Canada business – SBS Internet Solutions http://www.sbs-internetsolutions.com/ Tue, 22 Nov 2022 07:31:52 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 http://www.sbs-internetsolutions.com/wp-content/uploads/2021/06/cropped-icon-32x32.png Canada business – SBS Internet Solutions http://www.sbs-internetsolutions.com/ 32 32 India Canada FTA Are we on the right track http://www.sbs-internetsolutions.com/india-canada-fta-are-we-on-the-right-track/ Tue, 22 Nov 2022 04:57:28 +0000 http://www.sbs-internetsolutions.com/india-canada-fta-are-we-on-the-right-track/ Western economies are increasingly recognizing India as a geopolitical and trading partner. India is also essential to Canada’s strategy in the Indo-Pacific region. India is also keen to strengthen its ties with Canada, acknowledging that Trade Minister Piyush Goyal has announced that India and Canada will review its Free Trade Agreement (FTA) with India, the […]]]>

Western economies are increasingly recognizing India as a geopolitical and trading partner. India is also essential to Canada’s strategy in the Indo-Pacific region. India is also keen to strengthen its ties with Canada, acknowledging that Trade Minister Piyush Goyal has announced that India and Canada will review its Free Trade Agreement (FTA) with India, the progress of which will be examined every 15 days. If that happens, Canada will be the first among the G7 countries to sign a pact with India.

What is FTA?

Simply put, FTA stands for Free Trade Agreement. The agreement can be signed between two or more partners when they agree on certain obligations that protect trade, investment and IPRs (intellectual property rights), among other issues. The idea is to reduce or remove trade barriers between parties. So far, India has signed FTAs ​​with 13 countries. It helps the business sector of the countries to easily enter and compete in the market through zero or minimum tariffs. This creates a more predictable and transparent trading environment.

Since India has one of the highest import tariffs, at over 15%, it is important to have these agreements to increase imports. IPR protection is important to support artistic inventions and investments in research and development (r&d). For example, investments to develop drugs require high R&D with a lot of uncertainty.

Where are trade relations today?

India exports $2.9 billion to Canada compared to $2.85 billion in 2019-20. Imports amounted to $2.66 billion from $3.9 billion in 2019-20. Much of this trade is in agri-food products. Although the trade is balanced and there is no major deficit, there is still a lot of untapped potential.

If India expects to push for better market access for pharmaceuticals, agricultural products, more jobs in information technology, ready-to-wear and export of biological products indians. Basically, India wants to diversify its export list. For Canada, India is a good option to expand its trade options as the United States becomes more protectionist. The first still has most of its trade with the United States. Canada’s second largest trading partner is China, which is becoming a risky place to do business. In addition, Canada wants to increase its presence in the Indo-Pacific region, which gives it more incentive to increase its trade with India. The country can benefit from a Comprehensive Economic Partnership (CEPA) with India.

Talks for an FTA between India and Canada started over a decade ago in 2010, after which the last rounds of talks took place in 2017. There was a lull since 2017, until that we have seen talks of reviving negotiations on the trade deal in March 2022. while it was May 2022, the second round of talks had already begun. In September 2022, a fourth round of talks had already taken place and the two sides reached an Early Progress Trade Agreement (EPTA). The latest round ended on November 14, details of which have yet to be released.

According to some estimates, India is expected to become the third largest economy after the United States and China. Considering this fact, it is not surprising that many countries want to sign a trade agreement with India. Canada is currently an ideal place where this can be a win-win situation for both parties. There are minor, resolvable issues between the two countries, such as dairy trade and permit approvals. However, none of these issues are more important than life. We are in a good position to move towards CEPA by 2023. Given the subdued trade figures between the two countries at the moment, we are in a good position to amplify it.


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Average rent in Canada up nearly 12% year over year: report http://www.sbs-internetsolutions.com/average-rent-in-canada-up-nearly-12-year-over-year-report/ Sat, 19 Nov 2022 22:59:04 +0000 http://www.sbs-internetsolutions.com/average-rent-in-canada-up-nearly-12-year-over-year-report/ The average rent in Canada rose nearly 12% year-over-year last month to nearly $2,000, according to a new national report. The last National Rent Report from Rentals.ca and Toronto real estate research firm Urbanation shows average rental prices rose 11.8% in October, or $209, from the same month last year to an average of 1 […]]]>

The average rent in Canada rose nearly 12% year-over-year last month to nearly $2,000, according to a new national report.

The last National Rent Report from Rentals.ca and Toronto real estate research firm Urbanation shows average rental prices rose 11.8% in October, or $209, from the same month last year to an average of 1 $976 in all property types.

The data includes vacant single and semi-detached houses, townhouses, condominium apartments, rental apartments and basement apartments.

This is more than double the annual increase of 5.6% average hourly wage in Canadasay the authors of the report.

The average rent in October increased by 2.2% compared to September. It was also 7% or $130 higher than the pre-pandemic high of $1,845 in October 2019, according to the report.

“Unprecedented ongoing rent growth is widespread across Canada, with most markets reporting double-digit annual rent inflation,” Shaun Hildebrand, President of Urbanation, said in a press release.

“The rental market continues to heat up with every increase in interest rates, coupled with a record increase in population. The need to increase rental supply has never been greater.”

Vancouver tops a list of 35 cities with an average monthly rent in October of $2,576 for a one-bedroom home and $3,521 for a two-bedroom home, up 17.2 and 16, 1%, respectively, year over year.

