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☆ Canada investigates fatal embassy explosion in Nigeria, issues travel alert
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

"We can confirm there was an explosion at our High Commission in Nigeria. Nigerian President Bola Tinubu's spokesperson said that there were deaths and injuries in a fire on Monday at the High Commission of Canada but did not give any figures. Canada's High Commission in Nigeria, without commenting on the explosion, said on social media that it had "temporarily suspended operations until further notice." The embassy issued a travel advisory, warning against non-essential travel to Nigeria, including capital Abuja, "due to the unpredictable security situation throughout the country and the significant risk of terrorism, crime, inter-communal clashes, armed attacks and kidnappings." Western countries routinely issue warning about travelling to Nigeria, which the Abuja government often dismisses as lacking merit.

Persons: Melanie Joly, " Joly, Bola Tinubu's, Tinubu, MacDonald Dzirutwe, Ismail Shakil, Cynthia Osterman, Sandra Maler Organizations: Ottawa, Washington, Commission, High Commission of, Thomson Locations: LAGOS, Canada, Nigeria, London, West African, High Commission of Canada, Canada's, Abuja, United States, Britain, Nigeria's, Lagos, Ottawa

Ajay Bisaria, India's ambassador to Canada from 2020 to 2022, said the relationship is in a "de-escalation phase" following "quiet diplomacy". "This is not a thaw," an Indian foreign ministry official told Reuters. 'MODEST DE-ESCALATION'Officials in India and Canada spoke on condition of anonymity as they were not authorised to speak on the subject. The Indian foreign ministry did not respond to a request for comment. Canada's foreign ministry pointed to comments made by Foreign Minister Melanie Jolie on Oct. 30.

Persons: Narendra Modi, Justin Trudeau, Evan Vucci, Michael Kugelman, Ajay Bisaria, Hardeep Singh Nijjar, India's, Ottawa’s, Melanie Jolie, Jolie, Modi, Kugelman, Michael Bociurkiw, Krishn Kaushik, Steve Scherer, YP Rajesh, William Mallard Organizations: Indian, Canada, Bharat, DELHI, Mutual, South Asia Institute, Wilson Center, Reuters, Canadian, Foreign, Atlantic Council, YP, Thomson Locations: New Delhi, India, Canada, OTTAWA, Punjab, Delhi, Ottawa, Washington, China, Vancouver, Hardeep, Vienna

☆ Bank Of Canada seen starting to cut interest rates in April -survey
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

Pedestrians are reflected in a window while walking past the Bank of Canada office in Ottawa March 4, 2015. The survey showed a median of 27 financial participants expect interest rates to drop to 4.00% in the fourth quarter of 2024, up from an expectation of 3.50% in the previous survey released in July. A median of market participants expect inflation to drop to 2.2% by end-2024 and the gross domestic product to grow 1.2% in 2024 versus a year earlier. Both unchanged from the previous survey. The BoC has raised interest rates ten times between March 2022 and July 2023 to cool inflation, which the bank expects to slowly edge down to its 2% target by end-2025.

Persons: Chris Wattie, Ismail Shakil, David Ljunggren, Marguerita Choy Organizations: Bank of Canada, REUTERS, Rights OTTAWA, BoC, Thomson Locations: Ottawa, Canadian

☆ China blames Canada for ‘malicious, provocative’ moves after close midair intercepts over South China Sea
▼ + stars: | 2023-11-06 | by ( Nectar Gan | Brad Lendon | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —China has accused Canada of carrying out “malicious and provocative” actions in the South China Sea, after the Canadian Navy said Chinese fighter jets endangered a helicopter in two close intercepts above international waters. However, the Canadian helicopter not only refused to respond, but also took provocative actions such as flying at ultra-low altitudes,” Zhang said in a statement posted on the ministry’s website. China claims historic jurisdiction over almost the entirety of the vast South China Sea, which is a resource rich and vital international shipping route. In 2016, an international tribunal in The Hague concluded that China has no legal basis to claim historic rights to the bulk of the South China Sea. In mid-October, a Chinese fighter jet came within 5 meters (16 feet) of a Canadian CP-140 reconnaissance and surveillance plane over the East China Sea.

