Canada's central bank blasted oer 'inaction' to battle inflation and lower costs

 Canada column for Sunday, June 26/22

 Photo cutline:

A fiddler entertains on the rocks on Canada Day in Peggy’s Cove, Nova Scotia. (Jim Fox photo)

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    THE CANADIAN REPORT

   By Jim Fox

    Canada’s central bank is facing severe criticism over its handling of runaway inflation and threats of a recession.

   The higher costs for gasoline, food and many commodities are also dampening plans by Canadians to take their traditional summer road trips.

   Critics say the Bank of Canada has misjudged inflation as household debt rises and is playing catch-up and forced to be more aggressive with raising interest rates.

   The Canadian economy may need to find a way to permanently adjust to higher oil and gas prices, warned Stephen Poloz, former bank governor.

   “This is a reality even when the cost of other goods starts to fall,” he added.

   Statistics Canada says the country’s inflation rate is at a 40-year high of 7.7 percent.

   Gas prices are up 48 percent over last year as the single biggest jump affecting the inflation rate. The average cost of food items is up 9.7 percent.

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    Pope Francis will be visiting a former Alberta residential school site and meet with survivors during his visit to Canada next month.

   “We pray this pilgrimage will serve as another meaningful step in the long journey of healing, reconciliation and hope,” said Archbishop Richard Smith of Edmonton.

   Hundreds of unmarked graves of former students were found at the schools where children were uprooted from their families to be “Canadianized.”

   The Pope is expected to deliver an apology for the Roman Catholic Church’s role in the schools during the trip and follow up on feelings made earlier this year during an Indigenous delegation to the Vatican.

   Then, the Pope apologized for the conduct of church members involved in the former schools.

   The papal visit will start in Edmonton on July 24 and end in Iqaluit on July 29.

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    In brief:

   - The biggest party in the country will take place on July 1 to mark Canada Day, the country’s 155th birthday. Lavish street parties highlighted by fireworks displays are held in cities and towns and some U.S. cities where Canadians congregate. On July 1, 1867, Canada became a country with a new federation and constitution, formerly the British North America Act. In the National Capital Region, Ottawa, festivities take place in front of the Parliament Buildings.

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 -   Facts and figures:

   Canada’s dollar is higher at 77 cents U.S. while the U.S. dollar returns $1.29 in Canadian funds, before exchange fees.

   The Bank of Canada’s key interest rate is steady at 1.5 percent while the prime lending rate at commercial banks is 3.7 percent.

   Canadian stock markets are higher, with the Toronto index at 19,050 points while the TSX Venture index is 641 points.

   The average price for gas in Canada is lower at $2.04 a liter or $7.75 for a U.S. gallon in Canadian funds.

   Lotto Max: (June 21) 2, 4, 5, 22. 32, 40 and 50; bonus 43. (June 17) 1, 10, 12, 21, 30, 39 and 40; bonus 38.

   Lotto 6/49: (June 22) 7, 10, 11, 18, 27 and 42; bonus 25. (June 18) 4, 6, 20, 21, 24 and 44; bonus 5.

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    Regional briefs:

   -  Ontario Premier Doug Ford unveiled his slightly larger cabinet on Friday, giving Sylvia Jones the busy role as Minister of Health, taking over from Christine Elliott who did not seek re-election. The new executive council after last month’s major victory for Ford’s Conservatives has 30 members, up from 28 and includes seven women.

    - Scientists say last year’s heat dome over the west coast of British Columbia and Washington State are expected to have “far-reaching effects” on the ecology of beaches, bluffs, inlets and river deltas. This is in addition to the impact on fisheries and cultural connections that the land, sea and sea life provide. The heat over the West Coast last summer led to the deaths of 619 people and a billion sea creatures, a survey found, saying such scorching heat will become more frequent.

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 canadareport.blogspot.com

 

Half of Canadian women say they would quit their jobs if told to stop working from home: surevey

   Canada column for Sunday, June 19/22

    THE CANADIAN REPORT

   By Jim Fox

    Almost half of working Canadian women say they are likely to quit their jobs if asked to return to the office full-time.

   Surprisingly, 45 percent want the “flexibility offered during the pandemic to continue,” said Andrea Spender, CEO of the Prosperity Project.

   The group was created to ensure Canadian women are not left behind in the COVID-19 recovery.

   The project’s survey found fewer women are working full-time at 62 per cent, compared with 70 per cent before the COVID-19 pandemic while 91 percent would prefer most or at least part of their work to be done remotely in the future.

   While 73 percent of respondents said that employers were more accommodating during the pandemic, a similar proportion, 72 percent, expect employers to put the priority on in-person office work in the future.

    Nearly 60 percent feel they will have to choose between their career and their family – at a time when almost half, 46 percent, said the pandemic has increased their responsibilities at home.

    “We learned important lessons about workplace flexibility during the pandemic and we must continue to heed those lessons,” said Pamela Jeffery, founder of the Prosperity Project.

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    Truckers’ Freedom Convoy protests will continue throughout the summer in Canada’s capital city, Ottawa, organizers say.

