods-producing sector expanded 0.1% in April, but were offset by a slight decline in the service-producing sector. The mining, quarrying, and oil and gas extraction sector and the utilities sector are expected to be post declines in May. Declines in wholesale trade as well as finance and insurance also contributed to the softness in the services sector.

Persons: Statscan, Ismail Shakil, Dale Smith Organizations: OTTAWA, Statistics, Reuters, Bank of Canada, Public Service Alliance of Canada, Thomson Locations: Statistics Canada, Ottawa

OTTAWA, June 30 (Reuters) - Canada's economy regained momentum in May after stalling in April, Statistics Canada data showed on Friday, leaving the door open for the Bank of Canada to hike interest rates in July. The economy was unchanged in April from March, missing forecasts, in what economists said was the fallout from a federal civil servant strike in April. Canada's goods-producing sector expanded 0.1% in April, but were offset by a slight decline in the service-producing sector. Figueiredo expects the central bank to raise interest rate by another 0.25% in July. Money markets see a roughly 61% chance of the central bank hiking rates in July.

Persons: Statscan, it's, Doug Porter, Desjardins, Tiago Figueiredo, Figueiredo, Ismail Shakil, Nivedita Balu, Dale Smith, Jonathan Oatis, Philippa Fletcher Organizations: OTTAWA, Statistics, Bank of Canada, Reuters, BMO Capital Markets, Public Service Alliance of Canada, Toronto Stock, Canadian, Thomson Locations: Statistics Canada, Ottawa, Toronto

☆ We changed our price target on Constellation after listening to Friday's earnings call
▼ + stars: | 2023-06-30 | by ( Jim Cramer | ) www.cnbc.com time to read: +6 min

Constellation Brands (STZ) delivered an earnings beat Friday, along with a compelling outlook that prompted us to raise our price target on shares of the Corona brewer. Excluding equity losses from Constellation's stake in cannabis company Canopy , adjusted earnings came in at $3.04 per share. Bottom line Management's full-year guidance — like the headline sales and earnings numbers — was better than the estimates from Wall Street. Company results Beer sales of $2.1 billion, up 11% year over year, were better than analysts' expectations of $2.07 billion. Taking out capital expenditures of $1.2 billion to $1.3 billion (unchanged), the free cash flow forecast comes in between $1.2 billion and $1.3 billion (unchanged).

Persons: —, we're, That's, depletions, Jim Cramer's, Jim Cramer, Jim, Daniel Acker Organizations: Constellation Brands, Corona, Refinitiv, Wall, Modelo Especial, Wall Street, Management, CNBC, Constellation Brands Inc, Bloomberg, Getty Locations: U.S, Ottawa , Illinois

☆ Google to block news in Canada over law on paying publishers
▼ + stars: | 2023-06-29 | by ( Ismail Shakil | ) www.reuters.com time to read: +3 min

REUTERS/Paresh Dave/File PhotoOTTAWA, June 29 (Reuters) - Google said on Thursday it plans to block Canadian news on its platform in Canada, joining Facebook in escalating a campaign against a new law requiring payments to local news publishers. Alphabet-owned (GOOGL.O) Google will remove links to Canadian news from search results and other products in Canada when the law takes effect in about six months. Google will also end a voluntary news program in Canada operated under agreements with 150 news publications across the country. The law forces online platforms to negotiate with news publishers and pay for their content. A similar law passed in Australia in 2021 prompted threats from Google and Facebook to curtail their services.

Persons: Paresh Dave, Bill C, Pablo Rodriguez, Justin Trudeau, Rodriguez, Kent Walker, Walker, Ismail Shakil, Steve Scherer, Richard Chang Organizations: Google, REUTERS, OTTAWA, Facebook, Meta, Inc, Heritage, Thomson Locations: New York City , New York, U.S, Canada, Australia, Europe, Ottawa

TORONTO/HONG KONG, June 29 (Reuters) - The Alberta government has ended a partnership with a Chinese private equity fund that targeted $10 billion to invest in the natural resources sector, a spokesperson for the Alberta entity told Reuters. The Alberta Industrial Heartland, a not for profit organization of the province of Alberta, and the Hong Kong-based private equity firm Can-China Global Resource Fund (CCGRF) had announced their partnership in 2016 to encourage investments across North America. "This partnership no longer exists," Karlee Conway Director Communications of the Alberta Industrial Heartland in an email response to Reuters. The lead investor of the fund was China's Export-Import Bank, Vancouver-based mining firm Hunter Dickinson and Swiss commodity trader Mercuria. This month, Canada froze ties with the China-led Asian Infrastructure Investment Bank (AIIB) as it launched a probe into allegations that the institution was dominated by the Chinese Communist Party.