Toronto was the second most expensive city to rent at $2,478 for a one-bedroom apartment and $3,319 for a two-bedroom apartment. Both were up 23.7 and 23.8 percent, respectively, from the same month in 2021.

Other top cities on the list included Burnaby, British Columbia; Etobicoke, Ont.; Burlington, Ont.; Victoria, BC; and Oakville, Ont.

Grande Prairie, Alta., had the lowest rent among the 35 cities analyzed for the report, at $968 for a one-bedroom apartment and $1,173 for a two-bedroom apartment, both up 8 and 9 .7%, respectively, year over year. -year.

The ranking is based on the average cost of a one-bedroom unit.

The news comes as the Bank of Canada has tried to control rising inflation this year by interest rate increases — raise its overnight rate target six times in a row since march.

After falling steadily throughout 2020, the report shows that average rental prices began to rise in the spring of 2021 and began to see year-over-year increases in the fall of 2021.


With files from The Canadian Press

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‘Freedom Convoy’ Winter Blockades Cost Canadian Economy Billions, Investigation Finds http://www.sbs-internetsolutions.com/freedom-convoy-winter-blockades-cost-canadian-economy-billions-investigation-finds/ Wed, 16 Nov 2022 23:03:45 +0000 http://www.sbs-internetsolutions.com/freedom-convoy-winter-blockades-cost-canadian-economy-billions-investigation-finds/ OTTAWA – Transport Canada estimates that up to $3.9 billion in business activity has been interrupted due to border blockages across the country related to protests against COVID-19 restrictions last winter, announced Wednesday. a public inquiry. The Public Order Emergency Commission, which is investigating the Liberal government’s decision to invoke the Emergencies Act, has reviewed […]]]>

OTTAWA – Transport Canada estimates that up to $3.9 billion in business activity has been interrupted due to border blockages across the country related to protests against COVID-19 restrictions last winter, announced Wednesday. a public inquiry.

The Public Order Emergency Commission, which is investigating the Liberal government’s decision to invoke the Emergencies Act, has reviewed emails between staff of various federal ministers who heard from businesses frustrated with the blockades border crossings between February 8 and 9.

Demonstrators drove large trucks, vans and other vehicles decorated with Canadian flags through Ottawa and several border crossings to protest vaccination mandates for cross-border truckers, COVID-19 restrictions and the Trudeau government.

At various times in early 2022, protesters blocked border crossings at Windsor, Ontario, the small town of Coutts, Alberta, Emerson, Manitoba, and on the Pacific Highway in Surrey, British Columbia.

Prime Minister Justin Trudeau addressed the economic impact of the blockades and the damage to Canada’s economic and national security in the February 14 emergency declaration.

The emails show that ahead of the decision, the automakers raised concerns with Transport Minister Omar Alghabra’s office about their manufacturing plants being closed due to the blockade of the Ambassador Bridge in Windsor.

Metro, the grocery chain, told the Alghabra office that “if it lasts longer, it will have a deeper impact.”

Several auto companies have closed or signaled they are about to because parts and personnel could not cross the border at the Ambassador Bridge, the busiest crossing in Canada.

Flavio Volpe, president of the Automotive Parts Manufacturers’ Association, told the Alghabra office that factories would have to close “if things get critical” and “there are concerns about saving items on the U.S. side.”

The six-day blockade of the bridge has disrupted trade estimated at $2.3 billion, according to analysis by Transport Canada.

At one point, General Motors planned to lease an icebreaker and ship vehicles and parts across the Great Lakes, at least according to a second-hand account in a Feb. 11 email from Julie Turcotte, a senior government official. of the Ministry of Finance.

Companies were “very, very concerned about not having predictability as to when they can move their products and where,” Transport Canada chief economist Christian Dea told the commission during testimony Wednesday after -midday.

Dea analyzed the figures for the economic impact of blockades throughout the protest. The impacts on Canada’s GDP “appeared significant” according to his analysis, Turcotte said in his Feb. 11 email.

Brendan Miller, a lawyer who represents organizers of the Freedom Convoy protest in Ottawa, offered another much more optimistic analysis released by Statistics Canada in April.

“Overall, the blocked border crossings appear to have had little impact on the overall values ​​of Canadian imports and exports in February,” concludes the Statistics Canada report.

Analysis showed that cross-border traffic decreased in places where protests took place, but was offset by higher traffic at nearby crossings as trucks took different routes into the United States to avoid blockages.

Michael Keenan, the deputy minister of Transport Canada, told the commission that some of the costs to the Canadian economy cannot be measured.

Keenan said the lockdowns couldn’t have come at a worse time, as several U.S. companies were deliberating new investment in auto projects in Ontario.

When Ford Canada halted production at an Oakville plant during the Windsor border blockade, Alghabra’s chief of staff noted that the situation was viewed by U.S. parent companies as “just another reason not to invest in Canada”.

“We saw a growing question about whether Canada was a reliable trading partner and whether these trade corridors will remain open,” Keenan told the commission on Wednesday. “It’s really important because it affects investment decisions.”

In the end, many of these major investments in new factories in Canada came to fruition, but he called it a “near miss.”

He told the commission that the government should consider a national legislative regime to protect trade corridors and better contingency plans that include all three levels of government.

Hearings for the public inquiry began in mid-October and are expected to wrap up by the end of next week, with a final report due in parliament in February.

