Canada column for
Sunday, Oct. 1/17
THE CANADIAN REPORT
(c) By Jim Fox
Trade winds are
buffeting Montreal-based Bombardier Inc., caught in a subsidies battle with the
U.S. and Brazil.
The U.S. Department
of Commerce has announced a nearly 220 percent countervailing duty against
Bombardier’s CSeries planes.
Now, at the request
of Brazil’s Embraer S.A., the World Trade Organization is also establishing a
panel to review subsidies the airline company receives.
Still more bad news
is expected Wednesday when Bombardier believes the U.S. will announce it will
impose a large anti-dumping duty on CSeries planes.
Boeing complained
that the Canadian aircraft maker has benefited from improper government
subsidies, giving it an unfair advantage when selling its CSeries jets in the
U.S.
The Brazilian
company said government subsidies have allowed Bombardier to sell the CSeries jets
at artificially low prices that distort the global market and harm competitors.
The Canadian
government is “very confident” its support of the aerospace industry respects
international trade rules and will defend the interests of Bombardier, said Joseph
Pickerill of the International Trade department.
---
Former U.S.
President Barack Obama told a Toronto audience that closing borders won't
create future jobs as the technological revolution marches along.
Automation and
artificial intelligence are what’s changing industries and advanced economies
will have to confront the fact there won’t be enough high-paying, full-time jobs.
Governments are
“missing the point” if their strategy is to close borders, he said.
Obama’s visit was
followed a day later in Toronto by Hillary Clinton, his former Secretary of State,
promoting her book about last year’s election loss.
---
News in brief:
- Governor General
David Johnston was praised as a person who “connected deeply with Canadians,”
as he returns to private life after seven years in the post. Prime Minister
Justin Trudeau said Johnston is a “man of integrity who embodies the principles
for which our country stands.” The former university president is succeeded in
the role as Queen Elizabeth’s representative in Canada by former astronaut
Julie Payette.
- Leaders of
Canada’s provinces are putting pressure on Prime Minister Trudeau’s Liberals
over controversial tax-reform proposals. Entrepreneurs and independent business
owners would pay more as the government eliminates tax incentives designed for
private corporations. Trudeau said the current system unfairly encourages the
wealthy to incorporate to get a better tax rate than middle-income earners.
---
Facts and figures:
Canada’s dollar is
lower at 80.19 cents U.S. while the U.S. dollar returns $1.246 in Canadian
funds before exchange fees.
The Bank of Canada’s key interest rate is
steady at 1 percent while the prime-lending rate is 3.2 percent.
Stock markets are higher, with the Toronto
exchange index at 15,634 points while the TSX Venture index is 781 points.
The average price for gas in Canada is steady
at $1.11 a liter or $4.21 (Canadian) for a U.S. gallon.
Lotto 6/49: (Sept. 27) 2, 16, 19, 20, 23 and 34; bonus 9.
(Sept. 23) 4, 11, 15, 20, 35 and 47; bonus 25. Lotto Max (Sept. 22) 2, 10, 37, 38,
39, 43 and 47; bonus 28.
---
Regional briefs:
- Canada’s housing
affordability is at its worst level in 27 years, according to a Royal Bank of
Canada report. RBC Economics said the Toronto area is the hardest hit at its
worst level ever measured in the city, putting home ownership “out of reach for
many would-be buyers.” It found that, overall, the Vancouver area is still the
least affordable, followed by Toronto and Victoria.
- The skyline is
forever changed with the opening of a $640-million complex called
Parq Vancouver. Built at a cost of $640 million in the west coast city, it
contains two luxury hotels and a two-floor casino replacement for the Plaza of
Nation’s Edgewater Casino. It is located on the north side of False Creek
and connected to B.C. Place Stadium.
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Jim Fox can be reached at canadareport@hotmail.com
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