Persons: Karlee, Hunter Dickinson, Meng Wanzhou, Divya Rajagopal, Xie Yu, Denny Thomas, Nick Zieminski Organizations: Reuters, The, The Alberta Industrial Heartland, China Global Resource Fund, Karlee Conway, Communications, Alberta Industrial Heartland, China's, Import Bank, MEC Advisory Ltd, EXIM Bank, CQ Energy, Ottawa, Huawei, Canadian, Exim Bank, Asian Infrastructure Investment Bank, Chinese Communist Party, Thomson Locations: TORONTO, HONG KONG, Alberta, The Alberta, Hong Kong, China, North America, Vancouver, Swiss, Canada, Calgary, Beijing, United States

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

☆ Analysis: Canada pressured by allies to up military spending
▼ + stars: | 2023-06-29 | by ( Steve Scherer | ) www.reuters.com time to read: +6 min

The 2022 average spending for all of NATO was 2.58% of GDP. "We say nice things but do not invest," said the former defense official, and allies now say: "Show us the money." And you don’t get elected in Canada by promising to increase defense spending." The move is allies telling Canada: "We don't want to hear the words anymore. David Perry, President of the Canadian Global Affairs Institute, also said it was time for Canada to step up.

Persons: Justin Trudeau, Jens Stoltenberg, Adam Scotti, I'd, Daniel Minden, Anita Anand, Roland Paris, Trudeau, don’t, Christyn, David Perry, Steve Scherer, Denny Thomas, Grant McCool Organizations: Canada's, NATO, Canadian Forces CF, Minister's, REUTERS, Canada, OTTAWA, Canadian, Atlantic Treaty Organization, Forces, University of Ottawa, Trudeau's Liberal, Lockheed Martin Corp, North American Aerospace Defense Command, NORAD, Washington Post, HIGH, Canadian Association of Defence, Security Industries, Canadian Global Affairs Institute, Thomson Locations: CFB Cold Lake, Cold Lake , Alberta, Canada, China, Russia, Ukraine, NATO, Lithuania, Pacific, Australia

☆ Shopify's midlife crisis: How a surprise pivot away from logistics capped the e-commerce giant's whirlwind year
▼ + stars: | 2023-06-29 | by ( Madeline Stone | Emma Cosgrove | ) www.businessinsider.com time to read: +12 min

But Shopify's logistics acquisitions, which came with around 550 more staff altogether, started to look like dead weight after the shine of the initial announcements wore off. By the beginning of 2023, the attitude toward logistics inside Shopify had shifted to palpable frustration, four people who worked for Shopify's logistics division said. Lance McMillan/Toronto Star via Getty ImagesIndependent of logistics, Shopify saw massive cultural shifts in the past several years. One core tenet of Shopify's work culture is "default to open," meaning it values transparency and sharing information with employees. The letter referred to Shopify's logistics work of the past four years as a "side quest" that distracted the company from its "main quest."

Persons: Shopify, it's, Oppenheimer, Ken Wong, Lance McMillan, crafters, Tobias Lütke, Slack, —, Lütke, Shopify's, I've, Toby Shannan, Morgan Stanley, Jeff Hoffmeister, Bobby Morrison, Allan Leinwand, Kaz Nejatian, Nejatian, Madeline Stone, Emma Cosgrove Organizations: Employees, Amazon, Systems, Kiva Systems, Toronto Star, Getty, miscalculating, Facebook, ecosgrove Locations: Shopify, Ottawa , Ontario, —, Silicon

☆ Pieces of shattered Titanic submersible brought ashore in Canada
▼ + stars: | 2023-06-28 | by ( Ismail Shakil | ) www.reuters.com time to read: +2 min

OTTAWA, June 28 (Reuters) - A Canadian-flagged ship on Wednesday brought ashore debris from the Titan submersible that imploded while on a voyage to the century-old wreck of the Titanic earlier this month, killing all five people on board. [1/5]A view of the Horizon Arctic ship, as salvaged pieces of the Titan submersible from OceanGate Expeditions are returned, in St. John's harbour, Newfoundland, Canada June 28, 2023. The deep-sea submersible operated by OceanGate Expeditions was discovered in pieces on the seabed some 1,600 feet (488 meters) from the bow of the Titanic by a robotic diving vehicle last week, ending a multinational five-day search for survivors. "Our team has successfully completed off-shore operations, but is still on mission and will be in the process of demobilization from the Horizon Arctic this morning," Pelagic Research, which operates the robotic vehicle, said in a statement. Footage also showed a shattered part of the hull and machinery with dangling wires being taken off the ship at St. John's, where the expedition to the Titanic had set off from.

Persons: Hamish Harding, Shahzada Dawood, Paul, Henri Nargeolet, David Hiscock, Ismail Shakil, Deepa Babington Organizations: OTTAWA, Titan, Canadian Broadcast Corporation, OceanGate Expeditions, Stockton Rush, REUTERS, Thomson Locations: John's, Newfoundland, British, Pakistani, St, Canada, Ottawa

OTTAWA, June 28 (Reuters) - Debris from the tourist submersible destroyed in an implosion that killed the five people aboard were recovered along with presumed human remains and brought ashore on Wednesday for examination, the U.S. Coast Guard said. U.S. medical professionals also "will conduct a formal analysis of presumed human remains that have been carefully recovered within the wreckage at the site of the incident," the Coast Guard statement added. Footage also showed a shattered piece of the Titan's hull and machinery with dangling wires being taken off the ship at St. John's, where the expedition to the Titanic had begun. [1/6]A view of the Horizon Arctic ship, as salvaged pieces of the Titan submersible from OceanGate Expeditions are returned, in St. John's harbour, Newfoundland, Canada June 28, 2023. Among the dead was Stockton Rush, the submersible pilot and CEO of U.S.-based OceanGate Expeditions, which owned and operated the Titan.

