Canada column for Sunday, July 17/22
THE CANADIAN REPORT
By Jim Fox
In a surprise move just as major Canadian airports were finally clearing long waits, the federal government is restarting random testing of travelers for COVID-19.
There was a pause in the random tests to enter Canada by air on June 11 for vaccinated travelers and work began to move the tests outside of airports.
Now, mandatory tests on randomly selected passengers will resume on July 19 for fully vaccinated travelers arriving at the Vancouver, Calgary, Montreal and Toronto airports.
All tests, for vaccinated, unvaccinated and partially vaccinated travelers, will be done outside airports.
Critics said the tests were causing serious delays at customs, missed flights and hours-long lineups.
Chief public health officer Dr. Theresa Tam has said that airport tests act as an “early warning system” for new virus variants.
Others said that resuming the tests “unfairly targets Canada’s tourism sector and negatively impacts Canadian and international travelers.”
---
Canada’s central bank had a surprise of its own by unexpectedly raising its trend-setting interest rate by 1 percent – the biggest jump in 40 years – in a bid to tame inflationary pressures.
The Bank of Canada also said interest rates would need to keep rising with inflation around 8 percent.
The bank rate is now 2.5 percent compared with 0.25 percent where it had been for months.
For people with investments and locked-in mortgages it is good news but people with open mortgages and other debt will pay more.
Realtors said the rate increase for house mortgages will restrain price increases to around 5 percent more this year, far lower than before when the bank rate was expected to rise by 0.75 percent, following that of the U.S. Federal Reserve.
---
In brief:
Gas prices will remain high over the summer due to demand, says a forecast from Deloitte Canada Resource Evaluation and Advisory Group.
This is despite the decision by OPEC countries to boost their output as investment in oil and natural gas wanes. The company expects the price of oil to be about an average of US$110 a barrel in this second quarter of 2022.
Demand, however, could fall if Canadians try to save money by canceling summer travel plans by car.
Gas prices in Canada average $1.88 a liter ( $7.15for a U.S. gallon Canadian).
---
Facts and figures:
The Canadian dollar fell to a 20-month low of 75.62 U.S. cents from 77.07 cents after the central bank interest rate hike. This pushed the value of the U.S. dollar higher to $1.31 in Canadian funds, before exchange fees.
The Bank of Canada’s new key interest rate is 2.5 percent while the prime lending rate at commercial banks is 4.7 percent.
Canadian stock markets are lower, with the Toronto index at 18,329 points while the TSX Venture index is 586 points.
The average price for gas in Canada is lower at $1.88 a liter or $7.15for a U.S. gallon in Canadian funds.
Lotto Max: (July 12) 8, 11, 15, 16, 26, 29, 40 and 37. (July 8) 7, 12, 14, 18, 46, 47 and 49; bonus 19.
Lotto 6/49: (July 13) 13, 18, 19, 21, 35 and 40; bonus 29. (July 9) 8, 12, 21, 33, 34 and 45; bonus 23.
---
- Regional briefs:
- Paul Hanover (Yanover), a radio legend and retired Canadian TV game show host, has died in Hamilton, Ontario. He was 96 and battling cancer. Called a “true legend of Hamilton radio and the popular morning man on CHML for decades,” he created a bond, with his listeners, said Hanover’s son Ian Yanover.
- A $6 billion light-rail network is opening in sections over the next two years in Montreal to become North America’s second-largest public transit network. The electronic transit system will be interconnected with Montreal’s Metro network and will connect 26 stations across Montreal Island, serving the metropolitan area and suburbs. It will cover 42 miles (67 kilometers) to link the West Island with downtown, South Shore, North Shore and Trudeau International Airport.
-30-
No comments:
Post a Comment