This report from The Canadian Press was first published on November 16, 2022.

Note to readers: This is a corrected story. A previous version incorrectly stated that Ontario Premier Doug Ford halted production of an Oakville plane during the blockade at the border crossing in Windsor, Ontario.

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Crushing boulders, Canada’s Rockburst brings mining technology to SA http://www.sbs-internetsolutions.com/crushing-boulders-canadas-rockburst-brings-mining-technology-to-sa/ Sun, 13 Nov 2022 22:21:47 +0000 http://www.sbs-internetsolutions.com/crushing-boulders-canadas-rockburst-brings-mining-technology-to-sa/ Canadian cutting-edge mining technology company Rockburst Technologies is scouting for a new office in Adelaide and meeting its first client, mining giant BHP, after winning a highly sought-after incentive in an energy and mining program in July this year. Canadian companies Rockburst Technologies Oscar Malpica and Chuck Lee in Adelaide. Photo: Belinda Willis/InDaily Rockburst was […]]]>

Canadian cutting-edge mining technology company Rockburst Technologies is scouting for a new office in Adelaide and meeting its first client, mining giant BHP, after winning a highly sought-after incentive in an energy and mining program in July this year.

Rockburst was drawn to the city after being chosen as one of five winners from over 200 entrants from 31 countries in the Department of Energy and Mines’ Thinking Critical South Australian programme.

“In a nutshell, we break rock with gas, but the technology uses CO2 which has a bad reputation because of greenhouse gas emissions, but we use CO2 in a closed system, we take a waste gas and use it to power our own processing,” said Rockburst CEO Oscar Malpica.

The Vancouver-based company is testing technology that could not only dramatically reduce greenhouse gas emissions but also lower operating costs by using its unique process to remove minerals from ore.

Malpica said it focused on breaking ore along grain boundaries rather than destroying rocks by compression.

He added that, if proven, it could significantly reduce water and energy consumption.

Estimates show that the mining, milling, smelting and refining processes consume 3% of all the electricity produced in the world.

Malpica said the process is now in the second commercial stage of research and development, with BHP involved in testing in South Australia and further discussions about a future alliance underway.

BHP posted record profits this year with an underlying profit of $57 billion, boosted by higher copper prices and a strong year-end by SA’s Olympic Dam mine located 560 kilometers north of ‘Adelaide.

“The world needs South Australia’s high-quality copper to build renewable technologies and infrastructure, and BHP is focused on producing this copper in a more sustainable way,” said Jennifer Purdie, President of BHP Olympic Dam. .

BHP recently announced that it has signed an agreement with energy company Neoen to support a planned 203 MW wind farm which it hopes will meet half of the Olympic Dam mine’s electricity needs by 2026.

Malpica and Rockburst Technologies COO Chuck Lee also met with mining researchers to build relationships with the University of Adelaide and the University of South Australia, after also attending the International Conference on mines and resources in Sydney.

The company is looking to recruit a director in Adelaide for a branch opening in the second quarter of next year, with each of the five winners of the Thinking Critical program sharing a $250,000 prize pool and incentives to set up businesses in South Australia .

“South Australia is focused on two things we are particularly interested in, copper and critical minerals, Canada and Australia are top of mind for both,” Malpica said.

“Here in South Australia there’s a little more support than we’ve seen in Canada and for us that’s a no-brainer.”

Thinking Critical South Australia asked companies to demonstrate how their business and ideas could bring value to the critical minerals sector in South Australia, providing opportunities to leverage attractive funding and incentives from bodies and organizations leaders in the industry to help them sustain and grow their business.

The five winners were:

  • NDB Inc. – redefines and revolutionizes the battery as we know it with an innovative generator and energy storage
  • CBSM Mining Services Pty Ltd – develops innovative wet and dry grinding technology for the global mining, cement and waste industries
  • Rockburst Technologies Inc. – developing a new mining crushing process designed to significantly reduce energy consumption and GHG emissions
  • QL Space – developing disruptive new space technology to transform the industry through remote sensing satellites, sensors, data and deep learning (AI+ML)
  • Scantech International – development of a wide range of industrial instruments using various measurement technologies, including microwave methods

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Canada takes a hit by cutting off critical minerals from China http://www.sbs-internetsolutions.com/canada-takes-a-hit-by-cutting-off-critical-minerals-from-china/ Thu, 10 Nov 2022 11:02:24 +0000 http://www.sbs-internetsolutions.com/canada-takes-a-hit-by-cutting-off-critical-minerals-from-china/ Ottawa has just shown tangible determination by declaring Canada to ban China from possessing critical Canadian minerals. They are essential minerals for the production of electric vehicles (EVs), cell phones, laptops and power from alternative energy technologies. It is by no means certain that this recent ban is in Canada’s interest. More on that later. […]]]>

Ottawa has just shown tangible determination by declaring Canada to ban China from possessing critical Canadian minerals. They are essential minerals for the production of electric vehicles (EVs), cell phones, laptops and power from alternative energy technologies.

It is by no means certain that this recent ban is in Canada’s interest. More on that later.

Last week, Ottawa ordered Chinese companies to hand over their ownership in three junior mining companies based in Canada. The companies plan to develop lithium deposits in Canada, Argentina and Chile.

Lithium-ion batteries power most electric vehicles around the world.

The action of the federal government is partly rooted in a radical proposal called “ami-shoring”.

