Whether preparing to put their credit cards through their paces or bracing for a brutal assault on their business’s bottom line, Canadians across the country are preparing to usher in a new chapter in their relationship with U.S. retailers.
New rules governing the amount of money Canadians are allowed to spend south of the border take effect today, both firing consumers with enthusiasm and filling businesses with foreboding.
The changes —previously announced in this year’s federal budget — raise the amount of money Canadians are allowed to spend duty free during most cross-border trips.
Only rich people will be able to afford cars. Everyone else will be taking public transit.
Commuters will move into Toronto leaving the suburbs to revert to their former status as farmland.
The only provinces creating jobs will be those with oil. The poorest regions may resort to job-sharing.
Such is the controversial/bleak/contrarian view in Jeff Rubin’s latest book The End of Growth, published by Random House Canada.
Disappointing economic data on two fronts Friday will likely cool hawkish language from the Bank of Canada when it makes its interest rate announcement next Tuesday.
While it is widely expected that the Bank will keep its benchmark interest rate at 1%, speculation has grown this year that a rate hike could come as soon as this summer, mainly due to improving job growth and home building in Canada. But clear signs emerged Friday that the global economic slowdown could effect Canada more than expected.
If you are new to Canada and are looking for a job in the construction industry, you will be pleased to know that Canada offers a wealth of opportunities waiting for you.
The Canadian construction sector is currently facing a dry spell and the demand for highly skilled construction workers is high and on the increase.
Construction firms are looking to hire new immigrants to fill their work shortages. Specifically, the industry is "looking for permanent immigrant employees as the workforce retires," says Michael Atkinson, president of the Canadian Construction Association.
Federal NDP Leader Thomas Mulcair is clearly a man who chooses to enrage rather than engage. In advance of his visit to Alberta’s oil sands last week, he declared that “their model for development is Nigeria.” That he had never been to either Nigeria or to the oils ands was clearly no impediment to that astonishing pronouncement.
Gross domestic product expanded 1.9 percent in the quarter on an annualized basis, Statistics Canada said on Friday, in line with market forecasts for the quarter, but below the central bank's most recent projection of 2.5 percent growth.
The growth matched the economy's fourth-quarter performance, which was revised up from 1.8 percent, as well as first-quarter growth in the United States.
Is Canada's economy suffering from some imported malady? Hearing the passionate debates about whether something called the "Dutch Disease" is afflicting the country, one thinks of Rembrandt's famous The Anatomy Les-son of Dr. Nicolaes Tulp, with politicians and experts in other fields instead of doctors carefully bent over to study Canada's economic musculature. Fortunately, Canada's economy is alive and kicking - and not only in the resource sector.
The term Dutch Disease was coined to describe the impact on the Dutch economy of the discovery of gas reserves in the North Sea in the late 1950s and 1960s, and has come to describe more broadly an economy where large capital inflows related to developments in the resource sector lead to a stronger currency which, in turn, makes other export sectors less competitive on world markets.
OTTAWA (Reuters) - Canada's economy likely generated only a small number of new jobs in May following the biggest two-month employment gain in more than 30 years.
The median forecast in a Reuters survey of economists is for a small job gain of 10,000, with about a quarter predicting a loss of employment. The Canadian unemployment rate is seen holding at 7.3 percent.
The market is unanimous in its belief that May employment figures are unlikely to repeat the sort of outsized job gains seen in March and April, which averaged almost 72,000 a month.
"The data in Canada has been giving everybody heartache in terms of employment numbers," said Royal Bank of Canada Chief Economist Craig Wright, whose shop is calling for 10,000 net new jobs.
OTTAWA - Is the next move for Mark Carney to cut interest rates?
The question would have seemed unthinkable a few weeks ago given that the Bank of Canada governor's last pronouncement on the subject was to issue a wink and a nudge about coming hikes.
The signal-sending language — "some modest withdrawal of the present considerable monetary policy surplus may be appropriate" — contained in the April interest-setting statement sent markets into speculation hyper-drive that rates could be heading north as early as the summer.
OTTAWA — The Bank of Canada acknowledged Tuesday the European debt crisis has caused "a sharp deterioration" in the global financial sector, but indicated it's keeping interest-rate options open.
The central bank left its lending rate at a near-historic low of one per cent — where it has sat since September 2010 — and pointed to weaker expectations for global economic growth.
"Some of the risks around the European crisis are materializing and risks remain skewed to the downside. This is leading to a sharp deterioration in global financial conditions," the bank said in its statement accompanying the rate decision.
As we noted last week, analysts have been tittering over a new potential policy response to risks associated with a global slowdown—most particularly the crisis in Europe.
World leaders are worried, as evidenced by the conference call between G7 finance ministers and central bankers yesterday. And with fears about bank runs in Spain escalating, some analysts expect some kind of coordinated central bank action similar to that which we saw announced last November to lower dollar swap rates between banking systems.
Watching interest rates is like being a fan of the Toronto Maple Leafs.
Both appear set to rise every now and then, but in the end you get nothing. The Bank of Canada suggested in April that rates could rise sooner than expected, and on Tuesday it softened its stance. Right now, the idea of global growth propelling interest rates higher seems as unlikely as the Leafs pushing deep into next year’s playoffs.
It’s the business buzzword of the moment: “reshoring.”
After spending a couple of decades advising Western clients on how to “offshore” their production facilities to low-cost jurisdictions in Asia, business consultancies say it might be time to bring some of that work home.
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