Persons: Rob Millen, Bill Blair, ” Zhang Xiaogang, Canada’s, ” Zhang, Millen, Iain Huddleston, Huddleston, ” Organizations: Hong Kong CNN, Canadian Navy, CNN, Canadian, People’s Liberation Army, PLA, Navy, Royal Canadian Navy, . Canadian Defense, China’s Defense Ministry, Chinese Defense Ministry, Liberation Army, 1st Air Division, Radio Canada, Canada’s Defense Ministry, Ministry Locations: China, Hong Kong, Canada, South China, Chinese, Ottawa, China’s, Vietnam, Taiwan, Beijing, The Hague, East

☆ Indian diplomat says high-level Canadian official damaged probe into Sikh's murder
▼ + stars: | 2023-11-04 | by ( ) www.reuters.com time to read: +2 min

Canada has alleged Indian involvement in the murder in a Vancouver suburb of Canadian citizen and Sikh separatist leader Hardeep Singh Nijjar, whom India called a "terrorist." "I would go a step further and say now the investigation has already been tainted," Verma told the newspaper. "A direction has come from someone at a high level to say India or Indian agents are behind it." Canada withdrew 41 diplomats from India after New Delhi in September asked Ottawa to reduce its diplomatic presence following Canada's allegations over Nijjar's killing. Verma said that India has not been shown concrete evidence by Canada or Canada's allies that Indian agents were involved in Nijjar's killing.

Persons: Hardeep Singh Nijjar, Nanak, Chris Helgren, India's, Sanjay Kumar Verma, Verma, Justin Trudeau, Gursimran Kaur, Matthew Lewis Organizations: REUTERS, Globe and, Thomson Locations: Surrey, British Columbia, Canada, Vancouver, India, New Delhi, Ottawa, Bengaluru

☆ Bank of Canada voices concerns about variable rate mortgage products -Bloomberg News
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

Senior Deputy Governor of the Bank of Canada Carolyn Rogers takes part in a press conference in Ottawa, Ontario, Canada October 25, 2023. REUTERS/Patrick Doyle/File Photo Acquire Licensing RightsNov 3 (Reuters) - The Bank of Canada has urged banks to reconsider offering variable rate mortgages with fixed payments, concerned about the number of borrowers faced with negative amortization of their loans. “I think you’ll see the industry reflect on how much they want to offer that product,” she addedMany variable rate mortgages in Canada require borrowers to make regular payments in fixed amounts. You don’t want a big portfolio of negative amortizing mortgages," Rogers said. Money markets see little chance of further tightening by the BoC and have moved to price in a rate cut by June.

Persons: Bank of Canada Carolyn Rogers, Patrick Doyle, ”, Carolyn Rogers, “, Rogers, Fergal Smith, Gursimran Kaur, Chris Reese, Leslie Adler Organizations: Bank of Canada, REUTERS, Bloomberg News, BoC, Thomson Locations: Ottawa , Ontario, Canada, Toronto, Bengaluru

The Bank of Nova Scotia (Scotiabank) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie Acquire Licensing RightsTORONTO, Nov 3 (Reuters) - The chief operating officer of Bank of Nova Scotia's (BNS.TO) Canadian banking unit, Kevin Teslyk, has left the company, according to an internal memo seen by Reuters, the latest in a series of management changes under CEO Scott Thomson. James Neate, president of corporate and investment banking and Shawn Rose, chief technology officer have also left Scotiabank, the memo said. Canadian banks, including Royal Bank of Canada (RY.TO), Bank of Montreal (BMO.TO), have announced job cuts due to higher costs forcing. Neate, who has held senior executive roles in retail banking, commercial banking and wealth management, among others, will leave the bank at the end of December, according to the memo.

