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Canada

Canadian beef demand up despite higher prices

beef

OTTAWA: U.S. cow herd expansion is the fastest in 40 years, yet the Canadian cattle population has remained stable for seven years. Recent Canadian census data showed Alberta had a three percent increase in beef cows for 2016. “We haven’t seen much change in our cattle growth, but we have seen more slaughter cattle around in Canada,” said Brian Perillat, ... Read More »

Canadian oilpatch may defer $19 bln in capex spending if low prices persist

A service rig, left, and a pumpjack in an oilfield outside of Weyburn, Sask., on June 8, 2009. With almost 150 countries, including Canada, poised to sign the Paris climate agreement at the end of this week in New York, some of the world's biggest oil companies aren't convinced there's any end in sight for fossil fuel use. THE CANADIAN PRESS/Troy Fleece ORG XMIT: CPT112

CALGARY: Oil’s sharp decline into bear market territory this week threatens $19 billion in anticipated capital spending by Canadian energy producers and could slow down industry activity, according to analysts. This week, West Texas Intermediate oil tumbled to its lowest intraday level since August 2016  to US$42.05 per barrel, recovering slightly to US$42.74 Thursday, but well below the threshold necessary ... Read More »

Royal Bank of Canada to cut 450 jobs

RBC logo is seen in Toronto financial district April 19, 2010. The Royal Bank of Canada (in French, Banque Royale du Canada, and commonly RBC in either language) is the largest financial institution in Canada, which is measured by deposits, revenues, and market capitalization. The Canadian Press Images/Francis Vachon

OTTAWA: Royal Bank of Canada, Canada’s biggest lender, said on Wednesday that it would cut 450 jobs, primarily from its head offices in Toronto, as part of a restructuring enabling it to invest more in new technology. Canada’s biggest banks have been cutting jobs in response to customers banking more online and new technological advancements which have allowed them to ... Read More »

NUOG awaits regulatory approval in Canada

OIL

OTTAWA: NU-Oil and Gas Plc (LON:NUOG) told investors that a new Canadian work programme is waiting on regulatory approval. In a statement, NUOG said all the major equipment had been mobilised to the Garden Hill project site, in Newfoundland, and the proposed programme is under review at the Department of Natural Resources. Work is expected to start promptly once approval ... Read More »

Canada wholesale trade rises more than expected in April

profit rises

OTTAWA: Canadian wholesale trade rose more than expected in April, led by the machinery industry, but only two other sectors showed gains, data from Statistics Canada showed on Tuesday. The 1.0 percent increase topped economists’ estimates for a gain of 0.5 percent, while the national statistics agency revised March up to a 1.2 percent rise from an initially reported 0.9 ... Read More »

Canadian oil sands industry faces innovation or bust

canada oil sands

CALGARY: In the boreal forests and on the remote prairies of Alberta, Canada, a handful of firms are running pilot projects they hope will end a two-decade drought in innovation and stem the exodus of top global energy firms from Canada’s oil sands. They are searching for a breakthrough that will cut the cost of pumping the tar-like oil from ... Read More »

Canadian GDP soars 3.7% in Q1, slightly below analyst expectations

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OTTAWA: Canada’s economy grew at an annualized rate of 3.7 per cent during the first quarter as consumer spending more than made up for a slide in exports. “Consumers were the star of the show,” said Brian DePratto, senior economist with TD Economics. Exports were a weak spot during the quarter, slipping at an annualized rate of 1.3 per cent. ... Read More »

Canada bank stocks seen as a buying opportunity as premium to U.S. shrinks

Canada central bank

OTTAWA: Canadian bank stocks have gotten a whole lot cheaper relative to their U.S. counterparts.The shares, which have fetched a premium over U.S. lenders for a dozen years, are now trading at their narrowest margin in almost a decade, according to data compiled by Bloomberg. It’s a significant shift from eight years ago, when Canadian bank stocks were almost three ... Read More »

Canadians at risk as counterfeit goods sneak through customs

seizes goods

OTTAWA: Canada is losing the war against fake goods, and it’s already cost a few people their lives, according to the founder of the Canadian Anti-Counterfeiting Network. Lorne Lipkus says customs officials simply don’t have the powers or tools they need to stem the tide of low-quality, brand-name knock-offs slipping into the country each year, from the industry. “It’s pretty ... Read More »

