Canada column for
Sunday, July 16/17
THE CANADIAN REPORT
(c) By Jim Fox
Canada’s leaders
feel confident that President Donald Trump won’t be “ripping up” the
three-country North American Free Trade Agreement (NAFTA).
Prime Minister
Justin Trudeau received the assurance from Vice President Mike Pense while
attending a meeting of state governors in Rhode Island on Friday.
“We will modernize
NAFTA for the 21st century so that it is a win-win-win for all of our trading
partners in North America,” Pence said to applause from Trudeau.
His remarks came
days before the U.S. government plans to issue its thoughts about NAFTA
negotiations that are to begin next month.
In a speech to
Pense and the governors, Trudeau urged more trade, not less, saying “we must
get this right.”
“We’re grateful for
the prime minister’s leadership and his early outreach to this administration,”
Pense said.
He said the U.S. is
“looking forward to bringing NAFTA into the future in a way that will equally
benefit both our countries.”
---
Canada’s central
bank raised its key interest rate to 0.75 per cent, the first increase in seven
years.
Bank of Canada
Governor Stephen Poloz said the lower rates had their impact on aiding the
economy and it was time to finally start to make an upward move.
The country’s major
banks boosted their prime-lending rate used to set interest rates for mortgages
and other loans a similar 0.25 percent to 2.95 percent.
Poloz said will
gauge “carefully the effects of higher interest rates on the economy.”
The bank’s move
pushed the Canadian dollar to 79 cents U.S., the highest in almost a year.
---
News in brief:
- Former
astronaut Julie Payette, 53, of Montreal has been named Canada’s next Governor
General, the official representative of Queen Elizabeth II in the country. She
succeeds former university president and author David Johnston, 76, who
served in the largely ceremonial post for seven years. In making the
announcement, Prime Minister Trudeau said Payette’s life has been “one
dedicated to discovery, to dreaming big and to always staying focused on the
things that matter most.”
- Sears
Canada, in bankruptcy protection from creditors and wanting to cut off benefits
for its laid off and retired employees, is paying $9.2 million in retention
bonuses to selected executives. The company, which is seeking a buyer and is restructuring,
now says retired employees will continue to receive some benefit payments until
Sept. 30 as it cuts 2,900 jobs and closes 59 of its 225 stores.
---
Facts and figures:
Canada’s dollar has
jumped to 79.06 cents U.S. as the U.S. dollar is worth $1.264 in Canadian funds
before exchange fees.
The Bank of Canada’s key interest rate has moved
up 0.25 percent to 0.75 percent while the prime-lending rate at commercial
banks advanced to 2.95 percent.
Stock markets are higher, with the Toronto
exchange index at 15,174 points while the TSX Venture index is 757 points.
The average price for gas in Canada is lower at
$1.053 a liter or $4 (Canadian) for a U.S. gallon.
Lotto 6/49: (July 12) 12, 13, 30, 41, 45 and 49; bonus
16. (July 8) 20, 25, 26, 32, 34 and 36; bonus 9. Lotto Max: (July 7) 4, 8,
13, 16, 26, 33 and 38; bonus 10.
---
Regional briefs:
- Firefighters are
preparing for deteriorating conditions where 170 wildfires are burning across
British Columbia’s Central and Southern Interior. Around Williams Lake, 11,000
people were told to be prepared to leave their homes as sustained winds could
push the fires closer. Already the fires have forced more than 10,000 from
their communities.
- The day he was
released from a Winnipeg hospital after being treated for dehydration, former
U.S. President Jimmy Carter, 92, was back at a Habitat for Humanity work site
Friday. Wearing work clothes, Carter joined hundreds of Habitat for Humanity
volunteers and his wife, Rosalynn, building 25 homes. Habitat is building 150
homes this year for people in need in Canada to celebrate the country’s 150th
anniversary.
-30-
Jim Fox can be reached at canadareport@hotmail.com
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