Persons: Chris Wattie, Kevin Teslyk, Scott Thomson, James Neate, Shawn Rose, Aris Bogdaneris, Dan Rees, Thomson, Mike Rizvanovic, Rose, Nivedita Balu, Kirsten Donovan, Louise Heavens Organizations: of Nova, REUTERS, Rights TORONTO, Bank of Nova, Reuters, Scotiabank, ING Group, Aris, Scotia, Royal Bank of Canada, Bank of Montreal, Thomson Locations: of Nova Scotia, Ottawa , Ontario, Canada, California, Toronto

☆ Canada adds fewer jobs than expected in October, jobless rate rises
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

A help wanted sign hangs in a bar window along Queen Street West in Toronto Ontario, Canada June 10, 2022. REUTERS/Carlos Osorio/File Photo Acquire Licensing RightsOTTAWA, Nov 3 (Reuters) - The Canadian economy added a net 17,500 jobs in October, fewer than expected, while the jobless rate edged up to a 21-month high of 5.7%, Statistics Canada data showed on Friday. Analysts polled by Reuters had forecast a net gain of 22,500 jobs and for the unemployment rate to tick up to 5.6% from 5.5% in September. The unemployment rate has risen four times in the past six months, and is now at the highest level since 6.5% in Jan 2022. The services sector gained 10,000 jobs, led by information, culture and recreation as well as health care and social assistance.

Persons: Carlos Osorio, Ismail Shakil, Dale Smith Organizations: Queen, West, REUTERS, Rights OTTAWA, Statistics, Reuters, Bank of Canada, Thomson Locations: Toronto Ontario, Canada, Statistics Canada, Ottawa

☆ China jets endangered crew of Canadian chopper in international waters - Ottawa
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, Nov 3 (Reuters) - Chinese warplanes buzzed a Canadian helicopter over international waters in the South China Sea last weekend and then fired flares at it, Defence Minister Bill Blair said on Friday, saying the incidents had put the crew in danger. Blair said a Chinese jet had initially flown right over the helicopter on Sunday, causing it to experience significant turbulence. "These maneuvers put the safety of all personnel involved in unnecessary risk," he told reporters, saying Ottawa considered the recent actions by Chinese jets to be "significantly unsafe". In May, the Pentagon said a Chinese fighter jet carried out an "unnecessarily aggressive" maneuver near a U.S. military plane over the South China Sea in international airspace. The encounter followed what Washington calls a recent trend of increasingly dangerous behavior by Chinese military aircraft.

Persons: buzzed, Bill Blair, Blair, David Ljunggren, Steve Scherer, Andrew Cawthorne Organizations: OTTAWA, Defence, North, Canadian, Pentagon, Washington, Thomson Locations: Canadian, South, Canada, North Korea, Ottawa, Beijing, Chinese, U.S

☆ Canada says Alberta leaving CPP would add to economic uncertainty
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Susana Vera/File Photo Acquire Licensing RightsOTTAWA, Nov 3 (Reuters) - If the Canadian province of Alberta carries out a threat to withdraw from the Canada Pension Plan (CPP) it would add to economic uncertainty and hurt everyone in the country, federal Finance Minister Chrystia Freeland said on Friday. The so-called Alberta Pension Protection Act would require Albertans to vote in favor of a pension plan for the province during a public referendum before the provincial government would seek to withdraw assets, said the statement. But when asked whether she found it realistic that Alberta was entitled to 53% of CPP assets in 2027, according to a study commissioned by the Alberta government, Freeland said she did not. Freeland also cautioned that the Alberta government would need to negotiate how Canadians could live and work anywhere in Canada without jeopardizing their retirement. "Alberta would need to negotiate complex time-consuming portability agreements with the CPP and with the Quebec pension plan," she said.

Persons: Finance Chrystia Freeland, Susana Vera, Chrystia Freeland, Freeland, Danielle Smith's, Smith, Justin Trudeau, Pierre Poilievre, Maiya Keidan, David Ljunggren, Kirsten Donovan Organizations: Finance, IMF, World Bank, REUTERS, Rights OTTAWA, Canada, federal, Conservative Party, Thomson Locations: Marrakech, Morocco, Canadian, Alberta, Canada, Quebec, Toronto, Ottawa

☆ Canada warns of economic uncertainty if Alberta quits national pension plan
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Susana Vera/File Photo Acquire Licensing RightsOTTAWA, Nov 3 (Reuters) - Canada will face rising economic uncertainty if the province of Alberta carries out a threat to withdraw from the Canada Pension Plan (CPP), federal Finance Minister Chrystia Freeland said on Friday. Alberta Finance Minister Nate Horner later on Friday said the province would not leave fellow Canadians without a stable pension and its associated benefits. "For the past several weeks, Alberta has been having an open discussion about the possibility of establishing an Alberta Pension Plan that will benefit our seniors and workers," he said. The so-called Alberta Pension Protection Act would require Albertans to vote in favor of a pension plan for the province during a public referendum before the provincial government would seek to withdraw assets, the statement said. "Alberta would need to negotiate complex time-consuming portability agreements with the CPP and with the Quebec Pension Plan," she said.

