Canada column for
Sunday, Dec. 23/18
THE CANADIAN REPORT
(c) By Jim Fox
It is being looked
on by some as the Canadian government giving the Alberta oil patch an early
Christmas present in the form of a $1.6-billion lifeline in immediate aid.
The oil-rich
province is reeling from record-low Canadian oil prices and roadblocks delaying
pipeline expansions to move crude to new overseas markets.
The government
money includes $1 billion to assist companies invest in new technologies and
$500 million in commercial financing initiatives over three years.
There is also $50
million from Canada’s Clean Growth Program that is expected to generate $890
million in investment and $100 million for diversification-related projects.
“We understand that
when Alberta hurts, so does Canada,” said Natural Resources Minister Amarjeet
Sohi.
The aid package
that some are calling “corporate welfare,” does little to fix the pipeline
issues crippling the province, said Alberta Premier Rachel Notley.
“We don’t need help
finding more markets – we need help moving our product,” she said.
Canada is demanding
the release of two Canadians being detained in China.
The international
incident is believed connected to Canadian authorities arresting Meng Wanzhou,
a senior executive with Chinese firm Huawei Technologies, so she can be
extradited to the U.S. to face fraud charges.
Canadian Foreign
Affairs Minister Chrystia Freeland has now formally demanded that Michael Kovrig
and Michael Spavor be immediately released.
They are said to
being held for “security concerns,” and Canada is looking into the detention of
a third person – a woman teaching English in China.
U.S. Secretary of
State Mike Pompeo has also called for Kovrig and Spavor to be freed.
---
News in brief:
- Canada Post says
it has cleared away most parcel delivery backlogs after five weeks of rotating
strikes by its workers. Millions of parcels and letters got caught in the
backlog until the federal government legislated an end to the strike. Both
sides remain far apart on reaching a contract agreement and an arbitrated
settlement will be considered next month for the 50,000 workers.
- Lower gas prices
last month reduced the annual inflation rate to 1.7 percent leading to
speculation there won’t be any imminent interest rate hikes by the Bank of
Canada. The rate matched the low number last January. Offsetting lower gas
prices, down .5.4 percent from a year ago, were higher prices for fresh vegetables, airline tickets and mortgage
interest.
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Facts and figures:
Canada’s dollar is at
its lowest level in almost two years at 73.52 cents U.S. while the U.S. dollar returns
$1.36 Canadian before bank exchange fees.
The Bank of Canada’s
key interest rate is steady at 1.75 percent while the prime-lending rate is 3.95
percent.
Stock markets are lower, with the Toronto
exchange index at 13,935 points while the TSX Venture index is 530 points.
The average price for gas in Canada is steady
at $1.05 a liter or $3.99 (Canadian) for a U.S. gallon.
Lotto 6/49: (Dec. 19) 1, 9, 31, 32, 34 and 45; bonus 5.
(Dec. 15) 11, 12, 22, 36, 46 and 47; bonus 7. Lotto Max: (Dec. 14) 6, 7,
11, 21, 23, 27 and 41; bonus 49.
---
Regional briefs:
- The Ontario
government was recalled for a special session to enact a bill to avert a
threatened strike by 6,000 Ontario Power Generation workers. The dispute is to
be settled by arbitration. The Conservative government was concerned of
possible power problems should there have been a strike during the holidays.
- Lake Louise Ski
Resort in Alberta’s Banff National Park has been fined $2.1-million for cutting
down endangered trees. Provincial Court Judge Heather Lamoureux imposed
the fine after the resort pleaded guilty to charges concerning the cutting of stand
of trees, including 38 endangered whitebark pine, along a ski run in 2013. The
resort is appealing the fine and said it has taken steps to educate staff
members and marked the other pines to ensure they remain untouched.
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Jim Fox can be reached at canadareport@hotmail.com
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