   Events will rev up starting on the Canada Day, July 1, holiday and for the rest of the summer to protest remaining COVID-19 pandemic-era restrictions.

   Another group, Veterans for Freedom, is planning a three-day conference in Ottawa this week.

   The group is made up of Canadian veterans seeking to “restore fundamental freedoms for all Canadians and uphold our laws.”

   Hundreds of protesters and an estimated 50,000trucks took over downtown Ottawa streets for three weeks starting in late January.

   The veterans want remaining COVID mandates repealed and workers who lost their jobs be reinstated.

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    In brief:

   - The Canadian government is repaying or forgiving $1.4 billion in loans it gave to Indigenous communities, many of them in British Columbia. This will allow them to participate in land claims negotiations and help “correct a mistake of the past” when land was seized to build railways and other non-native projects on their traditional lands,” said Prime Minister Justin Trudeau said.

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    Facts and figures:

   Canada’s dollar is lower at 76 cents U.S. while the U.S. dollar returns $1.30 in Canadian funds, before exchange fees.

   The Bank of Canada’s key interest rate is 1.5 percent while the prime lending rate at commercial banks is 3.7 percent.

   Canadian stock markets are lower, with the Toronto index at 1,822 points while the TSX Venture index is 635 points.

   The average price for gas in Canada is steady at $2.10 a liter or $7.98 for a U.S. gallon in Canadian funds.

   Lotto Max: (June 14) 11, 17, 18, 25, 36, 41 and 50; bonus 34. (June 10) 8, 14, 16, 17, 19, 22 and 24; bonus 23.

   Lotto 6/49: (June 15) 3, 5, 9, 12, 16 and 29; bonus 32. (June 11) 14, 15, 22, 25, 32 and 44; bonus 45.

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   Regional briefs:

   - Canada-U.S. border mayors are calling for the federal government to end the mandatory ArriveCan app when entering the country. They say Canada’s stringent COVID-19 rules for international travellers are keeping would-be U.S. visitors to spend their tourist dollars instead at home.

   Ontario mayors say they depend on cross-border tourism. Sarnia’s Mike Bradley and Jim Diodati of Niagara Falls are urging the government to stop requiring travelers to complete the preclearance process that many find frustrating and confusing.

   - Toronto has been named a host city for soccer’s FIFA World Cup 2026. The city is among 16 cities that will host the much-sought-after games. Toronto events will take place at BMO Field for this North American World Cup Soccer event.

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 canadareport.blogspot.com

 

New Canadian law seeks ro ease burden of working outside busness hours at home

   Canada column for Sunday, June 12/22

    THE CANADIAN REPORT

   By Jim Fox

    Taking work home by phone and checking e-mail all evening could be a thing of the past with Ontario’s “right to disconnect” law.

   The novel law, now in effect, requires businesses to develop policies that allow employees to disconnect outside of regular office hours.

   Enacted in Canada’s largest province, it defines the disengagement as “not engaging in work-related communications, including e-mails, telephone and video calls or sending or reviewing other messages.”

   Allowing workers to “be free from the performance of work,” it requires bosses to have a written policy in place for all employees with respect to disconnecting from work.”

   Labor lawyers aren’t impressed, saying it doesn’t cover much new ground and is very bureaucratic.

   It applies to employers who have 25 or more employees and was in response to burnout and the constraints of working from home during the pandemic.

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    For families wanting to keep their in-laws and other relatives around as visitors longer, the Canadian government now offers a “Super Visa Program.”

   Canadian citizens and permanent residents can invite parents and grandparents to come to Canada as long-term visitors on a multi-entry visa that remains valid for up to 10 years.

   As well, unlike standard visitor visas, it allows visa holders to stay in Canada for up to two years on initial entry to the country.

   Starting on July 4, super visa holders will be able to stay in Canada for five years with an option to extend two more years.

   Previously, parents and grandparents were only allowed to visit family in Canada for no longer than two years at a time. This now is valid for10 years and allows multiple entries.

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    In brief:

   -The pent-up demand by Canadians to fly has led to chaos at major airports. It’s blamed  by Air Canada on a lack of staff and the government by travelers with expired or improper documents along with COVID-19 restrictions. Travelers reported lines of several hundred  people at Toronto’s Pearson International Airport and canceled flights. Transport Minister Omar Alghabra said 400 additional screening officers will start work later this month while warning the backlogs will continue, likely into the fall.

   - Canada’s economy added 40,000 jobs last month with a gain in full-time jobs as the labor market continued to tighten. Statistics Canada said the jump came as the jobless rate fell to 5.1 percent. That is the lowest since 1976, as far back as comparable data is kept. The unemployment rate was 5.2 per cent in April. Meanwhile, the country’s inflation rate rose to a mlti-decade high of 5.7 per cent, driven largely by higher prices for gas and groceries.

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    Facts and figures:

   Canada’s dollar is lower at 79 cents U.S. while the U.S. dollar returns $1.27 in Canadian funds, before exchange fees.