Persons: Finance Chrystia Freeland, Susana Vera, Chrystia Freeland, Freeland, Nate Horner, Justin Trudeau's, Danielle Smith's, Smith, Trudeau, Pierre Poilievre, Maiya Keidan, David Ljunggren, Kirsten Donovan, Paul Simao Organizations: Finance, IMF, World Bank, REUTERS, Rights OTTAWA, Canada, federal, Alberta, Liberal, Danielle Smith's United Conservative Party, Conservative Party, Thomson Locations: Marrakech, Morocco, Canada, Alberta, Quebec, Toronto, Ottawa

A help wanted sign hangs in a bar window along Queen Street West in Toronto Ontario, Canada June 10, 2022. Canada added a net 17,500 jobs in October, Statistics Canada data showed. The softer-than-anticipated jobs report follows data out earlier this week indicating that the economy likely slipped into a shallow recession in the third quarter. "This will keep the Bank of Canada pinned more fully to the sidelines, although we still believe that rate relief remains a distant prospect." The services sector gained 10,000 jobs, led by information, culture and recreation as well as healthcare and social assistance.

Persons: Carlos Osorio, Royce Mendes, that's, Paul Smith, Doug Porter, Ismail Shakil, Steve Scherer, Fergal Smith, Nivedita Balu, Dale Smith, Louise Heavens, Andrea Ricci Organizations: Queen, West, REUTERS, Statistics, Reuters, Desjardins, Bank of Canada’s, The Bank of Canada, BoC, P, P Global Market Intelligence, CENTRAL BANK, Canadian, BMO Capital Markets, Bank of Canada, Thomson Locations: Toronto Ontario, Canada, OTTAWA, Statistics Canada, Ottawa, Toronto

☆ Exclusive: Chinese jet fired flares close to submarine-hunting helicopter in South China Sea, Canadian Navy says
▼ + stars: | 2023-11-03 | by ( Brad Lendon | ) edition.cnn.com time to read: +8 min

The first incident was over international waters outside of 34 miles from the Paracel Island chain in the northern part of the South China Sea. The warship was operating in international waters 100 miles (160 kilometers) east of the Paracels at the time. The Canadian helicopter was searching for a previously detected submarine when the incidents occurred, officers aboard the Ottawa said. The Paracels, called the Xisha Islands by China, are in the northern part of the South China Sea, east of Da Nang, Vietnam, and south of China’s Hainan Island. On Tuesday, a PLA fighter jet came within 10 feet of a US Air Force B-52 bomber flying over the South China Sea, the US military said.

Persons: ”, Rob Millen, Millen, Andrew Vaughan, “, It’s, Noble, Rafael Peralta, Hoon, Li Shangfu, ” Li, Li, Iain Huddleston, Huddleston, Ely Ratner, ” Ratner Organizations: HMCS, HMCS Ottawa CNN, Canadian, Royal Canadian Navy, Sikorsky Cyclone, People’s Liberation Army Navy, CNN, Sikorsky CH, Cyclone, The Canadian Press, New, US Navy, PLA, Navy, U.S . Air Force, ., US Air Force, 1st Air Division, Radio Canada, Canada’s Defense Ministry, Ministry, US, East, South China Locations: HMCS Ottawa, South, Ottawa, Canada, South China, HMCS Montreal, Halifax, China, Da Nang, Vietnam, China’s Hainan, The Hague, United States, New Zealand, Taiwan Strait, Taiwan, Canadian, Montreal, Singapore, “, U.S, Chinese, East