This new economic and foreign policy doctrine gained momentum after Russia’s invasion of Ukraine and the resulting Western effort to economically isolate Russia in order to force an end to hostilities.

Friend-shoring would lead Western liberal democracies to trade more with each other and reduce their activities with countries that pose a risk to national security and do not share our values.

To that end, Ottawa believes Canada should be more selective about who owns our resources, especially those on a list of critical minerals that Ottawa compiled earlier this year.

Canada also joined the United States, Britain, Australia and other Western nations this year in a partnership to ensure secure access to critical minerals.

Describing the concept of friendship in a speech in Washington last monthChrystia Freeland, Canada’s finance minister, said: “There are a lot of strategic assets that we have to be very careful about who owns them.”

Which means lithium could be just the start. In recent years, Chinese interests have purchased stakes in Canadian companies that produce uranium, cesium and chromite (used in the manufacture of stainless steel) and other essential minerals.

It would be wise to accelerate the production of Canada’s considerable but untapped reserves of lithium, tellurium, tungsten, magnesium, rare earths and other critical materials.

But in its nascent phase, friend scaffolding is dangerously ill-defined.

Since last Wednesday’s actions against China, it turns out that the policy means not only reducing trade with “unfriendly” countries, but also prohibiting them from owning Canadian assets.

What other actions against foreign investors are planned? And are we prepared for retaliation against, say, the major mainland China businesses of Toronto-based Canada Goose Holdings Inc. and Restaurant Brands International Inc.?

And what other countries are we “eliminating” – such as human rights abusers Saudi Arabia and North Korea?

But back to lithium, an example with questions of its own.

As mentioned, Canada produces very little of the world’s lithium. The main producers are Australia and Chile, which no one suspects is a security risk.

China, on the other hand, does not have an abundance of high-quality lithium. China’s big card is that it can finance the development of a lithium mine, master the complexities of processing it, and provide a huge market for it.

Processing lithium is extremely expensive and the price of lithium is notoriously volatile. This is why outside of China, the sector hosts a proliferation of small, generally underfunded junior miners. Industry majors like BHP Group Ltd., Rio Tinto Plc and Brazil’s Vale SA (owner of the former Inco) have mostly stayed away.

And why focus on lithium, when Canada has other critical materials in far greater abundance, as well as century-old processing know-how, such as nickel and aluminum?

The Nemaska ​​lithium project in Quebec is a lesson in the difficulty of dramatically increasing Canadian lithium production.

Just about a year after raising $1.1 billion from a consortium of investors including the Quebec government to build a lithium mine and processing plant, the Nemaska ​​project has filed for protection. against its creditors at the end of 2019.

To salvage its investment, Quebec and a joint venture partner have pledged to spend up to $600 million more on the Nemaska ​​project in hopes that its recapitalization will eventually make the project viable.

Canada will need increased global production of critical minerals if it is to meet its targets of 40% reduction in greenhouse gas emissions by 2030 and net zero emissions by 2050.

But Innovation Minister Francois-Philippe Champagne’s announcement last Wednesday did nothing to boost Canadian lithium mining and production.

What it has done is cut off Canadian lithium producers from one of the world’s most important sources of investment capital.

The three Canadian companies abruptly separated from their Chinese partners last week relied on those partners to provide capital, technological expertise and Chinese markets for their production.

There were alternatives to Ottawa’s decision. He could have insisted that Canada co-own lithium companies alongside Chinese investors, as China has done for decades by requiring part-Chinese ownership of Western companies in China.

He could have imposed quotas by which non-Chinese buyers would buy a share of the companies’ lithium production.

As it stands, some or much of the lithium that could have been produced by the three Canadian companies will remain in the ground, likely for many years.

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Enbridge CEO says federal cleantech incentives will boost investment in Canada http://www.sbs-internetsolutions.com/enbridge-ceo-says-federal-cleantech-incentives-will-boost-investment-in-canada/ Fri, 04 Nov 2022 14:48:45 +0000 http://www.sbs-internetsolutions.com/enbridge-ceo-says-federal-cleantech-incentives-will-boost-investment-in-canada/ CALGARY – New incentives for clean energy development in the federal government’s fall fiscal update will make a real difference in helping to attract investment capital to Canada, the chief executive of ‘Enbridge Inc. During a conference call to discuss the pipeline giant’s third-quarter financial results, CEO Al Monaco said the Calgary-based company was encouraged […]]]>

CALGARY – New incentives for clean energy development in the federal government’s fall fiscal update will make a real difference in helping to attract investment capital to Canada, the chief executive of ‘Enbridge Inc.

During a conference call to discuss the pipeline giant’s third-quarter financial results, CEO Al Monaco said the Calgary-based company was encouraged by the measures announced Thursday by Finance Minister Chrystia Freeland.

In an effort to encourage the growth of low-carbon energy alternatives, as well as to maintain Canada’s competitiveness with the United States and its massive Inflation Reduction Act, the federal government is creating two new federal tax credits for clean technology and low-emission hydrogen production.

“I think it’s recognized from what I read last night that you have to be competitive. And I think, as I said, that will try to bridge the gap so that we get our share in Canada of the investment dollars,” Monaco said.

“My early reading of this is that it will be attractive for businesses here, both in terms of attracting capital to Canada, but also for us in terms of our business in general.”

The budget update says details of the promised tax credit for clean hydrogen production and new investment measures to spur growth in electric vehicle and battery manufacturing are still being worked out.