   The Bank of Canada’s key interest rate is 1.5 percent while the prime lending rate at commercial banks is 3.7 percent.

   Canadian stock markets are mixed, with the Toronto index up at 20,563 points while the TSX Venture index is down at 700 points.

   The average price for gas in Canada is higher at $2.10 a liter or $7.98 for a U.S. gallon in Canadian funds.

   Lotto Max: (June 7) 6, 13, 17, 20, 28, 36, and 44; bonus 31. (June 3) 2, 16, 17, 21, 38, 43 and 45; bonus 42.

   Lotto 6/49: (June 8) 6, 22, 32, 39, 40 and 46; bonus 26. (June 1) 1, 15, 16, 19 ,44 and 48;  bonus 5.

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    Regional briefs:

   - The growing number of vehicle hijackings became bizarre when a man tried to drive off with a transit bus in service in Mississauga, near Toronto. When the driver fought him off and brought the bus to a halt, the man then stole a transit supervisor’s van in the 1 a.m. incident. Police followed a GPS signal to locate the van and arrested the suspect.

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 canadareport.blogspot.com

 

Sellers must keep sale records and check for a valid license in revised firearm rules for Canada

    Canada column for Sunday, June5/22

    THE CANADIAN REPORT

   By Jim Fox

    The Canadian government is fine-tuning its firearm regulations that ensure anyone buying a gun has a valid license.

   It will also require sellers to keep sales and inventory records, said Public Safety Minister Marco Mendicino.

   This amounts to the latest steps toward fully implementing Bill C-71, approved in 2019.

   That requires sellers to verify the validity of a firearms license before selling a non-restricted firearm, such as a basic rifle or shotgun.

   Businesses must now keep records of inventory and sales related to non-restricted firearms.

   The Conservative party has accused the Liberal government of reviving the national long-gun registry created by the Liberals in the 1990s and abolished later.

   Prime Minister Justin Trudeau said he would never enact a long-gun registry and “today he is breaking that promise to Canadians by passing off the responsibility to maintain a registry to retailers who sell firearms to lawful and properly licensed Canadians.”

   “These new rules will ensure that those people who aren't allowed or shouldn’t have access to a gun can’t get one and prevent guns from falling into the wrong hands,” Mendicino said.

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    A devastating loss in Thursday’s Ontario election won by Premier Doug Ford’s Conservatives resulted in both main political rivals saying they will be quitting politics.

   Liberal leader Steven Del Duca even failed to win re-election in his own district and socialist New Democratic Party (NDP) Andrea Horwath, who has now lost four elections, announced they will be leaving.

   The Conservatives couldn’t be caught and won their second consecutive majority government with the major competitors losing seats and the Liberals failing to retain official party status.

   There were 83 Conservatives elected, 31 for the NDP, 8 for the Liberals and 1 won by the Green environmental party.

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    In brief:

   - Blaming “persistent inflation," the Bank of Canada raised its trendsetting interest rate by 0.5 to 1.5 per cent, the second similar hike this year. Economists had predicted the increase for the third time this year to try to calm high inflation rates. They say in order to have much effect on inflation, the key bank rate would have to be increased to more than 3 percent. This is the first time the Bank of Canada has raised rates by 0.5 in back-to-back decisions in nearly 25 years.

     - Health Canada and the Public Health Agency of Canada have extended federal COVID-19 restrictions at the border until at least June 30. As well, the federal government continues to require foreign tourists to provide proof of being fully vaccinated. Unvaccinated Canadian citizens or permanent residents are still required to show proof of a molecular COVID-19 test taken prior to entering Canada and quarantine for 14 days. All travelers coming to Canada, regardless of citizenship, must also continue to submit their health information through the Arrive CAN app before arriving.

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    Facts and figures:

   Canada’s dollar is higher at 79.5 cents U.S. while the U.S. dollar returns $1.26 in Canadian funds, before exchange fees.

   The Bank of Canada’s key interest rate is higher at 1.5 percent while the prime lending rate at commercial banks is 2.45 percent or more.

   Canadian stock markets are higher, with the Toronto index at 20,843 points while the TSX Venture index at 722 points.

   The average price for gas in Canada is higher at $2.02 a liter or $7.67 for a U.S. gallon in Canadian funds.

    Lotto Max: (May 31) 6, 13, 23, 27, 35, 44 and 50; bonus 37. (May 27) 4, 9, 21, 22, 27,  31 and 34; bonus 5.

   Lotto 6/49:  (June 1) 1, 15, 16, 19, 44 and 48; bonus 5. (May 28) 6, 13, 15, 29, 45 and 48; bonus 1.

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    Regional briefs:

   - Ontario Hydro says some customers in eastern Ontario could still be without power for more days or weeks after last week’s massive storm and tornado. There are more than 6,000 people without power in an area from Kingston to Ottawa as lines and poles were destroyed. “The severity of damage” means some customers in the Bancroft region will be without power for several more days,” Ontario Hydro said. Ten people were killed in the storm, mostly from fallen trees.

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 canadareport.blogspot.com