☆ US destroyer, Canadian frigate transit Taiwan Strait -US military
▼ + stars: | 2023-11-02 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Nov 2 (Reuters) - The U.S. destroyer USS Rafael Peralta and a Royal Canadian Navy frigate HMCS Ottawa transited the Taiwan Strait on Wednesday, the U.S. 7th Fleet said in a statement, making their third joint transit in the region since June. Taiwan's defence ministry said the two warships sailed through the Taiwan Strait in a northerly direction on Wednesday night, adding it monitored the movement and the situation was "normal." The U.S. and Canadian navies made a similar transit in September. In June, the U.S. navy released a video of what it called an "unsafe interaction" in the Taiwan Strait in which a Chinese warship crossed in front of a U.S. destroyer. The U.S. destroyer USS Chung-Hoon and Canadian frigate Montreal were conducting a "routine" transit of the strait in June.

Persons: Rafael Peralta, Hoon, Albee Zhang, Ryan Woo, Mou Lee, Simon Cameron, Moore Organizations: Royal Canadian Navy, U.S . 7th Fleet, People's Liberation Army Eastern Theater Command, U.S ., Montreal, Thomson Locations: BEIJING, U.S, Ottawa, Taiwan Strait, Taiwan, China, Canadian, Beijing

OTTAWA, Nov 2 (Reuters) - The Canada Energy Regulator (CER) on Thursday ordered the Trans Mountain oil pipeline expansion project to stop work in a wetland area near Abbotsford, British Columbia, after inspectors found several environmental and safety-related non-compliances. Trans Mountain Corp, the Canadian government-owned corporation building the expansion project, said the order applies to a specific work area of about 800 metres. Work on the oil pipeline expansion project is more than 95% complete, Trans Mountain said. Prime Minister Justin Trudeau's Liberal government bought the pipeline in 2018 to ensure the expansion project went ahead. In 2021, Trans Mountain was ordered to stop work for four months to protect hummingbird nests along a one-kilometer section of its route.

Persons: Justin Trudeau's, Ismail Shakil, Nia Williams, Leslie Adler, Diane Craft, Aurora Ellis Organizations: OTTAWA, Canada Energy Regulator, Canadian, Trans Mountain Corp, U.S ., Justin Trudeau's Liberal, Thomson Locations: Abbotsford, British Columbia, Alberta, Coast, Asia, U.S . West Coast, Trans

OTTAWA, Nov 1 (Reuters) - Spending by federal and provincial governments in Canada will start feeding into inflation next year if current spending plans are maintained, Bank of Canada (BoC) Governor Tiff Macklem said on Wednesday. If governments follow through with spending plans for 2024, it would mean "government spending is starting to get in the way of getting inflation back to target" of 2%, Macklem told members of a Senate committee. If governments spend less, "it would be easier to reduce inflation," Macklem said. The federal government's Fall Economic Statement (FES) could come as early as next week. It looks like there could be more federal spending on the way because Finance Minister Chrystia Freeland has said she will unveil measures in the FES to help Canadians tackle housing and affordability.

Persons: Macklem, Chrystia Freeland, Justin Trudeau, Carolyn Rogers, Rogers, Ismail Shakil, Steve Scherer, David Gregorio Our Organizations: OTTAWA, Bank of Canada, BoC, Thomson Locations: Canada, FES, Ottawa

☆ Explainer: What's at stake as Alberta seeks to split from Canada Pension Plan
▼ + stars: | 2023-11-01 | by ( Maiya Keidan | ) www.reuters.com time to read: +4 min

TORONTO, Nov 1 (Reuters) - Canadian Finance Minister Chrystia Freeland will seek to challenge Alberta Premier Danielle Smith's plan to pull her province out of the Canada Pension Plan (CPP), in a meeting with provincial and territorial counterparts on Friday. A nationwide pension scheme called CPP that took contributions from paychecks began in the late 1960s. CPP Investments - an entity to manage its assets - was created in 1997 by the Canada Pension Plan Investment Board Act. AIMCo has not been considered a vehicle for a new Alberta pension plan. If Alberta walks away with more than 22.5% of assets, CPP contributions from everywhere else in the country would have to increase, Tombe estimates.