There are more details on the new tax credit for investments in clean electricity generation, energy storage systems and low-carbon heating equipment, including that it will cost almost 6 $.7 billion over the next five years and will launch on Federal Budget Day 2023.

It will also be Canada’s first more lucrative tax credit for companies that pay a fair wage and have training programs for young workers.

Enbridge, which transports about 30% of the crude oil produced in North America and transports nearly 20% of the natural gas consumed in the United States, is committed to achieving net-zero greenhouse gas emissions by 2050.

The company has a growing offshore wind portfolio and has also proposed low carbon projects using new technologies such as hydrogen, renewable natural gas and carbon capture and storage.

On Friday, Enbridge said it earned $1.28 billion in its most recent quarter, up from $682 million in the same quarter last year.

The pipeline operator said earnings were 63 cents per share for the quarter ended Sept. 30, up from 34 cents per share a year ago.

Operating revenue hit $11.57 billion in the company’s third quarter, up from $11.47 billion in 2021.

On an adjusted basis, Enbridge said it earned 67 cents per share in its most recent quarter, up from adjusted earnings of 59 cents per share in the same quarter last year.

Analysts on average had expected adjusted earnings of 64 cents per share, according to financial markets data firm Refinitiv.

This report from The Canadian Press was first published on November 4, 2022.

Companies in this story: (TSX:ENB)

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Emirates and Air Canada sign codeshare agreement http://www.sbs-internetsolutions.com/emirates-and-air-canada-sign-codeshare-agreement/ Wed, 02 Nov 2022 03:22:20 +0000 http://www.sbs-internetsolutions.com/emirates-and-air-canada-sign-codeshare-agreement/ Air Canada and Emirates have launched a codeshare partnership, with the aim of providing customers with access to 46 points in North America, Asia, the Middle East and Africa. Business trip first reported on the plans in July, although further details have now been revealed. Codeshare tickets to 35 markets are available through carrier websites […]]]>

Air Canada and Emirates have launched a codeshare partnership, with the aim of providing customers with access to 46 points in North America, Asia, the Middle East and Africa.

Business trip first reported on the plans in July, although further details have now been revealed.

Codeshare tickets to 35 markets are available through carrier websites for travel from December 1. The 11 additional markets will be added “pending final regulatory approval”, with the potential for other markets also suggested by carriers.

Emirates customers will be able to book codeshare flights to and from Canadian points beyond Toronto, including Calgary, Edmonton, Halifax, Montreal, Ottawa and Vancouver.

Air Canada, meanwhile, will place its code on Emirates-operated routes from its Dubai hub, expanding the airline’s reach across the Indian subcontinent and unlocking destinations such as Colombo, Dhaka, Islamabad, Karachi and Lahore.

The carriers also announced plans to introduce a reciprocal frequent flyer offer, allowing Aeroplan and Skywards members to earn and redeem points when flying with both airlines.

Eligible passengers will also be able to enjoy reciprocal lounge access, as well as certain benefits for Aeroplan Elite and Skywards members when traveling on the partner airline. Further details and launch dates are expected to be announced at a later date.

Michael Rousseau, President and CEO of Air Canada, said:

“This exciting new partnership with Emirates will allow Air Canada to significantly expand the choice of flight options for our customers. It will facilitate connections between Canada and destinations in the Middle East, Africa, Southeast Asia and the Indian subcontinent.

“Additionally, it will allow us to attract more connecting traffic through our Toronto global hub and expand our presence in these dynamic regions where global travel demand is expected to increase.”

Sir Tim Clark, Chairman of Emirates Airlines, added:

“We are thrilled to partner with Air Canada to expand our reach to more points in North America. Our partnership with Canada’s national carrier allows us to offer customers seamless connectivity when flying to points within Canada via Toronto.

“In addition to the value-added benefits and enriching experiences that leisure and business travelers from both airlines can expect, the partnership enables Air Canada customers to travel to destinations across Asia, Africa and the Middle East, thanks to our extensive network via our hub. to Dubai.”

aircanada.com ; emirates.com

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Canadian companies have a lot to lose if China puts security before economy, experts say http://www.sbs-internetsolutions.com/canadian-companies-have-a-lot-to-lose-if-china-puts-security-before-economy-experts-say/ Sat, 29 Oct 2022 11:46:18 +0000 http://www.sbs-internetsolutions.com/canadian-companies-have-a-lot-to-lose-if-china-puts-security-before-economy-experts-say/ China’s lackluster economic growth, coupled with neglect of the issue at the recent 20th National Congress of the Communist Party of China, has raised concerns about the country’s lack of attention to economic policy. This disregard for the world’s second largest economy could have a detrimental impact on Canadian businesses and beyond, say experts. China […]]]>

China’s lackluster economic growth, coupled with neglect of the issue at the recent 20th National Congress of the Communist Party of China, has raised concerns about the country’s lack of attention to economic policy.

This disregard for the world’s second largest economy could have a detrimental impact on Canadian businesses and beyond, say experts.

China announced on Monday that its gross domestic product had increased 3.9% in the third quarter compared to the same period a year earlier. The number fell below Beijing’s 5.5% growth target and well below the 8% that experts believe is needed to support future population and economic growth in China.

Beijing had delayed releasing its GDP data on October 18, the second day of the party congress. It’s likely that Beijing wanted to keep economic growth and its consequences out of the headlines at the congress, which ended Oct. 22, said John Gruetzner, co-founder of business consultancy Intercedent. Asia-focused and member of Canadian Global Affairs. Institute.

