Canada column for Sunday, Oct. 25/20
THE CANADIAN REPORT
By Jim Fox
A challenge by Prime Minster Justin Trudeau to force a snap election in the midst of a growing pandemic had no takers in the opposition parties.
A last-minute decision of support for Trudeau by the socialist New Democratic Party kept the minority Liberal government alive and survive a non-confidence vote.
The Conservative bid to bring down the government failed and averted the threat of a general election.
Joining the Liberal vote were Green and Independent Members of Parliament.
The Conservative bill that failed to pass was to create an anti-corruption committee to look into an alleged conflict of interest involving the WE Charity.
It would have investigated the government using pandemic relief programs to give a now-revoked multi-million-dollar contract to WE.
The company in the past paid speaking fees to Trudeau and his family and a family trip to former Liberal Finance Minister Bill Garneau.
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Modest hopes are is for a COVID-19 vaccine by the end of the year or early in 2021, Prime Minister Trudeau said.
The news came as Canada reached an all-time high for the virus.
There are total cases of 211,732 with 177,879 recovered or resolved and deaths of 9,888.
Canada is spending $214 million toward the development of a vaccine with biotech firms Medicago of Quebec and British Columbia’s Precision NanoSystems.
There are also agreements with several other companies in the global race to produce a safe and effective vaccine, Trudeau said.
U.S. firms Moderna and Pfizer have asked Canada to review their products that are undergoing clinical trials.
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News in brief:
- Canadian fashion chain Le Chateau is going out-of-business, closing all of its 123 stores and with the loss of 1,400 jobs. The Montreal-based business said its assets will be liquidated. Management said the stores have suffered through the virus outbreak and demand for holiday party and occasion wear, a core business, has been impacted.
- Inflation increased by 0.5 percent last month as the central Bank of Canada continues with its low-interest stimulus measures. Food prices were up 1.6 percent, motor-vehicle prices up 2.7 percent and housing was up 2.6 percent. There were signs of ongoing weakness in the economy with a drop of 4.1 percent in back-to-school clothing and footwear prices.
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Facts and figures:
The Canadian dollar has advanced to 76.1 cents U.S. while the U.S. dollar returns $1.31 Canadian before exchange fees.
The Bank of Canada’s key interest rate is steady at 0.25 percent while the prime lending rate is 2.45 percent.
Canadian stock markets are lower with the Toronto index at 16,304 points and the TSX Venture index 718 points.
The average price for gas in Canada is lower at $1.01 a liter (Canadian) or $3.83 for a U.S. gallon.
Lotto Max: (Oct. 20) 8, 27, 30, 44, 46, 47 and 50; bonus 32. (Oct. 16) 1, 4, 8, 10, 12, 17 and 41; bonus 19.
Lotto 6/49: (Oct. 21) 26, 28, 32, 37, 40 and 47; bonus 10. (Oct. 17) 7, 8, 9, 24, 25and 34; bonus 14.
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Regional briefs:
- Police are seeking two suspects who set fires causing a total of $1.2 million damage largely to stock inside three Walmart stores in Kitchener, Ontario. Fires were set in the toilet paper and paper towel aisles of the stores in an attack similar to that at three Walmarts in Winnipeg in the summer. Police said they are not aware of the motive. A social media tweet suggested taking action against Walmart over its mandatory wearing of masks.
- The Canadian Federation of Independent Business says a poll shows Canadians intend to spend 66 percent of their holiday shopping at major big box retailers, or online, with sites such as Amazon. Only one-third of holiday shoppers plan on going to small, independent businesses that have often had to close while big box stores could stay open during the pandemic, said CFIB president Dan Kelly. “Small businesses really need a good holiday season to even things out,” he added.
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Jim Fox can be reached at canadareport@hotmail.com
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