Persons: Chrystia Freeland, Danielle Smith's, Justin Trudeau, Pierre Poilievre, paychecks, AIMCo, SMITH, Smith, Patrik Marier, Trevor Tombe, Tombe, Maiya Keidan, Deepa Babington Organizations: TORONTO, Canadian Finance, Canada, Conservative Party, CPP Investments, Plan Investment, Investments, Alberta Investment Management Corp, Concordia University, University of Calgary, British Columbia, Thomson Locations: Quebec, Alberta, Ottawa, ALBERTA, Western, Ontario

☆ Capitals' Backstrom stepping away from game due to 'injury situation'
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

Oct 18, 2023; Ottawa, Ontario, CAN; Washington Capitals center Nicklas Backstrom (19) skates with the puck in the third period against the Ottawa Senators at the Canadian Tire Centre. Mandatory Credit: Marc DesRosiers-USA TODAY Sports/File Photo Acquire Licensing RightsNov 1 (Reuters) - Washington Capitals forward Nicklas Backstrom announced on Wednesday his decision to step away from ice hockey so that he can focus on his health. "Given my ongoing injury situation, I decided to take some time and step away from the game," Backstrom said in a statement issued by the Capitals. Backstrom also thanked his team for their support and asked for privacy as he determines his next steps. Capitals General Manager Brian MacLellan said the team stands behind Backstrom and will support him through the process.

Persons: Nicklas Backstrom, Marc DesRosiers, Swede, Backstrom, Brian MacLellan, Frank Pingue, Christian Radnedge Organizations: Washington Capitals, Ottawa Senators, Canadian Tire Centre, Capitals, Thomson Locations: Ottawa , Ontario, Toronto

It also provides apps for merchants to sell directly on marketplaces like Amazon and Walmart, which are also building out AI additions for merchants. As part of the AI suite, Shopify launched AI app Sidekick, which helps sellers decide on inventory, promotions and marketing, lessening their dependence on third-party widgets. Analysts expect sales of Shopify's merchant products, which includes Shopify Magic, to increase 21% to $1.2 billion compared to last year, the first deceleration in four quarters. Shopify Magic is part of the company's long-term strategy to gain more merchants on its platform that will pay higher prices for its services. Shopify's subscriptions include Shopify Magic at no additional charge.

Persons: Chris Wattie, Jeff Hoffmeister, Shopify, Michael Morton, Hunter, Harley Finkelstein, Angelo Zino, Zino, Arriana McLymore, Josie Kao Organizations: REUTERS, Walmart, CFRA, Thomson Locations: Ottawa , Ontario, Canada, LSEG, Ottawa, New York City

☆ Canada Keeps Immigration Target Unchanged for Next 2 Years Amid Housing Crunch
▼ + stars: | 2023-11-01 | by ( Nov. | At P.M. | ) www.usnews.com time to read: 1 min

OTTAWA (Reuters) - Canada kept its immigration targets unchanged for the next two years and will add 500,000 permanent residents from 2026, the same as 2025, Immigration Minister Marc Miller said on Wednesday, as the country grapples with high inflation and a housing crisis.

Persons: Marc Miller Organizations: OTTAWA Locations: Canada

☆ Canada caps immigration target amid housing crunch, inflation
▼ + stars: | 2023-11-01 | by ( Wa Lone | ) www.reuters.com time to read: +2 min

"These immigration levels will help set the pace of Canada's economic and population growth while moderating its impact on critical systems such as infrastructure and housing," Miller said. Canada's population has grown mainly through immigration, and population growth has helped fuel economic growth in recent years. But some economists have blamed immigration for worsening the country's housing shortage, though immigrants also work in industries like construction that are facing a labor shortage. For this reason, the Bank of Canada has said immigration has been both a driver and a brake for inflation, which stood at 3.8% in September. More consumers mean more demand, which pushes up prices, but immigrants entering the work force also help keep down labor costs.

Persons: Christinne, Marc Miller, Miller, Wa, Ismail Shakil, Steve Scherer, Deepa Babington Organizations: REUTERS, Rights TORONTO, Bank of Canada, Statistics, Institute for Canadian Citizenship, Wa Lone, Thomson Locations: Canada, U.S, Champlain , New York, Ottawa, Statistics Canada, Toronto

Amid the economic turmoil of the pandemic, his government racked up Canada's highest ever deficit. Failing to curb spending now risks "the market dictating to you what you have to do with fiscal policy," said Doug Porter, chief economist at BMO Capital Markets. "I do think they have to trim the sails a bit," he added. "It's going to be easier to get inflation down if monetary and fiscal policy are rowing in the same direction," Macklem said. Fitch Ratings stripped Canada of its triple-A credit rating in June 2020, citing pandemic spending.

