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Apple crop under threat after cold snap follows early spring
Apple crop under threat after cold snap follows early spring Warm weather caused apple trees to start budding earlier than normal, and the fruits are now in danger by the cold snap that followed. (Pascal Rossignol/Reuters) Apple farmers in the East worry the late-season Arctic blast could take a big bite from their budding crops. […]
Royal Bank and BMO defend Canada’s banking sector amid Panama Papers and Fintrac fine
Royal Bank and BMO defend Canada’s banking sector amid Panama Papers and Fintrac fine Bad week for big banks as tax haven discussion hits at same time as fine levied for lack of disclosur It has been a rough week, reputationally for Canadian banks, but fundamentally they remain among the world’s best. (Mark Blinch/Reuters) The […]
Panama Papers only a glimpse into ‘astonishing’ wealth stashed offshore
Panama Papers only a glimpse into ‘astonishing’ wealth stashed offshore Some estimates suggest between 8 and 14 per cent of global wealth is kept in tax havens It’s estimated that at least $7 trillion and up to $32 trillion is currently kept in holdings in tax havens. (Eric Gaillard/Reuters) The provocative revelations coming out of […]
Panama Papers: Iceland’s PM resigns over offshore tax haven revelations
Panama Papers: Iceland’s PM resigns over offshore tax haven revelations Sigmundur David Gunnlaugsson denied any wrongdoing amid protests by thousands Iceland’s Prime Minister Sigmundur David Gunnlaugsson, seen Tuesday, and his wife have come under fire for being linked to an offshore company that may represent a severe conflict of interest. (Bertil Enevag Ericson/Scanpix/Reuters) Iceland’s embattled […]
TPP ‘worst trade deal ever,’ says Nobel-winning economist Joseph Stiglitz
TPP ‘worst trade deal ever,’ says Nobel-winning economist Joseph Stiglitz Trans-Pacific Partnership should be redone to advance interests of citizens, not corporations, he says Nobel Prize-winning economist Joseph Stiglitz says the Trans-Pacific Partnership may well be the worst trade agreement ever negotiated, and he recommends Canada insist on reworking it. “I think what Canada should […]
Vancouver, Toronto home buyers not ‘reckless,’ just numerous
Vancouver, Toronto home buyers not ‘reckless,’ just numerous National Bank economist says household formation, not speculation, is driving up prices National Bank economist says even Vancouver apartments may not be overvalued by world standards. (Canadian Press) First-time buyers looking to take the home-ownership plunge in Vancouver and Toronto, Canada’s two hottest markets, are far from […]
Canada due for debt crisis and recession, economist argues
Canada due for debt crisis and recession, economist argues Credit growth has to stop at some point, and then economy shrinks, argues Steve Keen Finance Minister Bill Morneau has just delivered a budget that will put Canada deeper in debt. A Forbes columnist argues that puts Canada on track for a credit crisis. (Sean Kilpatrick/Canadian […]
Alberta and oil prices: How Middle East geopolitics and religion affect our future
Alberta and oil prices: How Middle East geopolitics and religion affect our future Calgary’s economic fortunes enmeshed in decisions made on the other side of the globe Saudi Arabia’s Oil Minister Ali al-Naimi at a news conference following a meeting in Doha, Qatar February 16, 2016. (Naseem Zeitoon/Reuters) Calgary is unlike most other cities. It […]
New law proposed to shift bank failure risk from taxpayers
New law proposed to shift bank failure risk from taxpayers Ottawa proposes ‘bail-in’ regime to force creditors to prop up failing banks The Liberal government says it will create legislation that shifts some of the risk in a bank failure to creditors. (Canadian Press) Canada will introduce legislation to implement a “bail-in” regime for systemically […]
Fallout in Alberta: The oil crash isn’t just about lost jobs
Fallout in Alberta: The oil crash isn’t just about lost jobs Disillusionment has a way of setting all sorts of bad thoughts in motion The story assignment from The National was simple. Go to Alberta and talk to regular people about the crash in the price of oil. Humanize the downturn. Harsh economic numbers coming out of […]
Canada’s debt-to-income ratio sets new record high at 165%
Canada’s debt-to-income ratio sets new record high at 165% Canadians now owe $1.65 for every dollar of income they have at their disposal. (Joe Raedle/Getty Images) The ratio of household debt to disposable income hit a new record in the fourth quarter of last year. Statistics Canada says the ratio rose to 165.4 per cent […]
Basic income: New life for an old idea
Basic income: New life for an old idea A combination of economic uncertainty and political possibility is giving new life to an old policy idea A basic income policy could replace existing welfare programs by providing citizens with a guaranteed monthly paycheque. (Chris Wattie/Reuters) In Ottawa, a federal MP is pushing for government research on the subject. […]
Bank watch lists early warning sign of trouble for oil and gas industry
Bank watch lists early warning sign of trouble for oil and gas industry Royal Bank, CIBC and Scotiabank each added 9 oil and gas firms to watch lists in recent quarterly earnings In releasing their latest quarterly earnings, Royal Bank, CIBC and Scotiabank each added nine oil and gas firms to their loan watch lists, […]
IEA recommends more government funding for energy sector
IEA recommends more government funding for energy sector New report suggests public support for research is dwindling in Canada Canada should increase funding to the energy sector, according to a new IEA report. (Kyle Bakx/CBC) Canada’s energy industry needs more research and development funding from government, according to a new report by the International Energy […]
Encana to cut workforce another 20% on top of earlier downsizing
Encana to cut workforce another 20% on top of earlier downsizing Calgary-based oil and gas producer reports 4th-quarter losses of $612M Doug Suttles, CEO of Encana Corp., speaks to reporters in Calgary in 2013. The Calgary-based company announced on Wednesday it’s planning a further 20 per cent reduction in its workforce to achieve up to […]