Persons: David Hiscock, Hamish Harding, Shahzada Dawood, Paul, Henri Nargeolet, OceanGate, Ismail Shakil, Steve Gorman, Deepa Babington, Leslie Adler Organizations: OTTAWA, U.S . Coast Guard, Canadian, Coast Guard, Guard, Canadian Broadcast Corp, OceanGate Expeditions, REUTERS, Canada's Transportation, Stockton Rush, Expeditions, Thomson Locations: St, John's, Newfoundland, Canada, U.S, North, British, Ottawa, Los Angeles

☆ Canada annual inflation rate slows to 3.4% in May
▼ + 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 on lower prices for gasoline as a result of the base-year effect, while mortgage interest costs remain high, Statistics Canada said on Tuesday. This was in line with what analysts polled by Reuters had expected, down from 4.4% in April. Percent changesMonth-on-month Year-on-yearMay Apr May AprCPI - all items +0.4 +0.7 +3.4 +4.4CPI - common n/a n/a +5.2 +5.7CPI - median n/a n/a +3.9 +4.3CPI - trim n/a n/a +3.8 +4.2Bank of Canada core +0.4 +0.5 +3.7 +4.1All items ex food/energy +0.4 +0.5 +4.0 +4.4Goods +0.1 +0.8 +2.1 +4.0Services +0.5 +0.5 +4.6 +4.8Energy -0.8 +3.4 -12.4 -4.2Seasonally adjusted +0.1 +0.5 n/a n/aCore CPI, SA +0.2 +0.5 n/a n/aNOTE: Analysts in a Reuters survey had on average forecast May CPI to be 3.4% annualized, and to be up 0.5% on the month. They also forecast Bank of Canada Core to be 3.9% year-on-year. (Reporting by Dale Smith; Editing by Ismail Shakil)((ismail.shakil@tr.com))Keywords: CANADA ECONOMY/INFLATIONOur Standards: The Thomson Reuters Trust Principles.

Persons: Dale Smith, Ismail Shakil Organizations: OTTAWA, Statistics, Reuters, of Canada, CPI, SA, Canada, Thomson Locations: Statistics Canada

☆ 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

☆ Toronto elects Olivia Chow as first Chinese-Canadian mayor
▼ + stars: | 2023-06-27 | by ( Sam Jabri-Pickett | ) www.reuters.com time to read: +2 min

TORONTO, June 26 (Reuters) - Olivia Chow became the first Chinese-Canadian to be elected as mayor of Toronto, Canada's biggest city, on Monday, pledging to support renters, champion social causes, and reduce the sweeping powers of her office. Chow secured 37.2% vote, according to preliminary results, ahead of her nearest rival Ana Bailao, former deputy mayor. Chow, 66, will be the first woman to serve as mayor since Barbara Hall in 1997. Chow takes over as mayor after the resignation of John Tory, conservative-leaning mayor who won his third election last October. Tory had endorsed his former deputy Bailao, while Ontario Premier Doug Ford had endorsed former Toronto Chief of Police Mark Saunders.

Persons: Olivia Chow, Chow, Ana Bailao, Jack Layton, Barbara Hall, John Tory, Tory, Bailao, Doug Ford, Police Mark Saunders, Ford, Sam Jabri, Rosalba O'Brien, Michael Perry Organizations: TORONTO, New Democratic Party, University of Guelph, Tory, Ontario, Toronto, Police, Thomson Locations: Toronto, Canada's, Ottawa, Hong Kong, 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

CNN —Canada has officially marked its worst wildfire season on record, with smoke from the blazes crossing the Atlantic Ocean and reaching western Europe on Monday. Canada has had a dramatic start to wildfire season, with at least 18,688,691 acres already charred across the country. Wildfire activity in Canada typically peaks from June to August, leaving more than half of the peak season still to come. As a result of the unprecedented start to the wildfire season, this year has become the worst fire season on record, surpassing the previous benchmark set in 1995 for the total area burned. The record wildfire season continues to impact air quality throughout parts of North America.

Organizations: CNN, Canadian Interagency Forest Fire, UK Met Office, Met Office, Twitter, Canadian Interagency Forest Fire Centre ., ., National Weather Service Locations: Canada, Europe, New York City, United Kingdom, Norway, Canadian Interagency Forest Fire Centre . Alberta, Ontario, Quebec, British Columbia, North America, Ottawa, . Wisconsin , Michigan, Indiana

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