Persons: Justin Trudeau, Doug Porter, Chrystia Freeland, Katherine Cuplinskas, Trudeau, Macklem, Desjardins, Randall Bartlett, Simon Deeley, Robert Asselin, DBRS Morningstar, Julia Smith, Steve Scherer, Fergal Smith, Denny Thomas, Josie Kao Organizations: OTTAWA, Trudeau's Liberal, BMO Capital Markets, Finance, International Monetary Fund, of Canada's, BoC, UK, RBC Dominion Securities Inc, New, Business Council of Canada, Fitch, Moody's Investors, Canada, Thomson Locations: Canada, FES, Germany, High, Ottawa, Toronto

☆ Canada optimistic about digital services tax agreement with US
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

Canada's Deputy Prime Minister and Minister of Finance Chrystia Freeland speaks to journalists on Parliament Hill in Ottawa, Ontario, Canada September 19, 2023. REUTERS/Blair Gable Acquire Licensing RightsOTTAWA, Oct 31 (Reuters) - Canadian Finance Minister Chrystia Freeland said on Tuesday she was cautiously optimistic about settling a dispute with the United States about Ottawa's planned digital services tax (DST) on large technology companies. The digital services plan aims to address the challenge of taxing digital giants like Alphabet (GOOGL.O) and Amazon.com (AMZN.O) that can book their profits in low-tax countries. The process of negotiating a global tax deal has dragged on, and it was pushed back further in July to allow for more negotiations. Ottawa says not implementing its DST for another year would put Canada at a disadvantage relative to countries that have been collecting revenue under their pre-existing digital services taxes.

Persons: Finance Chrystia Freeland, Blair Gable, Chrystia Freeland, Freeland, Ismail Shakil, Chris Reese, Jonathan Oatis Organizations: Finance, REUTERS, Rights OTTAWA, Canadian Finance, DST, Thomson Locations: Ottawa , Ontario, Canada, United States, U.S, Washington, Ottawa

With the economy stumbling along slower than the Bank of Canada forecast just last week, analysts said there is no need to raise rates again from 5.0%, a 22-year high. July GDP was revised to being marginally negative from an initial report of zero growth, Statistics Canada said. This data reaffirms our view that the Bank of Canada is done raising rates for this cycle," Figueiredo said. The central bank has said its previous rate hikes are sinking in. The projected contraction in third-quarter annualized growth is far lower than the Bank of Canada (BoC) forecast last week.

Persons: Chris Helgren, Tiago Figueiredo, Figueiredo, Macklem, Benjamin Reitzes, Reitzes, Ismail Shakil, Steve Scherer, Dale Smith, Jonathan Oatis Organizations: Roberts Bank, REUTERS, Rights OTTAWA, Bank of Canada, Canadian, Reuters, Statistics, BoC, BMO Capital Markets, Thomson Locations: Delta, British Columbia, Canada, Canadian, Statistics Canada, Ottawa

☆ Tentative Deal Reached to End St. Lawrence Seaway Strike
▼ + stars: | 2023-10-30 | by ( Robb M. Stewart | ) www.wsj.com time to read: 1 min

A strike shut down shipping on the St. Lawrence Seaway, interrupting exports of grain and other goods from Canada and the U.S. via the Great Lakes. Photo: Tara Walton/The Canadian Press/Associated PressOTTAWA—A trade route connecting the Great Lakes with the Atlantic Ocean is expected to reopen on Monday after a tentative deal was struck to end a week-long strike by Canadian workers on the St. Lawrence Seaway. The nonprofit company that operates the Canadian side of the seaway reached a wage deal Sunday with Unifor, the trade union representing 360 workers who operate lock systems, bridges and other infrastructure along the Canadian side of the seaway.

Persons: Tara Walton, Unifor Organizations: Lawrence Seaway, Canadian Press, Associated Press OTTAWA, seaway Locations: St, Lawrence, Canada

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