DIRS.INFO The most relevant business & tech news

☆ Analysis: Trump lesson on U.S. protectionism guides Canadian foreign policy
▼ + stars: | 2022-11-23 | by ( Steve Scherer | ) www.reuters.com time to read: +5 min

OTTAWA, Nov 23 (Reuters) - Canadian Prime Minister Justin Trudeau's government learned a lesson when former U.S. President Donald Trump forced the renegotiation of the North American trade pact five years ago: never underestimate U.S. protectionism. The next U.S. presidential election is less than two years away and Trump last week said he would run again, suggesting the "America first" trade policy could again be on the ballot. Even without Trump, the United States has shown signs of becoming increasingly leery of free trade in recent years. When America goes America first, they forget Canada's right next door," said a senior source familiar with the Canadian government's thinking on foreign policy. "I don't want to undermine the Indo-Pacific strategy by saying it's entirely about the United States, because it's not, but having a strong Indo-Pacific strategy is also important in our bilateral relationship with the United States," the senior source said.

Instead, "the onus is still squarely, fully, 100% on the Bank of Canada to tighten," he said. The BoC's policy rate is seen peaking at 4.5% in early 2023. "I think they're going to struggle to see any improvement in the coming fiscal year," said Doug Porter, chief economist at BMO Capital Markets, adding that the fiscal measures were working at a slight crosscurrent to monetary policy. The fact that Prime Minister Justin Trudeau's government depends on the left-leaning New Democrats to pass legislation like the fiscal update helps explain the new spending, said Jimmy Jean, chief economist at Desjardins. ($1 = 1.3499 Canadian dollars)Reporting by Steve Scherer; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Canada posts blowout job gain in October, unemployment rate unchanged
▼ + stars: | 2022-11-04 | by ( Julie Gordon | ) www.reuters.com time to read: +2 min

[1/2] A help wanted sign at a store along Queen Street West in Toronto Ontario, Canada June 10, 2022. The economy added a net 108,300 jobs last month, easily beating forecasts for 10,000 new jobs, while the jobless rate was unchanged at 5.2%. The blowout gain was entirely in full-time work, spread across both the goods and services sectors. The Bank of Canada raised its policy rate by 50 basis points to 3.75% last week and said while more increases would still be needed, it was nearing the end of its tightening campaign. The core-age unemployment rate stands at 4.2%, slightly above July's record low, but in a historically tight range last seen in the 1970s.

Inflation has edged down over the last three months to 6.9% in September from 8.1% in June. The fiscal update showed "significantly weaker growth" next year that previous forecast, but the baseline numbers did not foresee a recession. It also cut its deficit forecast for this fiscal year by almost a third to C$36.4 billion from the C$52.8 billion deficit forecast in April. The update also included a tax on corporate stock buybacks similar to a measure introduced by United States. The fiscal update document forecast Canada's debt-to-GDP ratio would be 42.3% in 2022/23, versus 45.1% forecast in April, falling to 37.3% in 2027/28.

[1/3] Manuela Teixeira, who runs six businesses in Old Chelsea village, stands at the counter of her cafe Biscotti & Cie, which she says faces a dire labor shortage, in Old Chelsea, Quebec, Canada, October 3, 2022. Canada has the worst labor shortages in the Western world, according to the latest OECD data from late 2021. Quebec's immigration ministry didn't respond to a query on the arrival caps and labor challenges for this article. The new census data showed 28.7% of recent immigrants to the province spoke French as their first language, up from 25.7% in 2016. When company workers had to isolate after arriving from Tunisia during COVID-19, people in the town rallied to help with supplies, she said.

☆ Canadian watchdog to study impact of competition on soaring food prices
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

Oct 24 (Reuters) - Canada's competition watchdog said on Monday it would examine factors impacting soaring food prices and whether more competition in the grocery stores sector could help lower costs for Canadians. This is especially true when buying groceries," the Competition Bureau Canada said in a statement. Last week, the Canadian parliament supported an NDP proposal asking the government to make grocery store operators more accountable, tougher penalties for price-fixing and stronger competition laws. The Competition Bureau said it would study whether competition factors were impacting the price of food on top of other factors including Russia's invasion of Ukraine and supply chain disruptions, but it was not investigating specific allegations of wrongdoing. ($1 = 1.3705 Canadian dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Ismail Shakil in Ottawa Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

A tanker truck used to haul oil products operates at an oil facility near Brooks, Alberta, Canada April 18, 2018. Oil and gas is Canada's highest-polluting sector, but also contributes around 7.5% annually to national GDP and is a major employer in Alberta. The province has already "invested or committed" C$1.8 billion ($1.3 billion) to develop CCS, Puddifant said. Over the last decade, the Alberta government has invested in infrastructure including the Quest carbon capture project, operated by Shell (SHEL.L) and the Alberta Carbon Trunk Line. In March, Alberta picked six proposals to move forward on developing a carbon storage hub near Edmonton.

☆ 'Diary of a Wimpy Kid' actor Ryan Grantham sentenced to life in prison for killing his mother
▼ + stars: | 2022-09-23 | by ( Minyvonne Burke | Minyvonne Burke Is A Senior Breaking News Reporter For Nbc News. | ) www.nbcnews.com time to read: +2 min

Canadian actor Ryan Grantham was sentenced to life in prison after he pleaded guilty to killing his mother in March 2020. He will be eligible for parole after serving 14 years, a spokesperson for the British Columbia Supreme Court in Vancouver said. Prosecutors said Grantham, who starred in "Riverdale" and "Diary of a Wimpy Kid," shot and killed his mother while she was playing piano at their home. Instead of committing these acts, Grantham drove to Vancouver police and admitted to killing his mother, the newspaper reported. Johnson said at the time of the murder, Grantham was dealing with untreated mental health challenges including a major depressive order.

☆ The housing markets could crash in Canada, New Zealand, and Australia. They're 3 cautionary tales for the US.
▼ + stars: | 2022-09-09 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

Global real estate markets have been in overdrive during the Covid-19 pandemic. The US housing market shares some of their problems, and it's a cautionary tale for us. In countries across the globe, rapid home price growth fueled by lackluster housing supply and robust investor activity have distorted local housing ecosystems — especially in Canada, New Zealand and Australia. As New Zeleand's housing crisis escalates, The Guardian reports that less and less of the nation's young buyers can afford home purchases. Economic volatility stunts buyer demand in AustraliaAustralia has not escaped the housing slowdown gripping global real estate markets.

☆ Canada's housing bubble is a cautionary tale for the US real-estate market
▼ + stars: | 2022-04-13 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

Canada's housing market is in overdrive as prices soar to record highs. The US housing market is starting to resemble Canada's — that should be a cautionary tale for all. As housing affordability plummets in Canada, it's hard to ignore the similarities to the US real-estate market. As affordability plunges in Canada, it stands as a reminder of how inventory can offset a real-estate market. The solution for both countries, Dietz said, is simple in theory but difficult in practice: "The key to improving housing affordability is increasing inventory."

Search resuls for: "Justin Trudeau's"

10 mentions found