The week-long party congress, held twice a decade to appoint new leaders, assess the constitution and affirm China’s ideological orientation, is perhaps the most important event on the Chinese Communist Party’s calendar. It ended with President Xi Jinping wins unprecedented third term as party leader, presiding over a cabinet loyal to his ambitions of consolidating power, deterring opposition and extending terms of office.

A man standing in front of a public window reads media coverage of the 20th Communist Party Congress on Monday in Beijing. The week-long party congress, held twice a decade, is perhaps the most important event on the party calendar. (Thomas Peter/Reuters)

Canada’s exports to China increased in 2021

The retention of data as important to trade relations as GDP was “nearly unprecedented for a major trading nation,” said Charles Burton, senior fellow at the Macdonald-Laurier Institute, former counselor at the Canadian embassy. in China and Associate Professor of Chinese and Comparative Politics at Brock University in St. Catharines, Ont., until 2020.

“I don’t know what signal China is sending to global trading partners by not providing us with the kind of normal interaction that we expect, which would be a statement of China’s economic outlook,” Burton said ahead of the release of the report. GDP.

China’s 3.9% growth in the third quarter rebounded from the spring’s meager 0.4% growth. Ultimately, “the number came back stronger than many had expected, including us,” said Andrew Hencic, senior economist at TD Bank. Its economists had estimated growth at 2.8%.

New vehicles ready for export are parked at a shipyard in Yantai, east China’s Shandong province on Oct. 13. (Chinatopix/Associated Press)

“Looking ahead, we’ll see how well this moment can be sustained,” Hencic said. This is especially true as countries around the world, including Canada, are eager to see whether, to their detriment, Xi will put national security and politics ahead of economic performance.

“It’s clear that over a period of time, one-party states eventually tend to hit a wall,” Gruetzner said. “If you don’t have multiple inputs in your economic and social policy, you’re ultimately going to have a problem with economic growth.”

Canada considers China its third most valuable trading partner, behind the United States and the European Union, but second if EU countries were counted individually. Canada’s exports to China increased steadily throughout 2021 to $28.8 billionaccording to the University of Alberta – the highest amount since before the COVID-19 pandemic and $10 billion more than was exported in 2016.

The agriculture, meat, paper and mining industries, which boost Canadian exports to Chinashould be aware of the impact GDP slowdowns could have on their investments in the Chinese economy, Gruetzner said.

Miners work underground at Vale’s Thompson mine in northern Manitoba. Along with the mining industry, agriculture, meat and paper are the drivers of Canadian exports to China. Canada considers China its third most valuable trading partner, behind the United States and the European Union. (Katie Nicholson/CBC)

Prices for iron ore, oil, coal and copper, in particular, react “very, very quickly” to changes in China’s GDP growth, he said. “There is a whole part of the Canadian economy that needs China to have demand. Certainly in the western provinces.”

The shares of Canadian fertilizer company Nutrien, based in Saskatoon, and Teck Resources Ltd., a developer of agricultural feeds and a metals company headquartered in Vancouver, both fell to the Toronto Stock Exchange on the day of the Chinese GDP release ($113.07 to $108.33 and $48.05). at $46.95, respectively).

China’s GDP growth faces obstacles

China’s zero-COVID policy and housing crisis continued to prevent the world’s second-largest economy from a full economic recovery from the pandemic, Burton said. Both will likely impact China’s export-driven economy and “could be quite worrisome for Canadian businesses and the global economy in general,” he said.

Although Beijing’s zero COVID policy has kept the country’s total infections to 1.4 billion just over a millionhe has hampered the efficiency of China’s ports, disabled half of its highways and instituted a total shutdown of cities that together account for 40% of China’s GDP, according to a report by Alicia Garcia Herrerochief economist for Asia-Pacific of the French investment bank Natixis.

China stepped up its commitment to the zero-COVID policy this week, sealing buildings, closing neighborhoods and placing millions of people in their homes, as the country reported on Friday. More than 1,000 cases for three consecutive days.

People wearing face masks line up at a COVID-19 testing site in Beijing on October 12. Although China’s zero COVID policy has kept cases relatively low in the country of 1.4 billion people, it has come at the expense of the economy. (Mark Schiefelbein/Associated Press)

China the housing sector is also in crisis. A lack of government funds led to several delays in housing construction, and Chinese borrowers who prepaid for their homes found themselves without their investment, Burton said. Local governments in China traditionally fund operations through land auctions and have felt the consequences in their coffers.

If China’s economic growth remained below 8%, there would be consequences for the country’s ability to service its debts of over US$9 trillion, as well as youth unemployment, Gruetzner said.

In 2020, the Chinese Ministry of Education reported that almost a quarter of university graduates could not find workafter years of plentiful jobs thanks to strong economic growth over the past two decades.

Reports from the 20th Congress of the Communist Party of China suggest that the government will nevertheless prioritize national security and military growth in the face of US competition before focusing its attention on the economy for itself and that of its partners. commercial, Burton said.

WATCH | Chinese leader calls for military growth at Communist Party Congress:

Xi kicks off Communist Party Congress, calls for China’s military growth

The Chinese Communist Party has launched its 20th Congress in Beijing, with President Xi Jinping calling for faster military growth. Xi also touted his government’s COVID-19 policies and refused to rule out the use of force against Taiwan.

