Canada column for
Sunday, Oct. 7/18
THE CANADIAN REPORT
(c) By Jim Fox
Reaction is mixed
across Canada about the benefits and potential setbacks of the newly negotiated
free-trade agreement.
Reached at the
final hour before President Donald Trump’s ultimatum for Canada being included
in the deal with the U.S. and Mexico, it’s now known as the USMCA
(U.S.-Mexico-Canada Agreement).
“It’s a good day
for Canada,” Prime Minister Justin Trudeau said in announcing the success after
14 months of negotiations to “modernize” the former North American Free Trade
Agreement.
Details include Canada
giving concessions on a major U.S. demand to allow more access to the Canadian dairy market and other supply managed farm products.
The U.S. can count wins as well in areas including intellectual property
and influence in Canadian and Mexican trade deals with other countries.
The agreement has 34 chapters and 12 side letters. It can be read
at the Canadian government website: http://international.gc.ca/trade-commerce/trade-agreements-accords-commerciaux/agr-acc/usmca-aeumc/summary-sommaire.aspx?lang=eng
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Canada’s jobless
rate dropped to 5.9 percent last month from 6 percent as the economy grew by
63,000 positions, Statistics Canada reported.
Most of the
employment gains were in part-time work, rising by 80,000 positions.
Almost all of the
higher employment was in Ontario and British Columbia, with little change in
the other provinces.
In the past year,
222,000 new jobs have been created nationally.
---
News in brief:
- Calgary and much
of Alberta were hit by a record early-fall snowfall of up to 16 inches in a
12-hour period. It made it the snowiest day in the city in October in 104
years. Getting around became a problem with many vehicles not yet having their
winter tires on. On the Trans-Canada Highway, hundreds of motorists were
stranded for more than 12 hours. A warming center was established in Canmore for
them to wait out the storm.
- A devastating
election loss for the governing Liberals resulted in Philippe Couillard
resigning as Quebec Premier and Member of the National Assembly. As well,
separatist Parti Quebecois Leader Jean-Francois Lisee also quit. The
once-mighty Liberals only had 32 members elected, down from 68 previously. The
Premier-elect is Francois Legault of the Coalition Avenir Quebec
party.
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Facts and figures:
Canada’s dollar is
lower at 77.24 cents U.S. while the U.S. dollar returns $1.294 Canadian before bank
exchange fees.
The Bank of Canada’s
key interest rate is unchanged at 1.5 percent while the prime-lending rate is 3.7
percent.
Stock markets are lower, with the Toronto
exchange index at 15,946 points while the TSX Venture index is 705 points.
The average price for gas in Canada is higher
at $1.296 a liter or $4.92 (Canadian) for a U.S. gallon.
Lotto 6/49: (Oct. 3) 15, 32, 38, 40, 44 and 45; bonus 2.
(Sept. 29) 1, 6, 7, 10, 31 and 49; bonus 39. Lotto Max: (Sept. 28) 25, 28,
31, 36, 42, 44 and 49; bonus 37.
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Regional briefs:
- Calling it a “job
killer,” new Ontario Conservative Premier Doug Ford has canceled the previous
Liberal government’s labor reforms. Businesses cannot afford to pay employees
for sick days, he said noting the bill gave workers a minimum wage of $14 an hour,
rising to $15, Jan. 1 and two paid emergency leave days. The rookie premier
also dumped the cap-and-trade environmental alliance with Quebec and California
that increased gasoline and natural gas prices.
- Three recounts
still didn’t put New Brunswick any closer to knowing who won last month’s
provincial election. Liberal Premier Brian Gallant has refused to quit and is
seeking to form a coalition government with an opposition party. The election
resulted in 21 Liberals elected, 22 Conservatives and the Green Party and
People’s Alliance with three each. Conservative leader Blaine Higgs says
Gallant should “do the right thing and resign.”
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Jim Fox can be reached at canadareport@hotmail.com
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