Canada’s central bank acts to defuse housing market threat

BOC

TORONTO: Canada’s central bank, which had long said interest rates are too blunt a tool to tackle the country’s housing market, may have finally decided to act and at least limit its role in fueling a potential bubble with low interest rates. The bank, under pressure to act as home prices soared in Toronto and Vancouver, switched to a hawkish ... Read More »

Canadian oil production projected to grow 33% by 2030

oil production

CALGARY: The Canadian Association of Petroleum Producers expects oil production to climb 33 per cent by 2030 even as pipeline constraints and competition for investment threaten to slow future growth. The forecast calls for Canadian crude oil production to reach 5.12 million barrels per day by 2030, up from last year’s projection that output would hit 4.93 million bpd. CAPP ... Read More »

Canada’s weak laws hobble identification of tax dodgers

tax

OTTAWA: Correspondence between Finance Minister Bill Morneau and his British equivalent is highlighting Canada’s poor international record in flushing out the real owners of suspected tax-haven corporations. Philip Hammond, Britain’s Chancellor of the Exchequer, wrote to Morneau on Dec. 22, seeking Canada’s support for exchanges of so-called “beneficial ownership” information — that is, information about who really owns and controls ... Read More »

Canada invites China to invest in oil sands

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OTTAWA: Canada’s Natural Resources Minister revealed that the Canadian government is inviting Chinese investment in its oil sands sector. This announcement follows a torrid six months in which $22.5 billion in foreign capital left the sector. Foreign companies such as Royal Dutch Shell and ConocoPhillips have sold billions in assets to Canadian producers since the start of this year, fueling ... Read More »

Canada adds 54,500 jobs in May, unemployment rate hits 6.6%

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TORONTO: Canada’s economy added 54,500 jobs in May, mostly in full-time employment, Statistics Canada said on Friday. The jobless rate rose to 6.6 percent in May from 6.5 percent in April as more people sought work. The services sector added 31,300 jobs, with gains in the professional, scientific and technical services sector. The goods producing sector added a net 23,300 ... Read More »

Customs arrests Canadian for $4.8m meth candles

Arrests

OTTAWA: Customs investigators have arrested a 36-year-old Canadian man this afternoon for 4.8 kilograms of methamphetamine found hidden inside a consignment of candles. On Tuesday (6 June 2017), Customs officers at the International Mail Centre intercepted a package of “home accessories” sent from Canada. Examination located approximately 4.8 kilograms of meth, worth a street value of up to $4.8 million. ... Read More »

Canada joins global deal aimed at keeping bln in taxes from being lost to notorious tax havens

taxes

OTTAWA: It’s the first co-ordinated assault on the trillions of dollars in corporate profits stashed in tax havens. And if it works, it could mean billions in additional tax revenues for the Canadian government. At a mass-signing ceremony in Paris on Wednesday, Canada joined 67 countries in formally adopting new international rules that aim to prevent the kinds of corporate ... Read More »

Canada to increase defence spending by 73%

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OTTAWA: Canada has set out a plan to boost military spending by 73 per cent in response to pressure from the US for allies to hike defence outlays and concerns that US President Donald Trump is steering his country away from its decades-old role as leader on the global stage. Defence minister Harjit Sajjan, unveiling a new 20-year defence policy ... Read More »

Shell Canada budget drops by $500M after oil sands sale

shell

CALGARY: The president of Shell Canada says his capital budget will shrink by about half a billion dollars this year following the sale of most of its oil sands assets in a deal that closed last week. Michael Crothers says it will be about $1.5 billion this year, down from over $2 billion in 2016, but the Canadian branch remains ... Read More »

Bank of Canada issues commemorative $10 banknote for 150th anniversary of confederation

boc

OTTAWA: On Thursday, June 1, the Bank of Canada began circulating the $10 commemorative bank note that celebrates the 150th anniversary of Confederation. Canadians can now obtain this special note at financial institutions. Only 40 million notes are being issued–roughly one for every Canadian. Governor Stephen S. Poloz was among the first to spend a commemorative note at a store ... Read More »

Canadian feeder pig exports predicted to remain stable

customs-export

OTTAWA: The number of feeder pigs imported from Canada tends to go counter to U.S. corn prices. U.S. corn prices averaged $3.39 per bushel in 2007, $6.67 per bushel in 2012 and $3.48 per bushel in 2016. The number of feeder pigs imported from Canada declined from 2008 to 2013 as corn prices rose and has since increased as corn ... Read More »