China has publicly said it wants to redirect agricultural and commodity imports from Western suppliers to those in South America and Africa, Gruetzner said.

Burton said both should be a consideration for Canada as it openly re-evaluates trade relations in the region.

Charles Burton is a senior fellow at the Macdonald-Laurier Institute, a former counselor at the Canadian Embassy in China, and an associate professor of Chinese and comparative politics at Brock University in St. Catharines, Ontario until 2020. (Submitted by Charles Burton)

Canada plans to publish its Indo-Pacific policy

During a speech in Washington, DC, on October 12, Deputy Prime Minister Chrystia Freeland suggested that Western democratic countries prioritize free trade with each other and limit opportunities for states actively working against their values. Governance in Russia and China, for example, has become increasingly consolidated and autocratic.

These considerations could feature in the next Indo-Pacific policy statement, which Canadian Foreign Minister Melanie Joly said would be released after the Chinese Party Congress and before the end of the year.

Canadian Foreign Minister Melanie Joly, right, and US Secretary of State Antony Blinken speak Thursday at the official federal government guest house in Ottawa. Joly announced that Canada is considering becoming a member of the Indo-Pacific Economic Framework for Prosperity. (Blair Gable/Pool/Associated Press)

“Over the coming decades, developments in the Indo-Pacific region will have a profound impact on the lives of Canadians from coast to coast,” Joly said in a press release, adding that Canada has committed to strengthening its presence in the region.

On Thursday, during a visit to Ottawa by US Secretary of State Antony Blinken, Joly announced that Canada plans to become a member of the Indo-Pacific Economic Framework for Prosperity to boost economic cooperation.

“There will be a significant section on implications for the economy” in the next policy statement, Burton said. “A lot of companies would like to see what the government’s intentions are before considering their choices for investing in China.”

Workers wearing face masks ride tricycle carts loaded with goods in Beijing last month. China’s zero-COVID policy and housing crisis have continued to prevent the world’s second-largest economy from a full economic recovery from the pandemic, an analyst has said. (Andy Wong/Associated Press)
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Monetary Policy Report Opening statement of the press conference http://www.sbs-internetsolutions.com/monetary-policy-report-opening-statement-of-the-press-conference/ Wed, 26 Oct 2022 15:03:43 +0000 http://www.sbs-internetsolutions.com/monetary-policy-report-opening-statement-of-the-press-conference/ Hello. I am pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss today’s policy announcement and the Monetary Policy Report (MPR). Today, we increased the key interest rate by 50 basis points to 3.75%. This is the sixth consecutive increase since March. Quantitative tightening continues and completes the hikes in the key […]]]>

Hello. I am pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss today’s policy announcement and the Monetary Policy Report (MPR).

Today, we increased the key interest rate by 50 basis points to 3.75%. This is the sixth consecutive increase since March. Quantitative tightening continues and completes the hikes in the key rate. We also expect our key rate to rise further. The extent of the continuation will depend on how monetary policy works to dampen demand, how supply issues resolve, and how inflation and inflation expectations react to this. tightening cycle.

Our decision today reflects several considerations.

First, inflation in Canada remains high and widespread. Inflation has come down over the past few months, but we have yet to see a general decline in price pressures.

Second, and in a related vein, the economy is still experiencing excess demand – it is overheating. Households and businesses want to buy more goods and services than the economy can produce, driving up prices.

Third, rising interest rates are beginning to weigh on growth. This is increasingly evident in interest rate sensitive sectors of the economy, such as housing and large spending. But the effects of the rate hike will take time to trickle down to the wider economy.

Fourth, there are no easy solutions to restore price stability. We need the economy to slow down to rebalance supply and demand and relieve price pressures. We expect growth to stagnate over the next few quarters, ie close to zero. But once we get through this downturn, growth will pick up, our economy will experience solid growth, and the benefits of low and predictable inflation will be restored.

Finally, we try to balance the risks of under-tightening and over-tightening.

If we don’t do enough, Canadians will continue to struggle with high inflation. And they will come to expect persistently high inflation, which will require much higher interest rates and potentially a severe recession to control inflation. Nobody wants that.

If we do too much, we could slow down the economy more than necessary. And we know that has a negative impact on people’s ability to repay their debts, on their jobs and on their businesses.

This tightening phase is coming to an end. We are getting closer, but we are not there yet.

We carefully assess the effects of higher interest rates on economic activity and inflation. And we are clear with Canadians and we are focused on the task entrusted to us: to restore price stability for the benefit of all.

Allow me to expand on these considerations and highlight key points from the Board of Governors’ deliberations.

The Board of Governors began by assessing international developments since the July MPR. Global inflation is high and increasingly widespread. With most central banks raising policy rates to control inflation, global financial conditions tightened rapidly. The global economy is slowing and we have revised down our global growth projection. We have also noted the emergence of financial tensions in certain markets in recent months.

A number of indicators suggest that global supply disruptions are easing. Oil and other commodity prices have also fallen since July. Combined with slowing global growth, these developments suggest that global inflation should decline over time. However, uncertainty is high, particularly related to Russia’s invasion of Ukraine, and there is potential for increased volatility in energy markets and further supply chain disruptions.

With regard to developments in Canada, the Board of Governors paid considerable attention to the assessment of inflation, inflation expectations and the balance between supply and demand in the ‘economy.

Since June, inflation in Canada has gone from 8.1% to 6.9%. While welcome, most of this decline reflects lower gasoline prices. Inflation in Canada is widespread, reflecting strong increases in the prices of goods and services. About two-thirds of the components of the consumer price index (CPI) have risen more than 5% over the past year. And rising prices for basic necessities like groceries and rent are hitting low-income Canadians especially hard.

Since short-term movements in headline CPI inflation are often dominated by swings in volatile international prices like oil prices, we are watching core inflation measures closely for signs of a downturn. easing price pressures in Canada. Our favorite core measures have stopped rising for the past two months, but they have yet to show clear evidence that core inflation is falling. Looking ahead, there are some encouraging early signs. Businesses said they expect the rate of price increases for the goods and services they sell to decline. And the more opportune 3-month core inflation rates have come down, although they still average around 4%. We will have to see these 3-month rates fall further, and these declines will continue.

We are also looking for evidence that short-term inflation expectations are easing and longer-term expectations are centered on our 2% target. Short-term expectations remain high and our surveys suggest that uncertainty about the path of inflation remains unusually high.

Looking at indicators of labor markets and economic activity, it is clear that even though the economy has started to slow, it remains in excess demand. Vacancies have fallen from their peak but remain high, and businesses continue to report widespread labor shortages. With the economy fully reopening, households want to take advantage of many local services they have missed, but businesses cannot keep up and we have seen service prices rise rapidly.

The rise in key interest rates is beginning to slow demand. Rising mortgage rates have contributed to a sharp slowdown in real estate activity from unsustainable levels, and consumer and business spending on goods is moderating. This has led to lower housing prices and is putting downward pressure on property prices.

Going forward, we expect the effects of rising interest rates to continue to ripple through the economy, moderating household spending and business investment. The slowdown in global growth, particularly in the United States, will also weigh on Canadian exports. We expect gross domestic product (GDP) growth to stagnate through the end of this year and into the first half of 2023 before picking up in the second half. Average annual GDP growth is therefore expected to decline from around 3¼% this year to just under 1% next year and around 2% in 2024. With growth below potential for several quarters, excess demand in the economy dissipates and the economy goes into oversupply. in 2023.

Bringing together the global and Canadian outlook, we expect inflation to hover around 7% in the last quarter of this year, drop to around 3% by the end of next year and return to the 2% target by the end of next year. by the end of 2024.

The Bank of Canada’s job is to ensure that inflation is low, stable and predictable. We are still far from this goal. We consider the risks surrounding our inflation outlook to be reasonably balanced, but with inflation so far above our target, we are particularly concerned about upside risks. We recognize that adjusting to higher interest rates is difficult for many Canadians. Many households are heavily indebted and higher interest rates add to their burden. We don’t want this transition to be more difficult than it should be. But we remain focused on our mandate. Higher short-term interest rates will lower long-term inflation. And going through this difficult phase will bring us back to price stability with sustained growth.

As we move forward, we will carefully monitor the impact of rising rates on spending and how this impacts pricing pressures. We will also monitor the resolution of global supply disruptions and the extent to which this translates into lower inflation in Canada. Finally, we will closely monitor inflation expectations to gauge how households and businesses are reacting to slower growth and spending.

With this summary, Senior Deputy Governor Rogers and I are now happy to answer your questions.

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Former orphanage reopens as business incubator and hub for African Nova Scotian community http://www.sbs-internetsolutions.com/former-orphanage-reopens-as-business-incubator-and-hub-for-african-nova-scotian-community/ Sun, 23 Oct 2022 21:11:15 +0000 http://www.sbs-internetsolutions.com/former-orphanage-reopens-as-business-incubator-and-hub-for-african-nova-scotian-community/ HALIFAX – A former orphanage for black children in Nova Scotia has been renovated and reopened as a community center and incubator for black businesses. Kinney Place is located in the building that housed the former Nova Scotia Home for Colored Children, which opened in 1921. The Halifax-area building stood empty after the orphanage closed […]]]>

HALIFAX – A former orphanage for black children in Nova Scotia has been renovated and reopened as a community center and incubator for black businesses.

Kinney Place is located in the building that housed the former Nova Scotia Home for Colored Children, which opened in 1921.

The Halifax-area building stood empty after the orphanage closed in 1978 until a local, black-run charity, Akoma Holdings Inc., launched a restoration effort in 2016.

Akoma Board Chair Kathleen Mitchell said her organization recognizes the historical significance of the building, which was granted municipal heritage status in August.

Kinney Place will enhance services for the African Nova Scotian community and include space for reflection and healing, she said.

The institution has become a symbol of the province’s ongoing fight against racism and discrimination after former residents told stories of neglect and abuse at the orphanage, prompting a public inquiry and an apology from the first minister.

“Today we reflect on the building’s past 101 years as we look to the future,” Mitchell said in a statement on Sunday.

Kinney Place will include offices, a cafe and catering business, as well as a hair salon and spa.

It also offers a gathering space for seniors and a studio for rent by community members for art classes, workshops or get-togethers.

The building has additional space for businesses to rent.

The renovation cost about $2.7 million, with funding mostly from the federal government and some from the provincial government, according to Akoma property manager Veronica Marsman.

Kinney Place is named after James Alexander Ross Kinney, founder of the Nova Scotia Home for Colored Children and its first superintendent.

This report from The Canadian Press was first published on October 23, 2022.

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